The United Arab Emirates (UAE) has long been celebrated for its business-friendly environment, offering foreign investors 100% ownership, zero corporate taxes, and rapid company setup through its free zones. Despite these advantages, the nation has yet to produce a significant number of homegrown unicorns—startups valued at over $1 billion. This raises a critical question: Why does the UAE lag behind in fostering billion-dollar startups, and what can be done to unlock its entrepreneurial potential?