A. SREENIVASA REDDY (ABU DHABI)
Abu Dhabi is fast emerging as a key convening ground for global entrepreneurship, speakers at a forum held in the capital said.
The two-day INSEAD Entrepreneurship Forum, held in Abu Dhabi on February 4 and 6, took a deep dive into current trends across sectors and examined how artificial intelligence and digital transformation are reshaping markets. The forum featured fireside chats, panel discussions, masterclasses and workshops focusing on various aspects of entrepreneurship in the Middle East.
Henrich Greve, Professor of Entrepreneurship and Academic Director of the Rudolf and Valerie Maag INSEAD Centre for Entrepreneurship, spoke to Aletihad on the sidelines of the event about the evolving startup ecosystem in the UAE.
Greve said the UAE has attracted the attention of venture capital investors who have committed a larger share of funds to the country than its size might suggest.
While noting that the UAE is home to a broad base of pre-seed and seed-stage ventures, he said deal activity spans multiple industries, with particular strength in fintech and digital innovation, including AI.
“Although startups operate across a range of industries, clear strengths are seen in fintech and digital innovation, including AI,” Greve said. He added that climate-focused ventures, trading and logistics have also emerged as key sectors drawing venture capital funding.
The UAE was ranked number one globally in last year’s Global Entrepreneurship Monitor, a position it has held for several years. Greve said policy initiatives in the country have helped create a fertile environment for startups. “VC funds like the regulatory stability, fintech is attracted by the financial free zones, and the sovereign cloud infrastructure attracts firms that can benefit from it,” he said.
Reflecting on the theme of the forum, Greve said the event aligns closely with the UAE’s broader goals around economic diversification and innovation. “It covered key topics such as funding, with a focus on venture capital, explored AI and related technology ventures, and featured a startup showcase that allowed new ventures to present their businesses,” he said.
Greve also underlined the role of governments in accelerating entrepreneurship. “Governments should put in place a clear set of laws and institutions and ensure that these are consistently applied. Entrepreneurs value predictability,” he said.
Governments can further support entrepreneurship by taking a proactive role in nurturing businesses, he added. “They can identify key technologies and either facilitate and grow these through government initiatives or support private actors seeking to develop and scale them.”
In the wider MENA startup landscape, Greve said the UAE has established a strong lead that will be difficult for others to match. “What determines the sustainability of that lead is the predictability of laws and institutions, along with a continued focus on industries where the country has already seen success,” he said.