At the launch of the Entrepreneurial Nation project in Dubai, Falasi said the UAE aimed to do more to solidify its position as a top destination for international investment in the Gulf. It has lately seen increased competition from Saudi Arabia, which has been pushing foreign firms and start-ups to invest there and set up regional headquarters in Riyadh.

“When it comes to entrepreneurship specifically it’s always about competition,” Falasi told Reuters when asked about competition with Saudi Arabia. “Every country is different; Saudi Arabia is a different market than UAE. Entrepreneurs view the UAE as a platform for growth into the region.”

The UAE has an advantage attracting foreign capital because its population is overwhelmingly foreign workers, he said.

“So, foreigners feel much more confident starting theirs business in a country, which has 90% expats as opposed to other countries,” he said.