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ABU DHABI / AD MEDIA OFFICE
Abu Dhabi has ranked as the fastest-growing emerging ecosystem in the Middle East and North Africa (Mena) region, marking a 28 per cent growth in ecosystem value in the 2024 Global Startup Ecosystem Report (GSER) by Startup Genome and the Global Entrepreneurship Network, launched during
London Tech Week.
GSER, which uses the world’s most quality-controlled dataset on startup ecosystems, analyses data from more than 4.5 million companies across more than 300 entrepreneurial innovation ecosystems. It provides compelling new insights and deep knowledge about startup trends around the world and ranks the Top 40 global ecosystems, emerging ecosystems, and an expanded regional ranking.
As part of Startup Genome’s analysis of the UAE’s capital city, including the growing startup activity at Hub71, Abu Dhabi’s global technology ecosystem, GSER 2024 found that Abu Dhabi continues to be the fastest-growing emerging ecosystem in the Mena region. The ecosystem created $4.2 billion in Ecosystem Value from July 1, 2021 to December 31 2023, representing 28 per cent compound annual growth compared to 1 July 2019 to 31 December 2021 period. Ecosystem Value is a measure of economic impact, calculated as the value of exits and startup valuations.
Abu Dhabi’s ranking jumped 15 spots compared to the previous year, landing in the 61-70 group and Total Early-Stage Funding between 1 July 2021 and 31 December 2023 is $284 million and total VC Funding for 2019-2023 is $1.06 billion.
In addition, Abu Dhabi was ranked second in the Mena Ecosystem in Performance, which measures the size and performance of an ecosystem based on the accumulated tech startup value created from exits and funding, fifth in the Mena Ecosystem in Funding, which measures innovation through early-stage funding and investor’s activity, and fifth in the Mena Ecosystem in Talent & Experience, which measures long-term trends over the most significant performance factors.
Other ranks attained by the emirate include posting within the Top 10 Mena Ecosystem in Knowledge, which measures innovation through research and patent activity, within the Top 15 Mena Ecosystem in Bang for Buck, which measures the amount of runway tech startups acquire, on average, from a VC round, within the Top 15 Mena Ecosystem in Affordable Talent, which measures the ability to hire tech talent, as well as being highlighted in the FinTech, AgTech and New Food, and ClimateTech sectors for their density of talent, support resources, and startup activity.
Also spotlighted were the Golden Visa and Abu Dhabi’s strategic location, which were cited as reasons a startup should move to the ecosystem.
Ahmad Ali Alwan, CEO of Hub71, said: “Abu Dhabi’s rise as a leading startup ecosystem in the region is a testament to the opportunities it offers entrepreneurs worldwide.”
Its favorable environment creates the funding and commercial prospects and establishes the foundation for startups to scale. This is exemplified through Hub71 which has seen its startup community grow over the past five years as more startups identify Abu Dhabi as a launchpad for their global expansion.