Driven by government support, Dubai’s thriving startup ecosystem aims to create twenty unicorns by 2031.
Dubai’s growth as a global tech startup hub continues to climb as the UAE’s tech ecosystem has reached a combined market valuation of USD 43 billion, blazing a trail as a dynamic destination for tech innovation and a springboard for global founders to expand their businesses across the wider MEASA region claims the “Dubai Tech: The Road to 2033” report by Founders Forum Group and Dubai’s Department of Economy and Tourism.
Venture capital investments in the Dubai’s tech sector have grown by more than 50% compared to last year. Investors are particularly keen on startups which are focused on fintech, artificial intelligence, e-commerce, and blockchain technology, adds the report
The city’s commitment to AI became evident long before when it appointed a Minister of Artificial Intelligence in 2016, a first by any country globally to designate such a role. AI is expected to bolster the nation’s GDP by 35% while cutting government costs by massive 50%. Today, 90% of government services in Dubai are digitised, underscoring its vision of becoming the “world’s happiest city.”
The Dubai Startup Hub under Dubai Chamber of Comerce and Industry claims to offer support to startups at every stage. It has helped entrepreneurs by providing funding, mentorship, and networking opportunities, supporting over 5,000 startups.
In 2021, the UAE attracted nearly half of the USD 2.87 billion raised in venture capital in the MENA region, mostly for Dubai-based startups. This investment is part of a plan by the Dubai Chamber of Digital Economy to create twenty unicorns by 2031.
Dubai is focusing on growing its economy through modern technologies like 5G, IoT, blockchain, digital assets, biotech, web3.0, and the metaverse.
The UAE government also supports small and medium-sized businesses through its National Program, aiming to help diversify the economy… to read more click here.