UAE is the world’s top hot-spot for startups

Analyst News

According to latest studies, UAE is the world’s top hot-spot for hundreds of startups followed by New Zealand, Singapore, Norway, Germany, Japan and Sweden. It is observed that startups in the country are mainly involved in e-commerce, marketplaces, and infrastructure/software as a service, which account for 69 per cent of the total number of startups. About 52 per cent of these startup companies are B2C ventures, in addition to the fact that 93 percent of them are headquartered in Dubai.

This was released ahead of this year’s AIM Startup, an initiative of UAE Ministry of Economy’s National Program for Small and Medium Enterprises and Projects that aims to connect promising startups with investors and business partners from all around the world. AIM Startup will take place in Dubai from 8th to 10th April in conjunction with Annual Investment Meeting (AIM).

“The UAE, which ranked 26th globally and third in the MENA region in the 2018 as per the Global Entrepreneurship Index, remains one of the most favoured destination for startup investments. Strong government support for innovation, creativity, and entrepreneurship is a key driving force behind the growing startup eco-system in the country, backed by advanced infrastructure, business-friendly environment, political and economic stability, and cosmopolitan lifestyle,” said Dawood Al Shezawi, Chairman of the Organizing Committee of AIM Startup.

A recent report indicated that startups and companies in the Middle East bagged $610.3 million in total funding from external investors, with 93 percent of them securing more than $1 million each.

“Over the years, we have witnessed an overwhelming investment in Middle East startup companies, particularly the UAE as a result of the growing confidence of regional and global investors in their potentials and growth capacity. To sustain this momentum, we are holding AIM Startup to provide companies with a rare opportunity to raise capital, enter into new markets, and build new alliances with key investors and business leaders from the government and private sectors. It will be an ideal platform to generate new leads, interact with their like-minded peers, and connect with potential investors from around the world,” added Shezawi.

At the upcoming AIM Startup, which will run under the theme ‘Harnessing Global Digitization to Empower Startups and SMEs’, more than hundreds of Startups are joining the 2019 edition to engage with investors, government representatives, corporate executives, and industry experts. The international event will not only enable the participants to showcase their unique products and services, but it will also give them a chance to take part in a number of learning and networking events.

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