UAE Establishes Itself as a Leading Hub for Start-ups in the Region

UAE, 21 October, 2024 : The UAE has emerged as a premier hub for start-ups in the region, bolstered by its attractive investment environment, flexible business policies, and innovation-driven legislation. International institutions have noted the UAE's efforts in fostering a supportive ecosystem for innovation, which has positively influenced its global competitiveness rankings.

Recent data from Statista shows the UAE leading the GCC as an incubator for start-ups, with over 5,600 registered by Q2 2024. The fintech sector is particularly vibrant, boasting more than 550 companies currently operating in this field.

According to a report by Startup Genome, various emirates are rapidly advancing in international rankings, with Abu Dhabi, Dubai, and Sharjah contributing to a sustainable growth environment for start-ups. Abu Dhabi remains the fastest-growing start-up ecosystem in the Middle East and North Africa, with its ecosystem valued at US$4.2 billion between H2 2021 and the end of 2023.

Ahmad Ali Alwan, CEO of Hub71, highlighted the increased interest from tech start-ups in Abu Dhabi, contributing to economic growth and job creation. Hub71’s focus on facilitating access to capital and partnerships is enabling rapid scaling for start-ups.

Dubai ranks first in the Gulf and second regionally in start-up ecosystem valuations, with an ecosystem value exceeding US$23 billion by the end of 2023. In5, a TECOM Group subsidiary, has supported 1,000 start-ups, raising AED7.8 billion in funding since 2013.

Sharjah also plays a significant role, hosting around 60,000 small and medium enterprises across six free zones and 33 industrial zones, with a start-up ecosystem value of US$424 million. The combined efforts of these emirates highlight the UAE’s commitment to fostering a thriving start-up landscape.

Source : www.wam.ae