The UAE Solidifies its Role as GCC Startup Hub, Registers 5,600 New Firms in Q2 2024

Statistics also reveal the leadership role of the UAE in the fintech sector within the region. Currently, over 550 fintech startups are active in this sector. A reputed consulting and research firm released a report, which shows the rapid rise of the USE in global startup rankings. It is currently the fastest-growing entrepreneurial ecosystem in the GCC.

Between the second half of 2021 and the end of 2023, the value of the startup ecosystem in the country was $4.2 billion. Forward-thinking firms from all around the globe are looking for new company formation in Dubai with professional advisory solutions from seasoned experts like the IMC Group.

Several emirates, including Abu Dhabi, Dubai, and Sharjah witnessed this growth trajectory. Each of these cities has fostered an environment of continuous and sustainable growth, offering support and incentives for the development of startups in crucial sectors.

Meanwhile, Dubai has bolstered its efforts to develop a vibrant startup ecosystem. Currently, it ranks at the top among Gulf nations and second in the region based on its startup ecosystem valuation. The startup ecosystem of Dubai was valued at over $23 billion at the end of 2023.

On the other hand, Sharjah has also made a significant impact on the startup ecosystem in the UAE. The city currently hosts around 60,000 small, medium, and startup enterprises across its six free zones and 33 industrial zones. The startup ecosystem in Sharjah was valued at valued at $424 million, with $39 million in early-stage funding by the end of last year.