UAE ranks as world’s top location for startups

27 Mar 2019

officeRecent studies have revealed the UAE to be the world’s top hotspot for hundreds of start-ups – followed by New Zealand, Singapore, Norway, Germany, Japan and Sweden as top locations, the Khaleej Times reports.

A whopping 69% of start-ups in the UAE have shown to be mainly involved in e-commerce, marketplaces, and infrastructure/software, while 52% of these companies are B2C ventures. It is worth noting that 93% of them are headquartered in Dubai.

This information was released ahead of this year’s AIM Startup, an initiative planned by the UAE Ministry of Economy's National Programme for Small and Medium Enterprises and Projects, with the intention of connecting promising start-ups with investors and business partners on a global scale. AIM Startup is set to occur on the 8th-10th April.

Dawood Al Shezawi, Chairman of the Organising Committee of AIM Startup, said: "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 start-up investments. Strong government support for innovation, creativity, and entrepreneurship is a key driving force behind the growing start-up eco-system in the country, backed by advanced infrastructure, business-friendly environment, political and economic stability, and cosmopolitan lifestyle.

"Over the years, we have witnessed an overwhelming investment in Middle East start-up 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 Start-up 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,” he went on to say.

According to a recent report, start-ups and companies in the Middle East garnered $610.3 million in funding from external investors, while an astounding 93% bagged over $1 million each.