Abu Dhabi Emerges as Top Startup Ecosystem in MENA Region

Abu Dhabi has emerged as the fastest-growing startup ecosystem in the Middle East and North Africa (MENA) region, demonstrating a 28% increase in ecosystem value as reported in the 2024 Global Startup Ecosystem Report (GSER) by Startup Genome and the Global Entrepreneurship Network. Highlighted during London Tech Week, the report analyzed data from over 4.5 million companies across more than 300 entrepreneurial ecosystems, underscoring the pivotal role of the Hub71 initiative in driving the city's rapid development.

Between July 1, 2021, and December 31, 2023, Abu Dhabi's ecosystem generated $4.2 billion in value—a 28% compound annual growth rate compared to the previous period. The city's ranking leaped 15 spots, placing it in the 61–70 group globally. In addition, early-stage funding from mid-2021 to the end of 2023 reached $284 million, with total venture capital funding for 2019–2023 amounting to $1.06 billion. The region also ranked:

• 2nd in MENA for ecosystem performance
• 5th for funding
• 5th for talent and experience

Organizations such as the Abu Dhabi Global Market (ADGM), Mubadala Investment Company, ADQ, the Abu Dhabi Investment Office (ADIO), startAD, and the Abu Dhabi Department of Economic Development (ADDED) have played crucial roles in cultivating a supportive regulatory and operating environment. Their initiatives—including incentives like 100% foreign ownership—have attracted startups and foreign investments, enabling smooth market entry and access to capital.

• Ahmad Ali Alwan, CEO of Hub71, noted that Abu Dhabi's ascent as a startup hub reflects the vast array of opportunities available to entrepreneurs globally.
• Marc Penzel, Founder and President of Startup Genome, credited collaborative efforts—particularly through Hub71—for creating a world-class ecosystem at a remarkable pace.