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In line with World Futures Day, the Ministry of Economy (MoE) and the Government Development and the Future Office launched the “Future 100” initiative, aiming to support 100 startups in new sectors that will shape the future economy of the UAE. The initiative will annually highlight the top 100 startups that will promote the UAE’s readiness for the future and the competitiveness of the future economic sector in the UAE.
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The start-up ecosystem has received a strong boost in recent years as entrepreneurs tap into innovation to address consumer needs. The industry received a further boost in October when the Ministry of Economy launched its updated Entrepreneurial Nation program, which seeks to develop more than 8,000 small and medium enterprises and start-ups by 2030.
Why it matters
Funding for start-ups in the UAE — one of the top destinations for venture capital investments in the Mena region — rose by about 5% in the third quarter to $148 million, according to start-up platform Magnitt. Ahmad Alwan, deputy chief executive of Hub71, Abu Dhabi's technology ecosystem, said the Emirates was among the top countries in the world when it comes to start-ups.
