Quarterly Newsletter

UAEs Startup Funding Summary – 2022

2022 was a strong year for MENA’s start-up ecosystem. MENA’s 50 most funded start-ups raised around $3.2 billion in 2022, up 6.7%from 2021. The UAE was the frontrunner representing 30.1% of the total funding.

Following are the key highlights of the UAE’s venture capital market in 2022:

UAE has taken several initiatives to support the start-up ecosystem.

• The Entrepreneurial Nation initiative - UAE government is focusing on developing local businesses and nurturing 20 unicorns by 2031. The Ministry of State for Entrepreneurship and SMEs has announced implementing a AED1 billion private equity fund to support UAE-based startups and SMEs operating in the region. Entrepreneurial Nation has partnerships with global companies like Google and Meta and regional companies like Etihad.
  
  
• The launch of the $100 million Venture Capital Fund by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai and Chairman of the Dubai Executive Council, is aimed at adding more incentives for budding entrepreneurs to invest in the region.
  
  
• The Dubai Economic Agenda D33 - Launching a scale up program for 30 companies to become global unicorns in new economic sectors.  It is important for founders to be equipped with the right preparation and mindset. The corporate finance advisory division of Crowe Mak consulting mentors and provides services to startups with preparing business plans, market studies, feasibility studies, business valuations, information memorandum and also support with investor search.