Aiming to establish itself as a leader in innovation and entrepreneurship, Dubai plans to turn 30 startups into unicorns
Dubai, the commercial hub of the United Arab Emirates (UAE), has set its sights on turning 30 startups into unicorns, according to Hadi Badri, CEO of the Economic Development Department at the Department of Economy and Tourism, Dubai. This move is part of the city’s plan to cement its position as a regional leader in innovation and entrepreneurship.
Dubai has been actively promoting itself as a startup-friendly destination, and it has seen significant growth in its startup ecosystem in recent years. The city has a well-developed infrastructure, a favorable regulatory environment, and access to a large pool of talent, making it an attractive destination for entrepreneurs and investors.
According to a recent report, the UAE is becoming a preferred choice for newly established businesses to raise funds, expand, and hit the billion-dollar mark. The country’s startup ecosystem has grown rapidly in recent years, and it is now home to more than 300 startups, with a combined valuation of over $4 billion.
“For aspiring unicorns, there’s no better time and no better place than now to do business in Dubai and use Dubai as a gateway to the broader region. Entrepreneurship and innovation are in our blood and our DNA. We, as a government, are committed to providing the right support and infrastructure to foster that growth,” Badri said during the opening remarks on the third day of the World Government Summit at Madinat Jumeirah.
The Dubai Future Foundation, which is responsible for promoting innovation and entrepreneurship in the city, has identified 30 startups that it believes have the potential to become unicorns, or companies valued at $1 billion or more. The foundation has pledged to provide these startups with the necessary support and resources to help them achieve their goals.
The foundation’s efforts are part of Dubai’s wider strategy to become a hub for innovation and entrepreneurship. The city is investing heavily in its infrastructure, with the development of new technology parks, co-working spaces, and incubators. It is also actively promoting itself as a destination for startup investors, with the launch of several initiatives, such as the Dubai Future Accelerators program, which pairs startups with government entities to develop innovative solutions.
Dubai’s focus on innovation and entrepreneurship is part of a broader trend in the Gulf region, where governments are increasingly recognizing the need to diversify their economies away from oil and gas. This shift is creating new opportunities for entrepreneurs and investors, and Dubai is well-positioned to take advantage of this trend.
Saudi Technology Ventures has projected that the Middle East and North Africa (Mena) region could create more than 45 unicorns by 2030 worth $100 billion plus in equity value.
In conclusion, Dubai’s efforts to turn 30 startups into unicorns are a testament to its commitment to innovation and entrepreneurship. The city’s favorable regulatory environment, well-developed infrastructure, and access to talent make it an attractive destination for startups and investors alike. With the support of the Dubai Future Foundation and other government initiatives, the city is well-positioned to continue to grow its startup ecosystem and cement its position as a regional leader in innovation and entrepreneurship.
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