5,600 New Startups Registered in the UAE by Q2 of 2024

The UAE has firmly established itself as the top startup hub in the MENA region, with over 5,600 startups registered across the country by the second quarter of 2024. A significant portion of this growth has been fueled by the thriving fintech sector, which continues to attract entrepreneurs and investors alike.

A recent report by Startup Genome highlighted the impressive growth of the UAE’s startup ecosystems. Between the second half of 2021 and the end of 2023, Abu Dhabi emerged as the fastest-growing startup ecosystem in the region, with a total ecosystem value of $4.2 billion.

The UAE’s success as a startup hub can be attributed to its supportive investment environment. Early-stage startups secured $224 million in funding, while venture capital investment exceeded $1 billion between mid-2021 and 2023.

A major driver behind this surge has also been the role played by Hub71, Abu Dhabi’s global tech ecosystem and incubator. Since its launch in 2019, Hub71 has been offering tech startups access to capital, mentorship, office space, and networking opportunities, contributing to the rapid growth of the UAE’s tech sector.