Tech Entrepreneurship ecosystem in the United Arab Emirates 2018
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Tech Entrepreneurship
ecosystem in the
United Arab Emirates
2018
Commissioned by
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2 Tech entrepreneurship ecosystem in United Arab Emirates Tech entrepreneurship ecosystem in United Arab Emirates 3Preface
The digital era has brought a fundamental Given the importance of strong fundamentals Google
In has
our view, thecommissioned thispreconditions
inputs that form the study to for For the
Based onpurposes of thiswe
our assessment, study, entrepreneurs
identified leading and
shift in the global economy, pushing the limits in attracting both domestic and global interest success
identify areas for improvement ineach
and the resulting outputs feed other and
policies in emergent countries in tech entrepreneurship,
are defined as those individuals who focus putting
on
an iterative process, which determines the health of the USA, Singapore, Israel and UK at the top of the list.
of innovation and redefining the boundaries in the tech entrepreneurship ecosystem, regulations which affect tech entrepreneurship building a rapidly scalable business venture
a tech entrepreneurship ecosystem. Factors such as Identifying successful countries provided a filter for
of global trade. Innovations have never been countries which fail to make broader reforms in United Arab Emirates (UAE), as part of a six-
the quality, connectedness, and efficiency of a tech
with the aim of innovating, improving, or
selecting best practices as well as setting performance
faster paced, more widespread, or scaled up in education, good governance and create country study that
entrepreneurship includes
ecosystem the we
– which Turkey, Russian
refer to as the transforming the current
indicators that aspiring way such
countries of doing things.
as Turkey can
3 -4
more quickly, creating billion-dollar “unicorns”. a business environment that supports Federation,
inputs South Africa,
– create the conditions Nigeria and
for sustainable the
success. Thetoentrepreneurship
use domain,
assess their status, identify according
improvement areas,
Over the last 15 years, the ICT sector – as a entrepreneurship risk falling behind.2 Meanwhile, Kingdom of Saudi Arabia (KSA).
effectiveness in generating tangible results to our definition, includes the ‘startup’ and
and apply approaches that fit the nature of their own
backdrop to innovation and digital advances such as growth, employment, the creation of wealth ecosystems.
‘scale-up’ phases of the business lifecycle
– has seen its share grow from just 1.3 percent along with further innovation – the outputs – cultivates a when companies
To put Turkey’s statusexperience
in context, wehigh growth
have compared
stronger ecosystem by attracting more of the required
of the global economy to 3 percent, and it’s in revenues
input and outputand numbers
indicators of employees
for Turkey against a peer
inputs. This holistic perspective is reflected in the
set to grow even more.¹ set
while validating their value proposition.stages,
of countries with comparable development
framework we used to assess tech entrepreneurship
similar characteristics,
Furthermore, or geographic
we specifically proximity.
address
success.
Nations that nurture a digital - and innovation- technology-driven
In the final stage of theentrepreneurship
study, we conducted –extensive
based culture have pioneered the global primary research in Turkey to complement the
companies with technology-enabled desk
business
shift toward knowledge-based industries research. Whereas the desk research served to
models and a focus on hyperconnectivity
and have enjoyed extraordinary wealth (and develop the structure of the tech entrepreneurship
between networks, people, businesses, things,
ecosystem and identify current initiatives that are
job creation), while transforming the way and hardware.
in place to cultivate it, we gained insights and
people live and do business. This shift is made understood the context and impacts by conducting
possible by substantial tech entrepreneurship Using
bespoke these definitions,
research we began
with ecosystem with
participants,
activity within a supportive environment that comprehensive research of existing literature
together with Girişimcilik Vakfı (Entrepreneurship
includes both government and private-sector to identify factors
Foundation). that
The policy correlate withthat
recommendations tech are
contributions. Initiatives by leading countries part of this report are suggestions from
entrepreneurship success, grouping them intothe Turkish
are now regarded as best practices for entrepreneurial
nine components. community
Some forof
further
thesepolicy initiatives
components
that will help strengthen the development of the tech
aspiring nations that want to create a similar explain the strength of the ecosystem that
entrepreneurship ecosystem in Turkey.
impact, and the global conversation around supports tech entrepreneurship, while others
regulation and innovation policies is framed In total,to
point wethe
interviewed 25 stakeholders (representing
results achieved.
different components of the ecosystem), spanning
around such practices.
public and private as well as institutional and individual
In our view, the inputs that form the
perspectives. The full list of participants is presented in
Countries that are more reliant on preconditions for success and the resulting
the Acknowledgments section.
