RIYADH: Dubai has attracted 57 percent of scaleup funding in the Middle East and North Africa region, according to a report released by the Dubai Chamber of Digital Economy.
The Gulf city is home to 39 percent of scaleups in the MENA region as well as most of the region’s tech giants.
Together, MENA scaleups have raised $9.1 billion, representing 0.12 percent of the region’s gross domestic product.
As of December 2021, scaleups in the UAE alone raised $5.4 billion. This figure represents more than 59 percent of the total funding in the region.
The number of scaleups in the MENA region hit 587 in 2021, up from just 139 in 2020. From the 587 scaleups, the UAE accounted for 251.
“Despite its vast competitive advantages, the UAE continues to add more incentives for businesses and startups,” said Hamad Buamim, president and CEO of Dubai Chamber of Commerce and Industry.
