Dubai is at the forefront of the global scene in creating a supportive environment for the growth of startups

The UAE has established its regional position as one of the most prominent incubators of emerging technology companies, thanks to the attractive and integrated investment environment, flexible business policy, and legislation stimulating innovation in the country.

According to international institutions, the UAE tops global indicators related to emerging companies, as a result of its continuous efforts to create an investment environment that is attractive and supportive of innovation. The efforts of startup incubators in the country have also been reflected in the UAE’s ranking in advanced positions within competitive indicators.

According to the latest statistical data of “STATISTA”, the UAE topped the list as the highest Gulf country incubating startups, after registering more than 5,600 startups across the country, until the second quarter of this year 2024.

The data confirmed that the UAE leads the scene of financial technology startups in the region, as it currently owns more than 550 companies specialized in this field.

Reports issued recently by the global consulting and research organization “Start-Up Genome” confirmed that the UAE continues to advance in international indicators, and is emerging as the fastest growing startup ecosystem in the region, led by the Emirates of Abu Dhabi, Dubai, and Sharjah, as these Emirates support the continuous and sustainable growth of companies. emerging, thanks to the creation of a proactive and stimulating environment in specific sectors.

The Emirate of Dubai has strengthened its leadership in creating ecosystems that support the growth of startups, topping the global and regional scene, among the top centers for the value of ecosystems for startups.

While the Emirate of Sharjah, the “Capital of Culture,” has occupied a global position in providing many contributions to business growth in the country, by including about 60,000 small, medium and emerging companies distributed in six free zones and 33 industrial zones. The value of the startup ecosystem in the emirate amounted to about $424 million at the end of last year, while the total amount of early financing reached $39 million.

In a report by the Foundation, Abu Dhabi maintained its position as the fastest growing startup ecosystem in the Middle East and North Africa region, during the period between the second half of 2021 and the end of last year 2023, achieving during the same period $4.2 billion in value in its startup ecosystem.

According to the report, the total financing of companies in the early founding stages amounted to about $224 million, while the total risk capital financing between the second half of 2021 and 2023 reached more than one billion dollars, thanks to the growing activities of startup companies operating under the umbrella of the global technology ecosystem in Abu Dhabi “Hub71.” ».

Hub71 CEO, Ahmed Ali Alwan, said in a statement to the Emirates News Agency (WAM): “Hub71 is witnessing an increasing demand from emerging technology companies, which contribute to facing global challenges, achieving great economic value, and creating new job opportunities in the country.” Abu Dhabi”.

He added that the startup community in the emirate continues to grow, driven by the customized programs implemented by Hub71, its strategic partnerships, and its commitment to innovation, which strengthens Abu Dhabi’s position as a leading and rapidly growing global center in the field of technology.

He stressed Hub71’s aspiration to enhance support for emerging companies in various sectors, including the sustainability sector, through the climate technology system “Hub71+ ClimateTech”, in line with Abu Dhabi’s economic vision, and opening broad horizons for innovation and growth.

He explained that “Hub71” focuses on facilitating startups’ access to capital, talent, and institutional partnerships, and supporting entrepreneurs to expand their business quickly, thus enabling successful projects and contributing to an integrated system capable of supporting Abu Dhabi’s economy.

It is noteworthy that startup companies operating under the umbrella of “Hub71” continue to create quality job opportunities in the emirate’s various sectors, as they currently provide more than 423 different job opportunities in 126 companies.

Supporting 1,000 startup companies

Dubai ranked first in the Gulf and second in the region in the field of creating ecosystems that support business growth, after the value of ecosystems reached more than $23 billion by the end of 2023, according to Startup Genome. In5, a subsidiary of TECOM, has contributed to supporting 1,000 startup companies and has raised funds amounting to 7.8 billion dirhams since its founding in 2013. It continues to play a pivotal role in promoting the sustainable economic growth of these companies in the Emirate of Dubai.

• The efforts of startup incubators were reflected in the UAE’s ranking in advanced positions in competitiveness indicators.