28 December, 2021
UAE Secures a Spot in Top 50 Global Destinations for Startups
The UAE was ranked among the Top 50 global destinations for startups, according to a report released by Zurich-based Startup Blink.
StartupBlink, which publishes start-up ecosystem rankings every year, calculates the score for each country based on various factors such as the business environment, number of start-ups and quality of products.
It gathers data from more than 50,000 respondents working as venture capitalists, founders and employees.
The report added that Good start-up ecosystems are fundamental because they create jobs, boost the economy, increase tax revenue, improve quality of life and urban innovation and attract talent. The report also praised the Arab nations for their consistent efforts to attract global talent and create a conducive ecosystem required for the successful scaling of businesses.
It is also interesting to note that start-ups in the Middle East and North Africa region secured Dh1 billion in funding during the first quarter of the year, up 2 per cent on the same period last year, according to data platform Magnitt.
UAE gained the highest ranking among Arab nations at 43rd, although this was three places lower than last year, according to a list of the 100 best countries for start-ups.
Major gainers in the Arab world included Jordan, which jumped six places to 67th, Lebanon climbed eight places to 74th and Bahrain rose 20 places to 75th. Egypt (81st), Morocco (83rd), Qatar (84th), Saudi Arabia (88th) and Kuwait (92nd) also made the top 100.
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Source : thenationalnews