START-UP MONTHLY: June 2024

Dear Reader,

The Central Bank recently announced a potential economic growth rate of 6.2% next year. Our oil sector will continue to drive this, but perhaps the best part is that the non-oil sector will remain competitive with a possible 5.30% growth in 2025. This will open more doors for both local and global businesses with a UAE presence, and if this month’s headlines are anything to go by, then I think we can expect one clear truth – the future will be bright.

Start-up Spotlight: This Month’s Success Stories

- Property technology firm Stake raises USD 14 million in its Series A round

The digital real estate platform Stake has received USD 14 million from various investors. The funds will increase headcount, introduce investment opportunities, and aid a Saudi Arabian expansion.

- qeen.ai secures $2.2 million in its pre-seed funding round

Qeen.ai, a startup that provides AI solutions for e-commerce businesses, raised a $2.2 million pre-seed round to improve their services and heighten market accessibility.

- Homegrown fintech NOW Money ends equity round with $4 million

Finance startup NOW Money earned $4 million to help increase operations and better their offerings, which focus on helping banking services be more accessible to low-income individuals.

Business Launchpads: Accelerators, Incubators, and Other Start-up Programs

- Polynome Group announces $100 million investment fund for AI startups

Event management firm Polynome Group will invest in young AI startups with a cumulative $100 million fund. Companies in technology, AI software, and robotics will be the main priority.

- iAccel GBI and IAN Group announce a new accelerator for firms in India and the UAE

A programme from iAccel GBI and the IAN Group will enable UAE entrepreneurs to invest in India, and Indian startups to expand to the UAE. Participants will gain market access and funding.

- Image Nation Abu Dhabi teams up with LA-based director and producer for new accelerator

Image Nation partnered with producer Timur Bekmambetov for the Screenlife Accelerator Programme, to train talents in digital filmmaking and develop selected projects into feature films.

The Entrepreneurship Pulse: The News That’s Shaping the Entrepreneurial Landscape

- Dubai and Abu Dhabi rank among the world’s top five most liveable cities

According to a new report, Dubai (3rd) and Abu Dhabi (4th) are among the leading destinations for professional relocation. They are the only two cities from the Middle East to crack the top 10.

- The UAE joins Moscow’s BRICS Tourism Ministers’ Meeting

An Emirati delegation, led by Minister of Economy Abdullah bin Touq Al Marri, joined the latest BRICS Tourism Ministers’ Meeting to foster a discussion on new tourism opportunities in the UAE.

- UAE captures 45.4% of total FDIs into all Arab states

AED 248.3 billion in FDI flowed into the Arab states last 2023, with the UAE receiving 45.4% of the funding. This put the nation at the top of the list of countries collecting FDIs.

Inside the Economy: Market, Economy, and Industry Insights

- The Central Bank projects the UAE economy to grow 3.9% in 2024 and 6.2% in 2025

UAE’s Central Bank estimates a growth of 3.9% this year and 6.2% in 2025, jumping from 2023’s 3.6%. Diversification, Emiratisation, and innovation are some key contributors to the rise.

- Abu Dhabi named the fastest-growing startup ecosystem in the MENA region

Startup Genome’s 2024 Global Startup Ecosystem Report stated that Abu Dhabi is MENA’s fastest-growing emerging ecosystem for new businesses, with a 28% annual growth in ecosystem value.

- Coastal lagoons in the UAE generate AED 83.6 million a year, says a new report

A study found that coastal lagoons like Umm Al Quwain’s Khor Al Beidah & Abu Dhabi’s Khor Faridah bring in AED 83.6M yearly, presenting lucrative opportunities in tourism and food production.

I would love to hear your thoughts.

Lorenzo Jooris

[email protected]