The United Arab Emirates (UAE) is a popular location for startups due to a plethora of different factors, ranging from its large and diverse consumer market to the country’s favourable tax policies, among other things.
Overall, the UAE has in excess of 28,000 different startups, as reported by Tracxn. Although this number may seem relatively low next to the USA’s staggering 77,000 and the global total of 150 million, the UAE is on the rise in terms of startups and growing businesses.
A tell-tale indication of the success of the country’s startup industry and general landscape is the level of success of different companies. Naturally, success in business is measured mostly in financial terms, and when it comes to privately owned startups, the ultimate measure of success is achieving the title of “unicorn”.
A unicorn, in the simplest of terms, is a privately owned startup that is worth more than $1 billion.
How Many Unicorns Are There in the UAE?
As of mid-August 2024, there are 8 UAE-based startups that have reached unicorn status. Network International was the country’s first business to achieve unicorn status way ahead of its time in 2010, although as of very recently, it’s now publicly listed and is no longer considered a unicorn.
The UAE is ranked number 17 in terms of unicorn world rankings, and Dubai is home to the vast majority of the country’s most successful startups, with nine of the UAE’s 8 unicorns based in Dubai and the other two in Abu Dhabi.
All but one of the UAE’s current unicorns gained billion-dollar status after 2018, with Careem joining the club in 2016.
Top 8 Unicorns in the UAE
Agencies have varying estimations on the total number of unicorns in the world and the number is constantly changing as new businesses enter the club and others fall out of it. However, it seems as though there are around about 1,400 unicorns around the world, and 8 of them are based in the UAE.
In no particular order, these are the UAE’s 8 unicorns as of August 2024.
1. G42
Founded in 2018, G42 is an artificial intelligence development company based in Abu Dhabi in the UAE. The startup achieved unicorn status in 2021 at the conclusion of its fourth funding round, having received a whopping $800 million from investors including Silver Lake.
By means of advanced AI technology, G42 aims to improve the ways in which AI can be used for good to improve all aspects of life, complementing humanity rather than replacing it entirely.
The f company is innovating across a range of industries, from healthcare to space travel. So far, G42 has raised a total of $2.3 billion.
2. Dubizzle Group
Dubizzle Group, the umbrella corporation under which Dubizzle falls, was founded in 2015 and became a unicorn in 2020.
What does Dubizzle Group do? The organisation owns and operates classified portals within emerging markets. Formerly known as EMPG, the Dubizzle Group was founded in 2006, and it primarily serves the real estate industry.
Having been through 11 different funding rounds and having received nine significant investments, the platform operates in many different countries around the world, making it easier, more effective and more efficient to invest, buy, sell and rent property.
3. Andalusia Labs
Andalusia Labs develops risk management infrastructure that is intended to be used to protect digital assets. Operating in the realm of financial software, the startup also offers users a secure platform for digital assets and a risk management marketplace. Essentially, this allows the blockchain market to manage billions of dollars worth of digital assets for corporations all around the world.
Founded in 2021 by Drew Patel and Raouf Ben-Har, Andalusia Labs became a unicorn in 2023 in the wake of a successful funding round that raised $48 million, pushing it past $1 billion in total valuation.
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4. Vista Global
Vista Global is one of the most well-established companies with a place on the list of the UAE’s unicorns, founded in 2004 and becoming a unicorn in 2018. Based in Dubai, the company provides a solution for private jet booking by means of AI-powered software and technology.
In addition, it provides on-demand global flight coverage, various types of aviation technology and aircraft leasing and finance options. The idea is that consumers only pay for the time they spend flying and aren’t responsible for asset depreciation and the risks associated with owning jets.
5. 5ire
Working with advanced blockchain technology, 5ire provides users with potential options for on-chain governance and democracy, upgradeability that’s future-proof, transactional scalability and more.
Based in Dubai and founded in 2021, 5ire was able to reach unicorn status within a year of business, with Galaxy Ventures and Hidden Gems among the startup’s top investors.
5ire’s primary objective is to provide travellers with a seamless experience, maximising efficiency and allowing consumers to benefit from the shared economy they have created.
6. Careem
Careem, often referred to as the UAE’s version of Uber was launched in 2012 and became a unicorn in 2016. Based in Dubai, Careem is an e-hailing application that allows users to book rides based on their location.
The app also allows for food and grocery delivery, and it’s used in more than 70 different countries around the world, across the Middle East, Africa and parts of Southern Asia.
7. Kitopi
Founded in Dubai in 2018, Kitopi was designated a unicorn in 2021 having received nearly half a $1 billion in series C funding led by SoftBank Vision Fund.
Kitopi is a modern, cloud-based food delivery business that allows brands that have delivery-only policies to launch storefronts, moving in almost the opposite direction to most food-delivery startups, including Careem which is also on this list.
This startup’s creative idea allows businesses to scale up incredibly quickly, within 14 days, according to Kitopi, making it unique and allowing it to offer businesses an incredible amount of almost instant growth.
8. Tabby
Tabby provides purchase financing solutions for businesses, allowing users to make purchases from multiple different online stores and then repay these amounts in equal installments. The startup offers a variety of different payment options, both online and in-store.
Founded in 2019, this Dubai-based startup became a unicorn in 2023 after receiving $200 million in series D funding led by Wellington and Blue Pool Capital.