manufacturing or natural resources are eager outputs feed each other in an iterative process,
to capture a bigger share of the expanding which determines the health of a tech
digital economy. In order to deliver on entrepreneurship ecosystem. Factors such as
these aspirations, they are exploring ways to the quality, connectedness, and efficiency of a
transform the fundamentals of their economic tech entrepreneurship ecosystem – which we
structures and to deploy more resources to refer to as the inputs – create the conditions for
cultivate competitive tech entrepreneurship sustainable success.
ecosystems. Establishing high-impact tech
entrepreneurship as a sustainable source of
employment is especially critical for nations 1
Selvam, M. and Kalyanasundaram, P. “Global IT/IT Enabled Services and ICT
with young populations and a need for new Industry: Growth & Determinants.” http://globalbizresearch.org/Chennai_
Symposium/conference/pdf/C549.pdf (accessed September 27, 2017)
sources of job creation. 2
World Bank. “Digital Dividends.” http://www.worldbank.org/en/publication/
wdr2016 (accessed September 27, 2017)
3
Schumpeter, J. 1942. Capitalism, Socialism, and Democracy. New York: Harper
& Bros.
4
Global Entrepreneurship Monitor (GEM) Global Report 2016/17, Global
Entrepreneurship Research Association 2017
4 Tech entrepreneurship ecosystem in United Arab Emirates Tech entrepreneurship ecosystem in United Arab Emirates 5Based on our assessment, we identified
leading and emergent countries in tech OC&C’s framework for assessing tech
entrepreneurship, putting the USA, Singapore,
Israel and UK at the top of the list. Identifying entrepreneurship success
successful countries provided a filter for
selecting best practices as well as setting FIGURE I: TECH ENTREPRENEURSHIP ECOSYSTEM STRENGTH AND RESULTS ACHIEVED FEED EACH
performance indicators that aspiring countries OTHER FOR GREATER SUCCESS
such as UAE can use to assess their status,
identify improvement areas, and apply TECH ENTREPRENEURSHIP ECOSYSTEM RESULTS OF TECH ENTREPRENEURSHIP
approaches that fit the nature of their own Market
Financial Skilled Talent Networks
ecosystems. Capital $
$ Potential
$
Economic Innovation
To put UAE’s status in context, we have Contribution Creation
compared input and output indicators for Culture Regulations ICT Infrastructure
UAE against a peer set of countries with
comparable development stages, similar
characteristics, or geographic proximity.
In the final stage of the study, we conducted Describes the INPUTs necessary Indicates the OUTPUTs
extensive primary research in UAE to to cultivate thriving tech entrepreneurship generated by tech
complement the desk research. Whereas the entrepreneurship
desk research served to develop the structure
of the tech entrepreneurship ecosystem and ECONOMIC INNOVATION
identify current initiatives that are in place to FINANCIAL CAPITAL SKILLED TALENT CONTRIBUTION CREATION
cultivate it, we gained insights and understood • Grants/subsidies • Educational
• Size of tech e-ship • Innovation
– Revenue
the context and impacts by conducting • Individual investors foundations – Number of startups created by tech
bespoke research with ecosystem participants, – Crowdfunding • Skills development – Share in GDP entrepreneurs
– Angel investors – schools, courses, • Workforce – Number of
together with Wamda, tech ecosystem fund – Personal networks programs employed in tech innovative products,
• Venture capital – on the job training entrepreneurship
and platform. The policy recommendations • R&D and innovative – process,
• Public funding • Growth rate
that are part of this report are suggestions • Corporate skills – Revenue, Number – business models
from the UAE entrepreneurial community investment (CVCs • Attracting local • Value creation introduced in the
and M&A) talent to tech – Market cap, Unicorns country in a given
for further policy initiatives that will help • Securities market entrepreneurship
• Global reach year
• Acquiring – Share of int’l
strengthen the development of the tech • Debt financing international talent revenues
entrepreneurship ecosystem in UAE. – Number of int’l
operations
NETWORKS CULTURE REGULATIONS
In total, we interviewed 19 stakeholders • Mentors and coaches • Society’s attitude to • Ease of doing
(representing different components of the • Accelerators / entrepreneurship business
incubators
ecosystem), spanning public and private • Entrepreneurial • Compliance
• Diaspora networks aspirations and
as well as institutional and individual • International linkages appetite • Trading across
borders
perspectives. The full list of participants is • Events • Promotion of role
• Digital policies
presented in the Acknowledgments section. • University-industry models / success
stories
partnership • Government R&D
• Tech transfer offices • Media coverage of policies
entrepreneurship
• Physical clusters
– Co-working spaces
– Technoparks
ICT INFRASTRUCTURE MARKET POTENTIAL
• Accessibility and • Digital literacy /
affordability of readiness
Internet (mobile / – individual use
fixed ) – cloud migration
– digitization of gov’t
• Cloud & data services
center experience • Domestic market size
– B2B
– B2C
– Public procurement
• Local market
efficiency
• Internationalization
6 Tech entrepreneurship ecosystem in United Arab Emirates Source: Literature Research, OC&C analysis Tech entrepreneurship ecosystem in United Arab Emirates 7Tech Entrepreneurship
Ecosystem – Inputs
The tech entrepreneurship ecosystem and its Benchmarks demonstrate a superior level of FIGURE II: TECH ENTREPRENEURSHIP ECOSYSTEM FRAMEWORK
components constitute the inputs in OC&C’s network development that is characterized by
tech entrepreneurship success assessment. the availability of entrepreneurial networks, Market
startup associations, accelerators, incubators, Financial $ Skilled Talent Networks
Potential
One definition of an entrepreneurial co-working spaces, technoparks, etc. There Capital $
ecosystem is: $
are stronger innovation linkages between
academia and the private sector such as joint-
“a set of interconnected entrepreneurial venture/strategic alliance deals, and industry-
actors, organizations (e.g. firms, venture university collaborations.
