Abu Dhabi has fastest-growing startup ecosystem in MENA as entrepreneurs search for funding, golden visas and help 

Abu Dhabi has ranked because the fastest-growing rising ecosystem within the Center East and North Africa (MENA) area, marking a 28 per cent progress in ecosystem worth within the 2024 International Startup Ecosystem Report (GSER) by Startup Genome and the International Entrepreneurship Community, launched throughout London Tech Week.

GSER, which makes use of the world’s most quality-controlled dataset on startup ecosystems, analyses knowledge from greater than 4.5m corporations throughout greater than 300 entrepreneurial innovation ecosystems.

It gives compelling new insights and deep data about startup traits around the globe and ranks the Prime 40 world ecosystems, rising ecosystems, and an expanded regional rating.

Abu Dhabi startups

As a part of Startup Genome’s evaluation of the UAE’s capital metropolis, together with the rising startup exercise at Hub71, Abu Dhabi’s world know-how ecosystem, GSER 2024 discovered that Abu Dhabi continues to be the fastest-growing rising ecosystem within the MENA area.

The ecosystem created $4.2bn in Ecosystem Worth from July 1, 2021 to December 31, 2023, representing 28 per cent compound annual progress in comparison with July 1, 2019 to December 31, 2021 interval.

Ecosystem Worth is a measure of financial influence, calculated as the worth of exits and startup valuations.

Abu Dhabi’s rating jumped 15 spots in comparison with the earlier yr, touchdown within the 61-70 group and Complete Early-Stage Funding between July 1, 2021 and December 31, 2023 is $284m and complete VC Funding for 2019-2023 is $1.06bn.

As well as, Abu Dhabi was ranked:

• Second within the MENA Ecosystem in Efficiency, which measures the scale and efficiency of an ecosystem primarily based on the gathered tech startup worth created from exits and funding
• Fifth within the MENA Ecosystem in Funding, which measures innovation by way of early-stage funding and investor’s exercise
• Fifth within the MENA Ecosystem in Expertise and Expertise, which measures long-term traits over essentially the most vital efficiency elements

Different ranks attained by the emirate embody posting throughout the Prime 10 MENA Ecosystem in Information, which measures innovation by way of analysis and patent exercise, throughout the Prime 15 MENA Ecosystem in Bang for Buck, which measures the quantity of runway tech startups purchase, on common, from a VC spherical, throughout the Prime 15 MENA Ecosystem in Reasonably priced Expertise, which measures the flexibility to rent tech expertise.

It was additionally highlighted within the FinTech, AgTech and New Meals, and ClimateTech sectors for his or her density of expertise, help sources, and startup exercise.

Additionally spotlighted have been the Golden Visa and Abu Dhabi’s strategic location, which have been cited as causes a startup ought to transfer to the ecosystem.

Ahmad Ali Alwan, CEO of Hub71, mentioned: “Abu Dhabi’s rise as a number one startup ecosystem within the area is a testomony to the alternatives it presents entrepreneurs worldwide.

“Its favorable setting creates the funding and business prospects and establishes the inspiration for startups to scale. That is exemplified by way of Hub71 which has seen its startup neighborhood develop over the previous 5 years as extra startups determine Abu Dhabi as a launchpad for his or her world enlargement.

“Because the Startup Genome report exhibits, Hub71 is fulfilling the imaginative and prescient of our management to maximise the potential of disruptive ventures which might be reworking society with influence.”

The report highlights Abu Dhabi’s key ecosystem gamers together with Abu Dhabi International Market (ADGM), Mubadala Funding Firm, ADQ, the Abu Dhabi Funding Workplace (ADIO), startAD, and Abu Dhabi Division of Financial Growth (ADDED), that are contributing to a beneficial working and regulatory setting and providing distinctive incentives, corresponding to 100 per cent international possession to draw international funding and startups into the economic system.

Leveraging collaborations amongst these key ecosystem gamers, Abu Dhabi is facilitating the soft-landing of startups from around the globe, enabling entry to capital and business alternatives. Quite a few corporations are relocating their world headquarters to ADGM, amongst them US-based digital asset safety agency Andalusia Labs and South Korean blockchain firm Neoply. Hub71 hosts a neighborhood of greater than 315 startups which have collectively raised $1.5bn.

Marc Penzel, Founder and President of Startup Genome, mentioned: “Due to the superb work of Hub71, Abu Dhabi is among the uncommon locations the place everybody comes collectively to create a world-class startup ecosystem at an unimaginable tempo.

“Whether or not it’s digital belongings, CleanTech, or different fast-growing alternatives, Abu Dhabi needs to be on the radar of any entrepreneur with outsized world ambitions.”