Abu Dhabi’s startup ecosystem grows 6th fastest in value globally – News

The Capital generated $3.9 billion in ecosystem value, a 134% increase over the previous period

According to a new report, Abu Dhabi has seen a 134% increase in the value of its startup ecosystem – the sixth highest in the world and the fastest growing in the MENA region.

While Dubai and Abu Dhabi are among the top 5 ecosystems in the MENA region, Sharjah ranks second among emerging ecosystems.

According to the Global Entrepreneurship Ecosystem Report (GSER) 2023, from July 1, 2020 to December 31, 2022, Abu Dhabi will generate US$3.9 billion in ecosystem value, an increase of 134% over the previous period. Ecosystem value is a measure of economic impact, calculated in terms of exit value and startup valuation.

GSER was presented at the Next Web Conference in Amsterdam by Startup Genome and the Global Entrepreneurship Network. Hub71, Abu Dhabi’s global tech ecosystem, has partnered with Startup Genome to recognize the UAE capital’s startup ecosystem at GSER 2023.

“As experts in global economic transformation and policy advisors, we are very proud of Abu Dhabi’s impressive performance in the Global Startup Ecosystem Report 2023,” said Marc Penzel, Founder and President of Startup Genome. “Partnering with Hub71, we will continue to witness and shape exciting new policy and program developments, resulting in the emirate’s continued rise in the rankings.”

The UAE government aims to develop more than 8,000 SMEs and start-ups by 2030, and aims to create 20 start-ups valued at more than US$1 billion by 2031 as part of its Startup National Plan. Hub71 has grown its entrepreneurial community to over 200 companies with a combined funding of over $1 billion. The Golden Visa program and its strategic location are cited as reasons why startups should move to Abu Dhabi.

Amer Aidi, Head of Marketing and Operations, Hub71, said: “Innovation and entrepreneurship are the engines that will drive us into the future. Abu Dhabi has firmly established itself as a leading hub that can accelerate the development of cutting-edge technologies and foster a world at the forefront of innovation. future businesses. At Hub71, we are proud to be an integral part of this journey, working with our partners to shape Abu Dhabi’s startup landscape. We provide founders with the essential ingredients for success, including access to talent, Investment opportunities and business potential. Together, we empower entrepreneurs to thrive and make their mark in the ever-evolving business world.”

The top five ecosystems in the region are: Tel Aviv, Dubai, Cairo, Riyadh and Abu Dhabi. Given the emerging ecosystems, the top five are: Amman, Sharjah, Casablanca, Tunisia and Beirut. GSER was created in partnership with the Global Entrepreneurship Network, Dealroom and Crunchbase.