Mena digital startups get Dh2.4b

Afocus on innovation and government initiatives to create investment opportunities are reinforcing the UAE’s position as the region’s entrepreneurial hub, said Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Dubai Crown Prince and Chairman of the Dubai Executive Council.

Shaikh Hamdan said that the UAE has adopted strategies for promoting creativity and enabling enterprise in emerging sectors.

Dubai will continue to offer a globally competitive environment for innovation and boost the ease of doing business to cement its position as a preferred investment destination, in line with the Centennial Plan and the Dubai Plan 2021, Shaikh Hamdan added.

Greater transparency and regulations as well as innovation have also helped improve investor confidence in Dubai, he said.

Discussing the UAE Strategy for Artificial Intelligence and the Emirates Blockchain Strategy, he said, “Artificial intelligence and Blockchain are already redefining existing service models and processes, while also transforming the entrepreneurial landscape. Dubai and the UAE provide the ideal platform for innovative entrepreneurs and digital startups to grow globally. We are already seeing successful outcomes.”

According to the State of Digital Investments in the Middle East and North Africa (Mena) 2013-2017 report, the UAE remained the leader in driving digital start-ups across the Mena region in 2017, both in terms of number of investors and deals.

The report was jointly prepared by Dubai SME, which is an agency of the Department of Economic Development, and Arabnet.

The UAE, which retained its regional leadership for the fifth year, accounted for almost one-third (32 per cent) of all Mena investors.

The UAE, Saudi Arabia, Lebanon, and Egypt contributed to 70 per cent of all investments in digital startups in the region in 2017.