Mythical to meteoric: The rise of tech unicorns

Mythical to meteoric: The rise of tech unicorns

Ammar Al Malik is the managing director of Dubai Internet City

The boom in tech firms either floating on stock markets or achieving unicorn status is extraordinary. Despite the global economic pressures caused by the Covid-19 pandemic, last year was one of America’s best on record for initial public offerings. This should give regional startups optimism and confidence because the message is clear: with increased competition fuelling innovation, more companies are going public or raising funds to accelerate growth and deliver value for investors and customers.

Last year exposed the fragility of global markets, but the rise of tech unicorns, hitherto a statistical rarity, continued unabated. While there are sectors that will see long-term damage, tech companies with promising solutions are entering an era of opportunity that could chart a path for economic expansion.