Dubai is accelerating its commitment to the startup ecosystem, aiming to transform 30 companies into unicorns by 2030. Hadi Badri, CEO of the Economic Development Department at the Department of Economy and Tourism, highlighted this ambitious goal during the World Government Summit at Madinat Jumeirah, underscoring Dubai’s strategic support for startups and SMEs.
Badri emphasized that Dubai is an unparalleled hub for aspiring unicorns, offering a conducive environment for businesses to thrive and expand. “Entrepreneurship and innovation are in our blood and our DNA. We, as a government, are committed to providing the right support and infrastructure to foster that growth,” he stated. This commitment is reflected in Dubai’s robust support systems, including funding opportunities, state-of-the-art infrastructure, and strategic positioning as a gateway to the broader region.
Dubai has already produced some of the region’s top unicorns, such as Careem, Swvl, Emerging Markets Property Group (EMPG), and Kitopi. The emirate’s ecosystem is becoming increasingly attractive to global startups looking to raise funds and achieve unicorn status. Recently, the “India-UAE startup corridor” initiative brought Indian startups to Dubai, providing them with a platform to pitch for funding and expand their operations.
The UAE’s Comprehensive Economic Partnership Agreement (Cepa) with India aims to identify and support 50 promising Indian startups, with a goal of turning at least 10 of them into unicorns by 2025, as noted by Dr. Aman Puri, Consul General of India in Dubai.
Looking ahead, Saudi Technology Ventures projects that the Middle East and North Africa (MENA) region could create over 45 unicorns by 2030, collectively valued at over $100 billion in equity. Currently, there are more than 1,150 unicorns worldwide, with the US, China, and India leading the pack.
The UAE’s venture capital market remains vibrant, with 2022 witnessing over $3 billion in VC investments in the MENA region, 40% of which were directed to the UAE, despite the country representing only 3% of the MENA population.
Dubai’s dynamic ecosystem and strategic initiatives are set to propel the emirate to the forefront of global innovation, making it a premier destination for startups aiming for unicorn status. As Dubai continues to foster a supportive environment for entrepreneurial growth, the city is poised to achieve its vision of nurturing 30 unicorns by 2030.
