Who Are The UAE’s Most Valuable Startups?

The UAE is quickly becoming one of the fastest-growing (and most exciting) startup economies in the world.

In fact, the UAE is ranked number 17 in terms of unicorn world rankings, and for a country of just 11 million people, it’s an impressive feat.

Why Is The UAE So Popular For Startups?

The UAE has become a popular place for startups for a number of reasons.

First and foremost however is the government’s strong support for businesses, which means the country has policies in place that make it easier and more appealing to start and run a business.

In fact, many outlets have ranked Dubai, the UAE’s main business hub, as one of the top cities to start a business in the world.

A huge part of it is the tax benefits that come with starting a company in Dubai. Currently, there is no income tax or capital gains tax, making it an appealing place to build a company.

The government also has a number of visas available for entrepreneurs and HNWI’s, making it easier to move there.

So, what are some of the most valuable businesses in the UAE? We take a look…

Tabby

Valuation: $3.3 billion

Founded in: 2019

Sector: Buy now pay later- Tabby is currently the highest valued startup in the UAE, allowing shoppers to split their purchases into 4 or 12 monthly payments with no interest or fees. Their buy now pay later platform has been adopted by thousands of companies, aimed at making shopping more affordable for customers.

Vista Global

Valuation: $2.5 billion

Founded in: 2018

Sector: Private aviation – Vista Global is a private aviation company that allows its clients to book flexible, private flights without needing to own the planes themselves. Through its subsidiaries VistaJet and XO, it allows users to book jets for individual trips on-demand.

Kitopi

Valuation: $1.6 billion

Founded in: 2018

Sector: Cloud kitchens – Kitopi manages a network of cloud kitchens in Dubai and other major locations, giving restaurants the tech, staff and space they need to expand their delivery services. They help with the logistics side of running a dark kitchen, so restaurants can focus on making the food.

5ire

Valuation: $1.5 billion

Founded in: 2021

Sector: Blockchain – 5ire is a blockchain company that centres around the United Nations’ Sustainable Development Goals (SDGs). Its blockchain is designed to be economically and environmentally sustainable.

XPANCEO

Valuation: $1.4 billion

Founded in: 2021

Sector: Medtech – XPANCEO has developed an invisible and weightless smart contact lens that lets the user interact with a number of devices through its interface. It’s a new type of wearable that is designed to be both usable and functional, allowing tech to more easily integrate into everyday life.

Careem

Valuation: $1.2 billion

Founded in: 2012

Sector: Everything app – Careem initially started as a website for car bookings, but has quickly evolved into the MENA region’s ‘everything app’.

Now, Careem operates as a ride-hailing, food delivery, grocery delivery and payment app.

Andalusia Labs

Valuation: $1 billion

Founded in:

Sector: Cybersecurity – Andalusia Labs is a cybersecurity company that specialises in building secure software, AI, fintech and blockchain programmes.

Their systems are used by some of the biggest companies in the world, aimed at making the internet more secure.

Dubizzle Group

Valuation: $1 billion

Founded in: 2005

Sector: Portals – Dubizzle group manages multiple platforms designed to connect buyers and sellers in industries like real estate and automotive.

Using a subscription model, it allows sellers to list property or automobiles helps buyers find them through the platform.

G42

Valuation: $1 billion

Founded in: 2018

Sector: AI – G42 is an AI company that helps companies improve efficiency across areas like government, healthcare, finance, oil and gas, aviation, and hospitality. It’s an AI leader in the region, having recently partnered with Microsoft to expand data centres in the UAE.

Source: Beinsure