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Scaleups in Dubai have raised over $11.7 billion in funding over the past decade, 60 per cent of the MENA region’s fundraising total, a report said on Sunday.
Not only that, the emirate hosts over 40 per cent of the scaleups in the region, a Dubai Chamber report said. In addition, in 2022, Dubai-based startups doubled down on their prior year results, with fundraising of over $2 billion.
The report, titled ‘Dubai’s Venture Capital Ecosystem’, provides an overview of the investor landscape backing the startups and scaleups transforming Dubai and the MENA region. It said UAE scaleups had contributed significantly, accounting for 65 per cent of the total capital raised throughout the region.
The number of scaleups has also increased considerably in Dubai, growing 26 per cent between 2021 and 2022. Regarding absolute numbers, Dubai saw an increase of 64 scaleups between 2021 and 2022, growing from 242 to 306. Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications and Chairman of the Dubai Chamber of Digital Economy, said, “The results in the report reflect our long-term commitment to developing smart digital solutions and deploying these to build a new and future-facing model for the economic sector in the UAE, and Dubai in particular.”
Venture funding in Dubai has seen tremendous growth in the past decade. From a time of only seed stage and earlier rounds, Dubai has grown to become the only city in the MENA region to be home to startups to raise funds in Series E and Series F rounds.
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