Tuesday 19 March 2024
 
»
 
»
Story

UAE is new hub for entrepreneurs says report

WASHINGTON, March 21, 2017

The United Arab Emirates (UAE) is emerging as a new hub for entrepreneurs and startups, according to a report.

The report, released by US-UAE Business Council and the Trade and Commercial Office of the UAE Embassy in Washington, DC, details how the UAE has long served as a magnet for regional entrepreneurs who are seeking to start or scale businesses.

The report is titled: “The Entrepreneurial Emirates: The UAE’s Startup Ecosystem and Opportunities for US Investors.”

The first-of-its kind report This is particularly true for businesses in the e-commerce sector, where the country has given rise to blockbuster successes such as Souq.com.

The UAE provides startups with a business-friendly environment with low taxes and relatively favourable regulations. The country also offers strong government backing of SMEs as well as numerous co-working spaces, incubators, accelerators, training programs, and networking opportunities to get new businesses off the ground. In addition, it presents avenues to raise capital from a large and growing number of venture capital firms, private equity firms, and angel investors, the report saiid.

“There has never been a better time for startups to establish operations and investors to access deal flow in the UAE,” according to UAE commercial counselor Saud Al Nowais.

Al Nowais said enterprising US investors looking to enter this space will find numerous startups that are set up to succeed by strong underlying economic currents and a supportive ecosystem. They will also find a demand for venture capital and attractive valuations for promising ventures. Finally, they will enjoy a business-friendly environment in which to establish operations, forge investment partnerships, and access intriguing opportunities in the wider Middle East Africa South Asia (MEASA) region.

US-UAE Business Council president Danny Sebright noted: “These opportunities are only increasing as attitudes and philosophies toward venture capital rapidly shift for the better and as legal and business reforms accelerate in the UAE and the wider Gulf region.” – TradeArabia News Service




Tags: UAE | entrepreneurs | Startups |

More Finance & Capital Market Stories

calendarCalendar of Events

Ads