Tech start-ups are the main drivers of the UAE's rapidly expanding start-up ecosystem
UAE start-ups have secured $31.36 million in investments, accounting for 88 percent of the total deal value in the region, according to the organisers of the upcoming AIM Startup event in April.
According to the statistics, local services, e-commerce and financial services combined account for 44 percent of the total deal count.
Other sectors include logistics (9.3 percent), software (7.1 percent), media (4.6 percent), education (4.6 percent) and transport (4.6 percent).
“The start-up ecosystem is fast changing. Just a few tears ago, start-ups seemed like the purview of a niche circle, but fast forward today, and start-ups are hitting the mainstream business culture, emerging at an unprecedented rate,” said Dawood Al Shezawi, Chairman of the Organising Committee of AIM Startup.
AIM Startup is an initiative of the UAE Ministry of the Economy that aims to connect start-ups with investors and business partners. The event – which takes place during the UAE’s annual investment meeting – will also help start-ups hoping to raise capital and expand into new markets.
Al Shezawi added that while most sectors have witnessed growth, the main drivers of the start-up ecosystem have become fintech, cybersecurity and blockchain.
“Disruptive technologies [such as] robotics, virtual reality and internet of things are already transforming the start-up landscape,” he said. “We are confident that coming years will witness greater results, considering the impactful growth tech start-ups have made.”