HSBC Survey Highlights UAE’s Thriving Entrepreneurial Spirit and Confidence in Business Growth
Entrepreneurs in the UAE are among the most optimistic worldwide, with 98% of them confident that their businesses will flourish, according to HSBC’s latest Global Entrepreneurial Wealth Report for 2024. This positive outlook is held despite the challenges posed by geopolitical uncertainty and global economic headwinds. Furthermore, 95% of UAE entrepreneurs expect their personal wealth to grow in the coming years, showcasing a deep sense of resilience and confidence in their ventures.
The report, which surveyed over 1,800 entrepreneurs with investable assets of more than $2 million or a net worth exceeding $20 million, covered ten global markets, including the US, UK, Hong Kong, India, and China. The UAE’s entrepreneurs attribute their optimism to several factors, including the performance of their investment portfolios, business opportunities, their belief in their own abilities, and the technological advancements driving their sectors.
International Ambitions and Mobility
In addition to their local confidence, UAE entrepreneurs also exhibit a strong international outlook. A significant 65% of them live in more than one location each year, compared to the global average of 53%. When considering expanding or relocating their businesses abroad, Saudi Arabia ranks as the top choice, followed by the UK and the US. This mobility reflects their global mindset and ambition for diversification and growth.
Farzad Billimoria, head of global private banking at HSBC Bank Middle East, noted that UAE entrepreneurs are particularly driven by personal passions and lifestyle preferences, in addition to financial freedom. However, he pointed out a notable trend where about half of these entrepreneurs lack a succession or wealth transfer plan, which could hinder the long-term preservation of their legacies. Billimoria emphasized the role of wealth planning experts in bridging these gaps and ensuring entrepreneurs’ hard-earned legacies continue to thrive across generations.
UAE’s Pro-Business Environment Fuels Entrepreneurial Success
The UAE’s business-friendly policies play a critical role in sustaining this optimistic outlook. According to the report, 86% of entrepreneurs in the UAE believe that the country offers the right regulations, laws, and tax policies to support business owners. This confidence in the local environment fuels a vibrant entrepreneurial ecosystem, attracting global entrepreneurs eager to establish or relocate their headquarters to the UAE.
Richard Van Der Meer, Head of Commercial Banking, UAE, HSBC Bank Middle East, emphasized that the UAE’s pro-business environment is helping businesses scale rapidly, especially in the tech sector. Through innovative digital solutions such as API-enabled global treasury management, virtual accounts, and venture debt offerings for mid- and late-stage tech firms, HSBC is actively supporting entrepreneurs in achieving their ambitious growth goals.
The momentum for entrepreneurship in the UAE shows no signs of slowing down, with the country poised to remain a key hub for global entrepreneurs in the years to come. The combination of a thriving business ecosystem, a tech-forward mindset, and an entrepreneurial spirit will continue to drive success and international expansion for UAE-based businesses.
