The United Arab Emirates (UAE) has quickly become a global hub for innovation and entrepreneurship. The country has a number of factors that make it attractive to any startup, including a supportive government, a growing economy, and a young and educated population.
What makes the UAE perfect for a startup
The UAE government has been a strong supporter of startups, providing them with a number of incentives and programs. These include tax breaks, subsidies, and access to funding. The government has also created a number of specialized organizations to support startups, such as the Mohammed bin Rashid Innovation Centre (MBRIC) and the Abu Dhabi Global Market (ADGM).
The UAE’s economy is growing rapidly, providing startups with a large market to tap into. The country’s population is also young and educated, with a high level of disposable income. This makes it a great place to start a business that caters to a young and affluent audience.
In addition to these factors, the UAE has a number of other advantages for startups. The country is well-connected to the rest of the world, with a modern infrastructure and a strategic location. It is also a relatively safe and stable country, with a low crime rate.
Successful startups that called UAE home
As a result of these factors, the UAE has become home to a number of successful startups. Here are five of the most successful startups that were started in the UAE:
- Souq.com: Souq.com is an online marketplace that was founded in 2005. It is the largest e-commerce platform in the Middle East and North Africa (MENA) region. In 2017, Souq.com was acquired by Amazon for $580 million.
- Careem: Careem is a ride-hailing app that was founded in 2012. It is the largest ride-hailing app in the MENA region. In 2019, Careem was acquired by Uber for $3.1 billion.
- Namshi: Namshi is an online fashion retailer that was founded in 2011. It is the largest online fashion retailer in the MENA region. In 2016, Namshi raised $100 million in funding from a group of investors led by General Atlantic.
- Swvl: Swvl is a micro-transit app that was founded in 2017. It provides on-demand shuttle services for commuters. Swvl has raised over $200 million in funding from investors such as SoftBank Vision Fund and STV.
- Tabby: Tabby is a buy now, pay later (BNPL) platform that was founded in 2020. It allows shoppers to split their purchases into four interest-free payments. Tabby has raised over $58 million in funding from investors such as Sequoia Capital India, STV, and Mubadala Investment Capital.
These are just a few examples of the many successful startups that have been started in the UAE. The country’s supportive ecosystem has created a favorable environment for startups to thrive. As a result, the UAE is becoming a major player in the global startup scene.
In addition to the startups mentioned above, there are many other exciting startups emerging from the UAE. These startups are working on a variety of innovative technologies and solutions, and they have the potential to make a significant impact on the world. The UAE is well-positioned to become a leading hub for innovation and entrepreneurship in the years to come.
We hope this blog post has given you a better understanding of the UAE’s startup ecosystem. If you are thinking about starting a business, the UAE is a great place to do it. With its supportive government, growing economy, and young and educated population, the UAE has everything you need to succeed.
