Skip to content Skip to Search
Skip navigation

$2bn funding behind Dubai’s digital startup economy

  • Successful startups moving into next funding phase
  • Emirate has target of 30 unicorns by end of decade
  • Dubai Chambers launching incentives to attract more tech startups

Dubai tech startups have raised $2 billion and completed six mega-rounds valued at over $300 million in 2022, according to a report by the Dubai Digital Economy.

These included two listings for scaleups (startups that have raised over $1 million in capital) on stock exchanges. 

The UAE’s national digital economy is predicted to grow to $140 billion by 2031, and Dubai has set a target of becoming home to 30 unicorns (privately held startups valued at over $1 billion) by the end of this decade. 

Some of the region’s most prominent unicorns were born in Dubai, including Careem and Kitopi.

In September Dubai Chambers is launching new incentives as part of plans to attract 300 tech startups to the emirate by the end of next year.

Omar Al Olama, the UAE’s minister of state for artificial intelligence, told AGBI that these will include discounts on commercial space, technology, infrastructure and data hosting, as well as certain banking incentives.

“People are flocking to where the quality of life is the highest. Dubai has the highest talent per capita in the region,” he added.

Al Olama recently caught up with tech mogul Elon Musk at a technology conference in Paris, where they discussed AI regulation and the role of governments in the development of unicorns.

Watch the full video to learn more about Dubai’s digital economy initiative

Latest articles

Adnoc Distribution plans to open 15 to 20 new fuel stations this year

Adnoc Distribution targets 200 EV stations this year

Adnoc Distribution, the UAE’s largest fuel and convenience retailer, is planning to more than double the number of fast electric vehicle (EV) charging stations as part of its five-year expansion strategy. The company has 90 fast EV charging points and aims to reach 150-200 by the end of the year, the UAE state-run Wam news […]

A UBS report shows wealthy Latin American families are more likely to invest in the Middle East than US or European counterparts

Wealthy Latin Americans more likely to invest in Middle East

Wealthy Latin American families were more present as investors in the Middle East than those from other parts of the world in 2023, a global banking report says, but overall numbers are low and down from 2022.  UBS bank’s Global Family Office Report for 2024 showed that Latin American families had placed 2 percent of […]

Opec oil demand US crowded highway

Opec optimistic about oil demand through to 2025

Opec continues to expect strong oil demand growth this year and next as the world economy remains resilient, the group’s chief said. “For 2024, oil demand growth is at 2.2 million barrels per day, with total global demand anticipated to average 104.5 million bpd,” Haitham Al Ghais, the secretary general of Opec, the Organisation of […]

DSI's project include the Louvre Abu Dhabi. Its backlog is reported to be worth AED638 million

DSI claims bumper revenues to come before it resumes trading

Dubai’s Drake & Scull International is forecasting a more than tenfold increase in revenues between this year and the end of 2029 as the troubled contractor prepares to return to trading on Dubai Financial Market. Trading in the utilities and infrastructure engineering company’s shares came to a halt in November 2018 when DSI disclosed losses […]