The UAE topped the GCC countries as the most incubator country for startups, incubating more than 5,600 startups by the end of the second quarter of 2024, according to data issued by “STATSTA”.
The data confirmed that the UAE is leading the scene of fintech startups in the region, as it currently owns more than 550 companies specialized in this field, according to the Emirates news agency (WAM).
According to international institutions, the UAE is at the forefront of global indicators related to startups, as a result of its continuous efforts to create an attractive and supportive investment environment for innovation.the efforts of startup incubators in the country have also been reflected in the UAE’s ranking in advanced positions among competitive indicators.
Recent reports issued by the international consulting and Research Foundation “start – up genome” confirmed that the UAE continues to progress in international indicators and stands out as the fastest growing startup ecosystem in the region, led by the emirate of Abu Dhabi, Dubai and Sharjah, as these Emirates support the continuous and sustainable growth of startups thanks to the creation of a proactive and stimulating environment in qualitative sectors.
In a report by the foundation, Abu Dhabi maintained its position as the fastest growing startup ecosystem in the Middle East and North Africa, during the period between the second half of 2021 and the end of last year 2023, achieving during the same period 4.2 billion dollars of value in its startup ecosystem.
Corporate finance
The total financing of companies in the early stages of establishment reached about 224 million dollars, while the total financing of venture capital between the second half of 2021 and 2023 reached more than one billion dollars, thanks to the growing activities of startups operating under the umbrella of the global technology system in Abu Dhabi “Hub71”.
Dubai has also strengthened its leadership in creating ecosystems that support the growth of startups, leading the global and regional scene, among the top centers of ecosystem value for startups.
Tecom’s” In5 ” has contributed to the support of a thousand startups, and has raised funds amounting to AED 7.8 billion since its establishment in 2013, and continues to play a pivotal role in promoting the sustainable economic growth of these companies in the emirate of Dubai.
The emirate of Sharjah, the “capital of culture”, occupies a global position in making many contributions to business growth in the country, by including about 60 thousand small, medium and emerging companies distributed in six free zones and 33 industrial zones.
The value of the ecosystem of startups in the emirate reached about 424 million dollars at the end of last year, while the total early financing amounted to 39 million dollars
