By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Gulf PressGulf Press
  • Home
  • Gulf News
    • Saudi Arabia
    • UAE24/7
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • World
  • Business
    • Market DataLive
    • Finance
    • Economy
    • Energy
    • Crypto
    • ForexHot
    • Tech
  • Sports
  • Lifestyle
  • Videos
Search
Countries
  • Saudi Arabia
  • UAE
  • Kuwait
  • Qatar
  • Bahrain
  • Oman
More Topics
  • Technology
  • Health
  • Entertainment
  • Crypto
  • Forex
  • Stocks
Site Links
  • Business Hub
  • Trending
  • Weather
  • Customize Interests
  • Bookmarks
  • Newsletter
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Reading: UAE Poised to Become Hub of Unicorns, Driving Economic Growth – News
Share
Notification Show More
Recent Saved
Workers in Bucharest face challenges as temperatures rise
World
Dress code guidelines for the Qatari government sector during office hours
Qatar
Court rules in favor of worker after company dismisses him for salary deductions over 6 years, awarding BD 27,000.
Bahrain
UAE to See Almost 30,000 New Millionaires in 5 Years
UAE
Proposed New Labor Law in Bahrain Targets Increasing Job Opportunities
Bahrain
Latest News
UAE Ranks Among Top Rugby Markets on TOD as British & Irish Lions Tour Kicks Off
Sports
Darven: A New Leap in AI-Powered Legal Technology Launching from the UAE to the World
Tech
Beat the Heat This Summer with a Chill Out on Dubai Marina
World
Historic Italian City of Assisi to Host International Exhibition “Jordan: Dawn of Christianity”
World
Jordan to Host Iraq in the Final Round of the Asian World Cup Qualifiers After Securing Historic Spot
Sports
The Myriad Redefines Student Living for a Mobile, Urban Generation
UAE
L’Oréal Paris Welcomes Yasmine Sabri as New Brand Ambassador for the Middle East
Lifestyle
Roland Garros 2025: A New Era of Viewing, A Tribute to Legends, and Moments to Remember
Sports World
Bitget Celebrates Bitcoin Pizza Day by Distributing Over 5000 Pizzas in Over 20 Cities Worldwide
Crypto
Bitget Protection Fund Maintains Strength with $561 Million Average Value in April 2025
Business Crypto
Moscow Metro Marks 90 Years with Technological Advancements and Heritage Events
Lifestyle World
Senkron Digital Showcases CyberPact Service at GISEC Global 2025
Gulf UAE
Muhammad Umair Saeed: The Billionaire Tech Architect Powering AI, Drones, Blockchain & Cybersecurity from Dubai to the World
Business Gulf UAE
Barcelona Aims to Recover from European Heartbreak as They Face Real Madrid in La Liga, Chasing Their Third Title of the Season
Sports
UAE with 47% and Qatar with 36% Surge in Viewing Minutes as TOD Unveils its Enhanced Streaming Experience TOD 2.0
Lifestyle
Aa
Gulf PressGulf Press
Aa
  • Gulf News
  • World
  • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Videos
Search
  • Home
    • Videos
    • Business Hub
    • Trending
  • Gulf
    • Saudi Arabia
    • UAE
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • Business
    • Market Data
    • Crypto
    • Economy
    • Energy
    • Finance
    • Forex
    • Tech
  • More News
    • World
    • Lifestyle
    • Entertainment
    • Sports
Have an existing account? Sign In
Follow US
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Gulf Press > Business > UAE Poised to Become Hub of Unicorns, Driving Economic Growth – News
Business

UAE Poised to Become Hub of Unicorns, Driving Economic Growth – News

News Room
Last updated: 2024/06/04 at 3:46 AM
News Room
Share
4 Min Read
SHARE

The UAE is making significant strides towards becoming the unicorn hub of the Middle East and North Africa (Mena) region, with plans to relocate at least 20 new unicorns to the country. This commitment to fostering innovation and entrepreneurship is evident in Dubai’s efforts to attract these high-value startups. The region’s conducive regulatory environment, thriving ecosystem, and increasing investor interest make it an attractive destination for unicorns looking to expand.

Silvina Moschini, CEO of Unicoin and Unicorn Hunters, highlighted the strong venture capital asset pool in the Gulf region, particularly in the UAE. Additionally, Abu Dhabi has emerged as a rapidly growing startup ecosystem, showcasing significant growth in ecosystem value and the ability to generate substantial economic impact. The talent pool in the UAE, especially in sectors like fintech, cleantech, and agtech, further positions the country as a hub for unicorn development.

