PC: Manara Magazine
The United Arab Emirates (UAE) has finally been established as one of the region’s leading start-up hubs because of its investment-friendly environment, lenient business policies, and legislation encouraging innovation. The country ranks on top in many global indicators related to start-ups according to international institutions.
The government of the UAE has been diligently working at creating an investment-friendly environment that fosters entrepreneurial ideas. This has led the country steadily upwards in the ranking of global competitiveness, and thus has positioned the UAE in the top tier as a destination for entrepreneurs and investors alike.
GCC Leader in Start-Up Growth
The number of incubators for start-ups within the GCC countries is reported by Statista to be led by the UAE. Close to 5,600 start-ups had been registered in the UAE as of the second quarter in 2024, demonstrating the country’s leadership role in developing new businesses and innovative ideas.
Perhaps the most striking, though, has been the country’s rapid ascension into fintech leadership. Over 550 fintech start-ups operate in the UAE, which makes it one of the most prominent players in this financial technology landscape today. As such, this sector has thus been accorded great attention by the country in its strategy towards embracing digital transformation and spurring innovation across key industries.
UAE’s Fast Rising Start-Up Ecosystem
A report by global consulting and research firm, Startup Genome further cemented the UAE as a rapidly progressing start-up ecosystem. The emirates, mostly Abu Dhabi, Dubai, and Sharjah, continue to create conducive environments that support continuous growth for start-ups. These emirates have concentrated on fostering sustainable development by promoting key sectors like technology, finance, and logistics, which will be very fundamental to long-term economic growth.
Dubai: A Global Leader as a Start-up Ecosystem
For example, Dubai has strengthened its position in a world-class startup ecosystem. According to Startup Genome, Dubai ranked number one in the Gulf region and second in the Middle East in terms of start-up ecosystem valuation, reaching more than US$23 billion at the end of 2023. Strong performance demonstrates the city’s commitment to nurturing entrepreneurship and attracting global talent into its thriving business landscape.
In5 and the Role of TECOM Group in Promoting Growth
In5, a TECOM Group company is positioned as one of the leading supporters of the launch phase for the start-ups in the UAE. Having been established in 2013, In5 has supported over 1,000 start-ups and accessed AED7.8 billion funding to support new business scaling in Dubai and drive long-term growth.
Strategic focus by the UAE on creating an integrated and innovation-driven business environment has positioned it as one of the world’s fastest growing start-up ecosystems. The growing number of entrepreneurs and investors in the country is more than likely to further solidify its position as a global start-up hub, which will be instrumental in the success of this emerging business environment in the region.
