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UAE Targets 20 Unicorns by 2031
10 November 2021
In line with the Entrepreneurial Nation project, the UAE will establish a Dh1 billion private equity fund to support UAE-based start-ups and SMEs operating in key sectors, targeting to become home to 20 unicorns by 2031 by attracting skilled talent and foreign capital.
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09 June 2021
H.H. Sheikh Hamdan Issues Directives to Reduce Business Procedures By 30%
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, issued directives to reduce government procedures for doing business by 30%. This move is part of the efforts to reduce the cost of doing business and further boost economic growth in Dubai and consolidate its status as a global investment and business destination.
28 July 2021
Dubai-Based Swvl, the 1st ME Unicorn to List on Nasdaq US
Founded in 2017 by Mostafa Kandil, Mahmoud Nouh, and Ahmed Sabbah, Swvl started as a bus-hailing service in Egypt, enabling users to travel within a city by booking seats on buses on fixed routes. It later expanded the service in Kenya and Pakistan and moved its headquarters to Dubai. Today Swvl is to finalize an agreement with a SPAC that makes it the first Middle East USD 1.5 billion Unicorn to list on Nasdaq US.
27 July 2021
Dubai Free Zones Council Explores Business Accelerator Initiatives and Startups Support
The Dubai Free Zones Council (DFZ Council) headed by His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Free Zones Council, discussed in its latest meeting the strategic initiatives that support Dubai-based startups and SMEs, to boost Dubai’s status as a preferred destination for foreign direct investment and innovation.