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Abu Dhabi has ranked as the fastest-growing emerging ecosystem in the Middle East and North Africa (MENA) region, marking a 28% growth in ecosystem value in the 2024 Global Startup Ecosystem Report (GSER) by Startup Genome and the Global Entrepreneurship Network.

The report, launched during London Tech Week, analyses data from more than 4.5 million companies across more than 300 entrepreneurial innovation ecosystems.

As part of Startup Genome’s analysis of the UAE’s capital city, including the growing startup activity at Hub71, Abu Dhabi’s global technology ecosystem, GSER 2024 found that Abu Dhabi continues to be the fastest-growing emerging ecosystem in the MENA region.

The ecosystem created $4.2 billion in Ecosystem Value from July 1, 2021 to December 31, 2023, representing 28% compound annual growth compared to July 1, 2019 to December 31, 2021 period.

Abu Dhabi’s ranking jumped 15 spots compared to the previous year, landing in the 61-70 group. Total Early-Stage Funding between July 1, 2021 and December 31, 2023 is $284 million and total VC Funding for 2019-2023 is $1.06 billion.

Additionally, Abu Dhabi was ranked:

• Second in the MENA Ecosystem in Performance
• Fifth in the MENA Ecosystem in Funding
• Fifth in the MENA Ecosystem in Talent and Experience

Other notable ranks attained by the emirate include posting within the Top 10 MENA Ecosystem in Knowledge, within the Top 15 MENA Ecosystem in Bang for Buck, and within the Top 15 MENA Ecosystem in Affordable Talent.

The report also highlighted Abu Dhabi’s strategic location and Golden Visa as reasons a startup should move to the ecosystem.

Ahmad Ali Alwan, CEO of Hub71, said: “Abu Dhabi’s rise as a leading startup ecosystem in the region is a testament to the opportunities it offers entrepreneurs worldwide.”

The report highlights Abu Dhabi’s key ecosystem players, including Abu Dhabi Global Market (ADGM), Mubadala Investment Company, ADQ, the Abu Dhabi Investment Office (ADIO), startAD, and Abu Dhabi Department of Economic Development (ADDED), which are contributing to a favorable operating and regulatory environment and offering unique incentives, such as 100% foreign ownership to attract foreign investment and startups into the economy.

Leveraging collaborations among these key ecosystem players, Abu Dhabi is facilitating the soft-landing of startups from around the world, enabling access to capital and commercial opportunities.

Marc Penzel, Founder and President of Startup Genome, said: “Thanks to the excellent work of Hub71, Abu Dhabi is one of the rare places where everyone comes together to create a world-class startup ecosystem at an incredible pace.”