UAE is GCC startup hub 5,600 new companies registered in Q2;Abu Dhabi, Dubai and Sharjah woo entrepreneurs 

In accordance with worldwide establishments, the UAE leads world indicators associated to startups on account of its steady efforts in making a supportive funding surroundings for innovation. These efforts have additionally mirrored positively on the nation’s rating in world competitiveness indices.

Current statistics from Statista reveal that the UAE topped the GCC international locations because the main incubator for startups, with greater than 5,600 startups registered throughout the nation by the second quarter of 2024.

UAE startups

The information highlighted that the UAE is main the area within the fintech startup sector, with greater than 550 corporations at present working on this subject.

A current report by the worldwide consulting and analysis agency, Startup Genome, affirmed that the UAE’s varied emirates proceed to advance in worldwide rankings, rising because the fastest-growing startup ecosystems within the area.

This progress is pushed by the emirates of Abu Dhabi, Dubai, and Sharjah, which foster steady and sustainable progress for startups by making a proactive and incentivising surroundings in key sectors.

In accordance with the report, Abu Dhabi maintained its place because the fastest-growing startup ecosystem within the Center East and North Africa between the second half of 2021 and the top of 2023, attaining $4.2bn in worth inside its startup ecosystem throughout the identical interval.

The report additionally indicated that early-stage startup funding totalled $224m, whereas enterprise capital funding between the second half of 2021 and 2023 exceeded $1bn, pushed by the rising actions of startups working beneath Abu Dhabi’s world tech ecosystem, Hub71.

Ahmad Ali Alwan, CEO of Hub71, stated: “Hub71 is witnessing elevated curiosity from tech startups which might be contributing to tackling world challenges, creating important financial worth, and producing new job alternatives in Abu Dhabi.”

He added that the emirate’s startup group continues to develop, pushed by Hub71’s devoted programmes, strategic partnerships, and dedication to innovation, which strengthens Abu Dhabi’s place as a number one and fast-growing world expertise hub.

Alwan additionally emphasised Hub71’s ambition to additional assist startups throughout varied sectors, together with sustainability, by the Hub71+ ClimateTech ecosystem, consistent with Abu Dhabi’s financial imaginative and prescient and the goal of fostering innovation and progress.

He defined that Hub71 focuses on facilitating startups’ entry to capital, expertise, and company partnerships, supporting entrepreneurs in scaling their companies quickly, thereby enabling profitable ventures and contributing to an built-in ecosystem able to supporting Abu Dhabi’s economic system.

Startups working beneath the Hub71 umbrella proceed to create important job alternatives throughout varied sectors within the emirate, at present offering greater than 423 job roles throughout 126 corporations.

In the meantime, Dubai has strengthened its management in creating ecosystems that assist startup progress, rating on the high of each world and regional startup ecosystem valuations.

Dubai ranked first within the Gulf and second within the area on this subject, with the ecosystem worth reaching over $23bn by the top of 2023, based on Startup Genome.

In5, a TECOM Group subsidiary, has supported 1,000 startups, elevating AED7.8bn ($2.1bn) in funding since its inception in 2013, persevering with to play a pivotal function in selling the sustainable financial progress of those corporations in Dubai.

Sharjah holds a worldwide place by making important contributions to enterprise progress within the UAE, internet hosting round 60,000 small, medium, and startup corporations distributed throughout six free zones and 33 industrial zones.

The worth of Sharjah’s startup ecosystem reached $424m by the top of final 12 months, with early-stage funding totalling $39m.