Explore the UAE startup ecosystem with Hub71 and In5 driving growth, fostering innovation, and attracting global investors

With more than 5,600 new companies incorporated in Q2 2024, the UAE startup ecosystem is growing as the startup hub in the GCC due to favorable and progressive policies and innovation hubs in the three cities of Abu Dhabi, Dubai, and Sharjah.

So far, the UAE remains in the intensive care unit as a path maker and prominent center for startups in the GCC. Data for the most recent time indicate that 5,620 new firms were registered in Q2 2024, and Abu Dhabi Dubai, and Sharjah led this.

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Currently, the UAE created a favorable environment for investing in startups due to liberal legislation for startups and their activities. This has placed the country amongst those high in rankings relative to startup-related indicators.

Of all the cities in the MENA region, Abu Dhabi is currently the one with the most intensely growing startup ecosystem. But between mid-2021 and late 2023, it generated $4.2bn of the ecosystem’s worth, $224 million of seed funding, and well over $1bn of venture capital. This growth is anchored on the Hub71 tech ecosystem.

Dubai’s Leading Position:

Dubai remains the most favorable country in startup ecosystems and is expected to reach a valuation of $23.3bn by the end of 2023. In5, which is a subsidiary of the TECOM Group, has backed 1,000 startups and piled up AED7.8bn ($2.1bn) since 2013.

Sharjah has a significant role too; 60 k startup companies operate in free and industrial zones of Sharjah. It valued its ecosystem at $424m by the end of last year and raised $39m for the early-stage funding.

The advisory foresees the further development of the UAE’s startup ecosystem with the help of governmental support and proper partnerships. It consequently focuses on fintech and sustainability; more global entrepreneurs and investors will be welcomed.

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