Dubai aims to turn 30 startups into unicorns, says official

Dubai aims to turn 30 startups into unicorns, says official

The UAE is becoming a preferred choice for newly established businesses to raise funds, expand, and hit the billion-dollar mark

Published: Wed 15 Feb 2023, 1:13 PM Last updated: Wed 15 Feb 2023, 1:55 PM

The Dubai Government will continue to support and nurture the emirate’s flourishing startup and small-and-medium enterprise (SME) ecosystem with an aim to support 30 companies to reach unicorn status by 2023, said Hadi Badri, CEO of the Economic Development Department at the Department of Economy and Tourism, Dubai.

“For aspiring unicorns, there's no better time and no better place than now to do business in Dubai and use Dubai as a gateway to the broader region. Entrepreneurship and innovation are in our blood and our DNA. We, as a government, are committed to providing the right support and infrastructure to foster that growth,” Badri said during the opening remarks on the third day of the World Government Summit at Madinat Jumeirah.

Dubai has created some of the region’s top unicorns such as Careem, Swvl, Emerging Markets Property Group (EMPG), and Kitopi.

The UAE is becoming a preferred choice for startups to raise funds in order to expand and reach unicorn status. Recently, Indian startups presented their pitches in Dubai to