GCC: Top startups to watch in 2023

GCC: Top startups to watch in 2023

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The digital revolution is creating massive opportunities for countries in the Gulf region to unleash new sources of innovation-led economic diversification and growth.

Startups in the region continue to attract significant interest from both local and foreign investors as venture capital deals dry up in other parts of the world due to global economic uncertainty and the fallout from the recent global banking crisis.

MAGNiTT, a Dubai-based research firm, said that though the Middle East registered a 42 per cent decline in funding and deals, in line with global trends, the region’s startups raised over $1bn through 193 deals.

The fintech industry remains the top pick for investors, despite recording a 51 per cent year-on-year decline in transactions, according to MAGNiTT.

GCC’s maturing digital economy coupled with region-wide innovative initiatives makes it an attractive place to launch or scale a startup for an increasing number of global entrepreneurs.

Startups are an integral part of GCC governments’ economic diversification and job creation strategies. The sector has made impressive achievements over the years and the boom isn’t slowing down if the success stories from top startups including Tarabut Gateway, Tabby and YAP and the other startups featured here are anything to go by.

YAP

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