Last year UAE saw a record number of increases in startup organizations, especially across the MENA regions. At least 366 startup deals had taken place and this resulted in a total investment of $893 million.
This record excludes the $200 increase in Dubai’s ride app Careem. In 2017, the startup funding in the MENA region was around 31 per cent. However, in 2018 UAE saw a record number of increases in the startup industries which numbers to 366 startup deals.
The United Arabs Emirates has attracted about 30 per cent of investment with 70 per cent of the total startup funding. Among this Egypt was the fastest growing economy. Egypt had 22 per cent solely in its region and that is followed by Lebanon that attracted ten per cent deals.
Issa Aghabi, the VC investment officer at the International Finance Corporation mentioned in a statement that they have notices a strong initiative that has been taken by the government to support the startups. This has also increased the quality and improved the growth speed of the startup in the region.
The starts ups are very important as they help in bringing about new innovations in society. This, in turn, adds to the economic growth of society too. Major investors have also invested in the region and 30 % are said to be international investors.
In 2018, UAE witnessed a number of international investors than ever before. Several government initiatives have lead UAE to achieve this record and the nation is already in a venture to deploy new funds for further capitals and investments in the future.