UAE Start-up Sector Growth Surged in 2022
The UAE Start-up sector is thriving and the industry has retained the best results in terms of funding and best deals in 2021 amid the COVID-19 pandemic. The start-up sector is inclined towards finding the solutions which make life better and more exciting. The technological space has seen some major moderations with coming times as conventional business will become obsolete.
The major venture capitalist and angel investors stated 2021 is one of the record-breaking years of start-ups and despite the pandemic best of things being brewed by talented minds in each sector. From the building of electric vehicles, building more private sectors, and initiatives that take the government to the next level.
The report shows the regional and global investor participation across the globe and making a new record for retaining the funding of around $6billion in Emerging Venture Markets. The fintech industry is one of the leading industries and received exponential growth.
However, Fintech is one of the leading industries with a series of start-ups that received various VC investments incline towards more innovation and digitalization of the financial services for the end-user to make them more flexible and easy to use.
The fintech startups have received major growth and data showcases approximately 21 percent of the deals were closed and 31 percent of funding raised. The UAE has the highest economy with the growth of start-ups and it becomes one of the top destinations for international investment.
Earlier, the business generation in the UAE market was limited and dependent on oil. With the changing times, UAE is focused on creating more knowledge and the digital-based company that gives birth to innovative ideas and brings the best with the technological advancements. Dubai is the hub of business where one can see hundreds and thousands of small and medium startups.
UAE has plans to create 20 unicorn startups valued at $1 billion in the coming years and with the growth of start-ups, it seems quite easy to achieve this target by rendering impeccable products and services to the general public. The emirates are the top-notch leaders in the MENA region where we can see the major technological transformation and digitalization that embraces innovative ideas and enforce them to retain benefits in the long run.
The corporate tax-free country provides home and business opportunities to business owners and also provides them an edge over the other countries in the context of their population and liberal policies. The UAE has opened doors by announcing the refined VISA and business reforms that tend to attract more people who live and are willing to commence their business. The UAE Government has incredible plans to offer funds to businesses that are affected by the COVID-19 pandemic and also have several formats inclusive of equity, direct lending, and loan that boosts entrepreneurship and start-up growth in the UAE.
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