Dubai accounts for 57 percent of scaleup funding in the Middle East and North Africa (MENA), and it is home to 39 percent of the region’s scaleups, according to a new report from Dubai Chamber of Digital Economy.
The report, titled "UAE Venture Outlook", was developed in cooperation with Mind the Bridge and Crunchbase, and it examined key trends reshaping the maturing entrepreneurial ecosystem in the region, and highlighted the leading roles of the UAE and Dubai in attracting promising scaleups and tech giants.
The report revealed that 26 MENA scaleups (4.4 percent of total) relocated their headquarters inside the region to boost their growth, with the UAE being the preferred destination for relocation.
Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Teleworking Applications, Chairman of Dubai Chamber of Digital Economy, said the findings of the report reflect ongoing efforts to advance Dubai’s digital economy and create a conducive environment in the emirate for scaleups to thrive and grow, in line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to position the emirate as a global leader in the digital economy.
Hamad Buamim, President & CEO of Dubai Chambers, said,
"Despite its vast competitive advantages, the UAE continues to add more incentives for businesses and startups. The introduction of golden visas, green visas, freelancer and entrepreneur visas are all bold and positive steps the country has taken to boost its value proposition.
"Venture capital is a crucial element needed to nurture thriving entrepreneurial ecosystems and advance digital economies. We will continue to work closely with public and private sector stakeholders to ensure a conducive environment for VC firms and investors, as well as entrepreneurs from around the world,"
News Source: Emirates News Agency