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UAE in the top 50 startup destinations of the world

Dubai: Gulf states of United Arab Emirates (UAE) and Bahrain rank among the world’s top 100 startup destinations as well as the top two most-preferred ecosystems for startups in the Gulf region.

Globally, the UAE came in at 43rd, while Bahrain jumped 20 places to 75th, according to new study by StartupBlink. 

Saudi Arabia also improved its ranking by jumping 213 points to rank 281st globally.

The study said the UAE was recognised for the potential of its Arab-speaking market and close involvement of the government in the local startup ecosystem.

A report by Magnitt shows that the UAE remained the most active startup ecosystem in the region with 26 per cent of all deals, followed by Egypt (21 per cent), and Lebanon (13 per cent).

The study conducted by Magnitt shows that the number of investments in Mena-based startups was up 31 per cent in 2019, with 564 investments and $704 million in total funding, up 13 per cent compared to 2018, excluding previous mega-deals in Souq and Careem.

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