UAE, a boomtown for startups

Hey you with that smartphone... You are not only causing disruption but are adding to innovative startup ventures. Think about it, you dialled for Careem, bought a dress on Namshi, compared insurance, or credit cards on Compareit4me... these are just a few among a massive wave of startups in the UAE. Among all the key sectors, given the strong support from technology e-commerce, fintech, services, technology and transport and logistics have emerged as the most preferred sectors of investment by the entrepreneurs.

Top venture capitalists in the region are extremely bullish over the growth in the UAE startups as e-commerce recorded a growth of 16 per cent and continues to lead as the most popular industry for investment followed by technology at 13 per cent and fintech at 10 per cent, states Magnitt's H1 report which was recently released.

The e-commerce industry in the UAE is expected to hit the $10 billion (Dh36.7 billion) mark by the year 2018, regional retailers are in the process of consolidating their online presence in a bid to remain competitive and profitable. With the UAE's current e-commerce value estimated to be around $2.5 billion (Dh9.2 billion), analysts are optimistic that the region's e-commerce market is on an accelerated growth trajectory.

Source: Khaleej Times