Membership of Dubai Start-up Hub trebles as digital transformation rapidly gathers pace

Dubai Start- up Hub, an initiative by the Dubai Chamber of Commerce and Industry, recorded a trebling of membership in the first six months of this year, accelerated by the emirate’s push for digital transformation.

The 236 per cent surge was underpinned by an increase in the number of start- ups in Dubai and abroad looking to capitalise on opportunities to bring more digital solutions to the emirate, the Middle East’s business and financial hub, the DCCI said yesterday.

Membership of the hub climbed to 1,568 at the end of June, from 466 recorded a year earlier. It grew 13 per cent on average per month in the first half, the trade body said. About 1,200 entrepreneurs benefited from the start-up hub’s support programmes during the first six months of the year, pushing the total number of beneficiaries to more than 8,200. Emiratis accounted for a quarter of all beneficiaries in the period.

About 30 Emirati entrepreneurs are close to launching their own businesses after graduating from the first Emirati Development Programme introduced this year, the DCCI said.

The performance reflects the strong entrepreneurial spirit in the UAE, as well as the “crucial role” that start-ups are playing in bringing business concepts that fill market gaps, said Hamad Buamim, president and chief executive of the trade body. Following Covid- 19’ s impact on the business landscape, the DCCI has reshaped its support offerings and resources to meet the evolving needs of start-ups.

Despite new challenges posed by Covid- 19 the “pandemic has created an opportunity for technology start-ups”, Mr Buamim said.

The hub also collaborated with more than 70 business incubators across the world during the first half of 2020, including India, the US, the UK, Russia, Hungary, Germany and China. More than 50 per cent of applications for its core programme were from international start-ups. The trade body is co-ordinating its international offices to attract more high-potential businesses to the Dubai market, it said.

Among new members, the start-up hub attracted a large volume of high-potential business ventures specialising in FinTech, HealthTech, education, e-commerce, sustainability, wellness and supply chains that emerged in response to changing market conditions.