• Home
• /
• UAE
• /
• Local Plus

Abu Dhabi’s startup ecosystem value grows sixth fastest globally

The Capital created $3.9 billion in ecosystem value representing a growth of 134 per cent from the previous period

Abu Dhabi’s startup ecosystem value has seen a growth of 134 per cent — the sixth fastest globally and the biggest in the Mena region, according to a new report.

While Dubai and Abu Dhabi feature in the top 5 ecosystems from the Mena region, Sharjah was second among the emerging ecosystems.

According to the 2023 Global Startup Ecosystem Report (GSER), from July 1, 2020 to December 31, 2022, Abu Dhabi created $3.9 billion in ecosystem value representing a growth of 134 per cent from the previous period. Ecosystem value is a measure of economic impact, calculated as the value of exits and startup valuations.

GSER was launched by Startup Genome and the Global Entrepreneurship Network, at the Next Web Conference in Amsterdam. Hub71, Abu Dhabi’s global tech ecosystem, partnered with Startup Genome to recognise the UAE capital’s entrepreneurial ecosystem in the GSER 2023.

“As global economic transformation specialists and policy advisors, we’re extremely proud of the impressive performance of Abu Dhabi in the 2023 Global Startup Ecosystem Report,” Marc Penzel, founder and president of Startup Genome, said. “Working with Hub71, we continue to witness and shape exciting new policy and programme developments that result in the emirates' continued rise in the rankings.”

The UAE Government aims to develop more than 8,000 SMEs and startups by 2030 with the goal of creating 20 startups valued at more than $1 billion by 2031 as part of its Entrepreneurial Nation initiative. Hub71 has grown its startup community to more than 200 companies that have raised more than $1 billion collectively. The Golden Visa programme and its strategic location are cited as reasons a startup should move to Abu Dhabi.

Amer Aidi, head of marketing and operations at Hub71, said: “Innovation and entrepreneurship serve as dynamic engines propelling us into the future. Abu Dhabi has firmly established itself as a leading hub that accelerates the development of cutting-edge technologies and cultivates the businesses of tomorrow, which are at the forefront of innovation. At Hub71, we are honoured to be an integral part of this journey, collaborating with our partners to shape the startup landscape in Abu Dhabi. We provide founders with the essential elements of success, including access to talent, investment opportunities, and commercial potential. Together, we are empowering entrepreneurs to thrive and make their mark in the ever-evolving world of business.”

Top five ecosystems in the region are: Tel Aviv, Dubai, Cairo, Riyadh and Abu Dhabi. Whereas, the top five emerging ecosystems are: Amman, Sharjah, Casablanca, Tunis and Beirut. The GSER was created in partnership with the Global Entrepreneurship Network, Dealroom, and Crunchbase.

ALSO READ:

• UAE: Zayed National Museum establishes Dh1 million fund for research into culture, history

• Google should break up digital ad business over competition concerns, European regulators say