Chasing the unicorn dream: Unlocking the UAE’s entrepreneurial future

I started my entrepreneurial journey at a young age, helping out in Sharjah’s Gold Souk. Those early lessons stayed with me as I launched over 30 ventures, now valued at over $350 million.

Despite this progress and many success stories, one question keeps coming up:

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Why does the UAE still have so few homegrown unicorns or startups valued at over a billion dollars?

The UAE is praised for its business-friendly environment. Free zones offer 100 per cent foreign ownership, zero corporate taxes, and fast company setup. The infrastructure is impressive, and the government supports entrepreneurship in many ways. However, these advantages don’t automatically translate into unicorns. 

What really makes a unicorn

A unicorn is more than a fast-growing company. It’s a business with global ambition, a strong team, access to larger markets, and the ability to scale rapidly.

From my experience enabling over 250,000 entrepreneurs to establish and scale businesses, both in the UAE and beyond, I’ve seen many companies with great potential hit a wall. Often, it’s not regulations or lack of resources. It’s because there isn’t enough risk capital, mentoring, and a mindset that accepts failure as part of the journey.

Presenting a stark comparison, in 2023, UAE startups received $1.1 billion in funding compared to $330 billion in the US. Despite the UAE’s larger population and GDP, Singapore, a smaller country with over 30 unicorns, sets a strong example of what’s possible. I often argue it starts with mindset, intent, and policies, underlining the urgent need for policy reforms to truly fuel entrepreneurial growth.

Building a unicorn takes more than good ideas. It requires smart investment that goes beyond money — investors who bring knowledge and networks to help startups grow internationally. It also requires a culture that encourages trying new things and learning from mistakes. In many places where unicorns thrive, failure is seen as a stepping stone, not a setback.

Progress is happening but more is needed

The UAE has started addressing some of these challenges. There is a growing focus on digital transformation, AI, sustainability, and innovation policies that create new opportunities for startups. Public and private sectors collaborate on smarter licensing systems and green initiatives. But we must go further, especially in nurturing entrepreneurship education, mentorship programmes, and encouraging startups to think beyond local markets.

Entrepreneurs here often succeed in building profitable businesses serving UAE and GCC customers, but the next step is to scale globally. We need more founders aiming to solve global problems and build products to compete worldwide. This requires supporting startups with funding, advice, and global connections from the start.

My advice to new entrepreneurs entering this vibrant ecosystem is simple: Dream big and think global from day one! Focus on building solutions that can impact millions, not just thousands. Surround yourself with mentors, investors, and partners who can help you navigate the journey. 

Look beyond borders for inspiration, customers, and markets. Don’t fear failure; it’s part of the growth.

Building a unicorn-ready ecosystem

The free zones and business-friendly policies provide a strong foundation. But to create those billion-dollar startups, we need a shift in mindset across founders, investors, educators, and policymakers alike. We must foster a resilient, risk-taking culture and build ecosystems offering more than funding — platforms providing knowledge, connections, and support to scale globally.

The UAE has all the ingredients to become a breeding ground for homegrown unicorns. The infrastructure, resources, and talent are here. What remains is ambition and ecosystem alignment to turn promising startups into global giants. We can’t afford to wait for the next unicorn to arrive from outside. We must create more here, from our own ground.

Creating a legacy of innovation

The journey to build a unicorn is not easy. It takes vision, patience, and relentless execution. But the reward is immense, not just for the founders, but for the entire country. Homegrown unicorns create jobs, drive innovation, push economic growth, and inspire generations.

I believe the future of the UAE’s entrepreneurial landscape depends on us choosing to aim higher, support each other better, and build ecosystems designed to produce global winners.

It is time to chase the unicorn dream and give the world a new generation of homegrown innovators who can leave a lasting legacy.