20% of Arab world's 100 most promising startups in UAE

20% of Arab worlds 100 most promising startups in UAE
Among the best startups is the region's first Unicorn company ride-hailing app Careem which was recently acquired by Uber for $3.1 billion.

By Waheed Abbas

Published: Tue 2 Apr 2019, 5:57 PM

Last updated: Wed 3 Apr 2019, 9:21 AM

Around one-fifth of Arab world's 100 most promising startups are based in the UAE, according to World Economic Forum's latest report released on Monday.
The UAE is home to 19 best startups - second highest in the Arab region - while Jordan tops with 27 startups that will likely shape the Fourth Industrial Revolution. Among the best startups is region's first Unicorn company ride-hailing app Careem which was recently acquired by its bigger US rival Uber for $3.1 billion.
Other most promising startups are financial comparison websites Souqalmal and Yallacompare; digital asset wallet and exchange BitOasis; pickup and delivery services app fetchr; online marketplace for peer-to-peer finance Beehive P2P; travel search engine Wego; grocery site BulkWhiz; and online eyewear store Eyewa.
The UAE's others promising startups include communication technology firm to reduce accident Derq; online store The Luxury Closet; children edutainment app Lamsa; used goods marketplace Melltoo; HR platform One Clique; online investment platform Sarwa; freelance recruitment platform Searchie; Desert Control; Hydro Wind Energy; and Amal Glass.
A recent study on the eve of the Annual Investment Meeting (AIM) Startup revealed that the emirate of Dubai is the world's top destination with hundreds of startups followed by New Zealand, Singapore, Norway, Germany, Japan and Sweden. Over two-thirds of startups in the UAE, around 69 per cent, are involved in e-commerce, infrastructure and software as a service, and marketplaces.
"The Arab world will need its private sector to address youth unemployment, the current skills gap for the Fourth Industrial Revolution and the inclusion of women in the workforce," said Mirek Dusek, deputy head of the Centre for Geopolitical and Regional Affairs, member of the executive committee, WEF.
According to World Economic Forum report released on Monday, Egypt has 17 most promising startups - third highest - followed by 10 in Saudi Arabia; seven in Lebanon; six each in Bahrain and Tunisia; four in Palestine and remaining in other countries.
- waheedabbas@khaleejtimes.com

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