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UAE's Startup Ecosystem Unicorns: Homegrown and Relocated
The UAE has emerged as a major hub for entrepreneurial success in the Middle East, with Dubai at the forefront of its unicorn ecosystem. Dubai’s success story is best exemplified by homegrown companies like Souq.com and Careem, which have gone on to achieve global recognition.
Since the first unicorn was born in 2016, the UAE has seen 11 companies cross the billion-dollar mark, 8 of which are based in Dubai. International companies like Telegram, originally founded in Russia, have also moved their headquarters to Dubai, drawn by the city’s favorable business landscape, strategic location, and robust infrastructure, further reinforcing the Emirate’s position as a global tech hub.
The latest addition to the list is AIQ, a joint venture between Presight and ADNOC, located in Abu Dhabi.
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Dubai’s Digital Economy and Its Expanding Startup Ecosystem
Dubai’s startup ecosystem will have raised over USD 2 billion by the end of 2022, with self-employed and digital economy roles tripling. Few MENA markets have a 20-year-old startup ecosystem birthing multiple unicorns. Dubai has been the digital startup hub for tech giants and new unicorns alike. Since 2017, Dubai has raised 96% of UAE’s funds, totaling over USD 2 billion by October 2022. LinkedIn data shows a booming digital economy job market with increasing opportunities and remote work options. Learn from top home-grown startups and global transplants why Dubai is poised to become the next digital economy capital of the world.
