8/18/2023 0 Comments Entrepreneurial venture![]() ![]() The report also covers Dubai's progress on becoming the preferred home base for unicorns in the Arab world. The increase of mega-rounds (rounds raising $300 million or more) in 2022 helped, with four of the six mega-rounds, including AstraTech, Swvl, Kitopi, and Advanta, all being Dubai-based. 2022 was also the second year in a row where Dubai-based startups raised over the $1 billion mark. This sum represents 60% of total cumulative fundraising across all of MENA (excluding Israel). Tammer Qaddumi, co-founder and General Partner of Dubai-based VentureSouq, says this is all because "Dubai has done a great job of removing frictions… That's a brilliant way to grow your business, or in Dubai's case, your city, and as a result, it is attracting talent from all over the world."ĭubai's 306 scaleups have collectively raised $11.7 billion in funding over the course of the past 12 years from 2010 through to 2022. For many cities across the MENA, Dubai is a shining example of what it takes to become a global hub for entrepreneurship. Every year, more and more investors have also been flocking to the city on the Arabian Sea, setting up funds, and looking at opportunities to invest in across the region. Ahmad Abdullah Juma Bin Byat, Vice Chairman of Dubai Chamber of Digital Economy Dany Farha, Managing Partner of BECO Capital Walid Hanna, Chairman and Co-CEO of Middle East Venture Partners Tammer Qaddumi, co-founder and Managing Partner At VentureSouq and Noor Sweid, Managing Partner at Global Ventures.ĭubai has acted as a safe harbor for many regional startup founders to relocate to, and to get better access to talent, capital, and mentorship. ![]() Omar Sultan Al Olama, UAE Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, and the Chairman of Dubai Chamber of Digital Economy H.E. This special report has gathered insights from some of Dubai's and the region's most prominent venture capitalists and digital economy stewards including, but not limited to, H.E. Riyadh solidified its third place position with 93 scaleups calling the Saudi capital home, adding 21 scaleups in 2022. Cairo maintained its second place ranking, with 135 scaleups, nearly doubling the number of scaleups in the Egyptian capital from the year prior. Of these 306 scaleups that are headquartered in Dubai, 64 were added in 2022, indicating an acceleration of scaleup activity in the city. The report also found that 40% of these scaleups call Dubai home, keeping the startup capital crown firmly placed on the city's head. ![]() Last year, 158 new scaleups were added across 19 countries in MENA. In 2022, scaleups across the MENA raised over $6.7 billion that's one-third of the region's lifetime total. As of the end of 2022, the Middle East and North Africa (MENA) region, excluding Israel, was home to 749 scaleups, collectively raising $19.5 billion since 2010. ![]() The special report details startup funding data from across the MENA region, focused primarily on scaleups, which are defined as startups that have raised US$1 million in funding or more. Dubai Chamber of Digital Economy, in partnership with Entrepreneur Middle East and Lucidity Insights, recently published a special report titled, Dubai's Venture Capital Ecosystem. ![]()
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