DUBAI – For the fourth consecutive year, the UAE has retained the distinction of being the top hub in the Middle East and North African (MENA) region for tech start-ups, according to a latest report State of Digital Investment in MENA 2013-2016 report by Dubai SME.
The Dubai SME’s report, which was issued in partnership with Arabnet, showed that the UAE accounted for 90 percent of the US$900 million invested on tech start-ups in MENA last year.
The report covered 150 funding institutions and 760 deals made in the MENA from 2015 to 2016.
As far as the number of investments per country in the MENA is concerned, the UAE is on top with 234 deals in the last four years, double the number of other MENA countries.
Tech start-up investments reached US$900 million with the UAE in first place, largely due to US$350 million raised by Careem and US$275 million raised by Souq.com.
“The State of Digital Investment in MENA 2013 to 2016 shows that the UAE has led the MENA in attracting investments into digital entrepreneurship,” said Abdul Baset Al Janahi, chief executive officer of Dubai SME.
Dubai SME is an agency of Dubai Economy that is tasked to develop the small and medium enterprise sector.
According to Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid, “the investment environment in the UAE has seen significant changes over the past few years and offers significant opportunities for creativity and innovation opening up as the world moves towards knowledge-based investments.”
He also said the Dubai Government has made it a priority to attract investments in line with the UAE Vision 2021 and Dubai Plan 2021 in order to make the UAE as a preferred global investment destination. GAC/Expat Media
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