Promising startups such as Swvl, Kitopl, EMPG, and Careem have already found success in the Gulf region. Dubai’s ambitions to become a unicorn hub, coupled with the expected growth of the fintech and innovation sector in the Mena region, present a promising outlook for the future. The UAE’s strategic location, favorable business environment, and commitment to technology and innovation are expected to drive continued growth and innovation in the startup sector.

Despite the positive outlook, challenges such as regulatory hurdles, access to funding, talent acquisition, and market saturation may impact startups in the Mena region in 2024. However, the region’s venture capital ecosystem is expected to adapt and grow, with a focus on technology-driven industries like fintech, logistics, mobility, and e-commerce. Sustainable and clean technology startups are also likely to gain traction as the UAE prioritizes environmental sustainability.

In 2023, Saudi Arabia led the Mena funding rankings, with the UAE securing the second spot. Saudi Arabia’s venture capital ecosystem achieved a significant milestone in capital deployment, marking a substantial increase from the previous year. Philip Bahoshy, CEO at MAGNiTT, noted the UAE’s venture capital ecosystem’s adjustment in 2023, with signs of strategic shifts and increased international startups choosing the country as their relocation destination. This influx of startups and venture capitalists is expected to drive local capital deployment and intensify competition in the region.

Fintech is expected to maintain its dominant position in the Mena region in 2024, with other sectors like enterprise software, healthcare, and edtech also experiencing increased deal activity. Major challenges for startup growth in the Mena region this year include inflation, interest rates, and geopolitical tensions. However, there is optimism for a potential uptick in VC funding in the fourth quarter of 2024 if the global economy recovers and interest rates decline. The Mena region could see a resurgence in international capital in its venture capital ecosystem, supporting continued growth and innovation in the startup sector.

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
News Room June 4, 2024
Share this Article
Facebook Twitter Copy Link Print
Previous Article UAE: Police settle inmates’ debts totaling over Dh7 million
Next Article Mbappe agrees to a five-year contract with Real Madrid – News
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

235.3k Followers Like
69.1k Followers Follow
56.4k Followers Follow
136k Subscribers Subscribe
- Advertisement -
Ad imageAd image

Latest News

UAE Ranks Among Top Rugby Markets on TOD as British & Irish Lions Tour Kicks Off
Sports July 6, 2025
Darven: A New Leap in AI-Powered Legal Technology Launching from the UAE to the World
Tech July 1, 2025
Beat the Heat This Summer with a Chill Out on Dubai Marina
World July 1, 2025
Historic Italian City of Assisi to Host International Exhibition “Jordan: Dawn of Christianity”
World June 28, 2025

You Might also Like

Tech

Darven: A New Leap in AI-Powered Legal Technology Launching from the UAE to the World

July 1, 2025
Crypto

Bitget Celebrates Bitcoin Pizza Day by Distributing Over 5000 Pizzas in Over 20 Cities Worldwide

May 22, 2025
BusinessCrypto

Bitget Protection Fund Maintains Strength with $561 Million Average Value in April 2025

May 20, 2025
BusinessGulfUAE

Muhammad Umair Saeed: The Billionaire Tech Architect Powering AI, Drones, Blockchain & Cybersecurity from Dubai to the World

May 10, 2025
BusinessCrypto

RWA project FEXSE tokenises $600,000 Jacob & Co. luxury watch on the blockchain

April 14, 2025
Business

NTT DATA Business Solutions Expands Presence in UAE with Stronger Regional Leadership

March 28, 2025

Sustainable Moving Services: How Dubai’s Moving Companies Are Going Green

February 20, 2025
Tech

CNTXT and Oracle Strengthen AI Collaboration to Drive Innovation

February 14, 2025
//

Gulf Press is your one-stop website for the latest news and updates about Arabian Gulf and the world, follow us now to get the news that matters to you.

Quick Link

  • Privacy Policy
  • Terms of ue
  • Advertise
  • Contact

How Topics

  • Gulf News
  • International
  • Business
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our latest news instantly!

I have read and agree to the terms & conditions
Gulf PressGulf Press
Follow US

© 2023 Gulf Press. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

I have read and agree to the terms & conditions
Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?