Today's Edition
KHALED AL KHAWALDEH (ABU DHABI)
The UAE’s startup ecosystem continues to grow, raising $114.32 million in September, up from $76.87 million in August, according to a new report from entrepreneurship digital media agency, Rasmal.
The UAE ranked second only to Saudi Arabia which saw $165.34 million raised in the same period although it led in the number of startups, with 28 in comparison to just 13 in Saudi Arabia and eight in Egypt.
“The UAE’s significant number of startups highlights its leadership in creating an environment conducive to innovation. Dubai and Abu Dhabi, in particular, have developed ecosystems that attract entrepreneurs through accelerator programmes and favourable tax policies,” the report read.
Overall, the region saw 60 startups secure a total of $328.3 million in funding from 36 investors in September, which Rasmal said indicated the continued health and attractiveness of the region’s economy.
Dubai stood out as the most attractive city for startup investment in the region due to its mixture of infrastructure, incentives, free-zones and access to capital.
It raised $107.32 million across 25 startups while Abu Dhabi saw three startups raise $23 million.
“With its strategic location, business-friendly policies, and vibrant hubs like Dubai and Abu Dhabi, the UAE continues to attract a broad range of startups, especially in technology-driven sectors such as FinTech, PropTech, and e-commerce,” read the report.
