The Emirates was also recognized for its strengths in the FinTech, AgTech and New Food and ClimateTech sectors.
Abu Dhabi has emerged as the fastest growing startup ecosystem in the Middle East and North Africa (MENA) region, according to the Global Startup Ecosystem Report 2024 (GSER) by Startup Genome and Global Entrepreneurship Network. The report, launched during London Technology Week, found that the value of Abu Dhabi’s ecosystem increased by 28 percent between July 2021 and December 2023, compared to the previous period.
GSER, which analyzes data from over 4.5 million companies in more than 300 entrepreneurial innovation ecosystems, provides insights and rankings on leading global and emerging ecosystems. Abu Dhabi’s ranking jumped 15 places compared to last year, dropping to the 61-70 bracket, with $284 million in total early-stage funding and $1.06 billion in total venture capital (VC) funding from 2019 to 2023.
Strengths of the Abu Dhabi ecosystem
The emirate was also ranked second in the MENA region for ecosystem performance, fifth for funding and fifth for talent and experience. Additionally, Abu Dhabi was recognized for its strengths in the FinTech, AgTech and New Food, and ClimateTech sectors, as well as the city’s strategic location and incentives, such as the Golden Visa and 100 percent foreign ownership, which have attracted startups global companies to establish their headquarters in the Abu Dhabi Global Market (ADGM).
Read more: Sharjah rises to 4th in GCC region, 7th in MENA in 2024 Global Startup Ecosystem Ranking
Key ecosystem players driving growth
The report highlights key ecosystem players in Abu Dhabi, including Mubadala Investment Company, ADQ, Abu Dhabi Investment Office (ADIO), startAD and Abu Dhabi Department of Economic Development (ADDED), who have contributed to creating an environment operational and regulatory for startups. These collaborations have facilitated the soft landing of startups from around the world, providing them with access to capital and commercial opportunities. As a result, Abu Dhabi’s Hub71 community now hosts more than 315 startups that have collectively raised $1.5 billion.
Startup Genome insights and guidance
GSER is the product of more than a decade of independent research and policy work by Startup Genome, providing insights and guidance to public and private leaders for fostering thriving startup communities, which are recognized as key drivers of place creation. of work and economic growth.
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