capitalists, business angels, banks), institutions Culture Regulations ICT Infrastructure
(universities, public sector agencies, financial In the best-practice countries, there is a higher
bodies), and entrepreneurial processes individual risk appetite, coupled with cultures
(e.g. the business establishment, growth, that are more supportive of entrepreneurship.
levels of ‘blockbuster entrepreneurship’, It is easier and less bureaucratic to start and
number of serial entrepreneurs, degree of run companies as an entrepreneur, and the
sell-out mentality within firms and levels of risk of failure is better managed. Source: OC&C analysis
entrepreneurial ambition) which formally
and informally coalesce to connect, mediate Supportive digital policies – laws related
and govern the performance within the local to data flow, cybersecurity, data privacy,
entrepreneurial environment.” 5 IP protection, etc. – and strong innovation
capacity steered by governments’ R&D
OC&C’s Tech Entrepreneurship Ecosystem policies provide a sturdy backbone for the
Framework (Figure II) presents the attributes ecosystem. Open foreign trade policies Role of the government in strengthening the tech
outlined above, and the way in which they enable these countries to internationalize their entrepreneurship ecosystem
interact and influence one another. These businesses.
seven components, working together, provide While many actors are involved in the In the benchmark countries, the shift to
the habitat needed to generate successful tech Another fundamental differentiator is reliable ecosystem, the role of government knowledge-based industries has taken place
entrepreneurships. fixed and mobile internet infrastructures deserves attention. Government policy both via favorable policies that support the
at affordable prices. Digital policies that can affect all entrepreneurial actors and development of each component of the
Best-in-class countries are able to offer equity support cross-border data flows lead to higher
components of the ecosystem: resource ecosystem and greater government funding
funding sources in greater volume and variety utilization of efficient, cost-effective global
providers, entrepreneurial connectors within for high-growth firms.4 Governments have
(i.e. business angels, venture capital firms, cloud services. the ecosystem, and the entrepreneurial played a leading role in successfully facilitating
and government investment funds). Deep and
environment of the ecosystem. The tech entrepreneurship ecosystems through
efficient stock markets and the high frequency Lastly, we also see that leading countries
government’s contribution is important their impact on all seven components of the
of deals make the entrepreneurial challenge possess considerable (rich) market potential
because of its direct impact on the ecosystem ecosystem.
financially worthwhile and are instrumental and those that don’t have a big enough
through the creation of favorable terms and
in drawing in more resources – in terms of market are globally oriented from the start. In
the provision of incentives for high-growth
funding, skilled talent, and support – into the the domestic market, consumer digital literacy
startups. Moreover, government exerts
ecosystem. is of great importance as consumers are then
its influence on all components to create
more likely to try new digital products, thus
These countries have a larger number of a constructive environment and facilitate
creating attractive market conditions for B2C
highly skilled employees and a labor force interconnectivity between these components.
companies. In addition, advanced markets
created by education systems and talent are efficient and competitive, with minimum
attraction initiatives that support tech barriers of entry for business startups.
entrepreneurship. These ecosystems are
characterized by a greater pool of scientists,
engineers, and research universities that foster
an innovation culture. Mason, Collin and Brown, Ross. “Entrepreneurial Ecosystems and Growth
5
Oriented Entrepreneurship.” OECD-LEED. http://www.oecd.org/cfe/leed/
entrepreneurial-ecosystems.pdf (accessed October 2, 2017)
8 Tech entrepreneurship ecosystem in United Arab Emirates Tech entrepreneurship ecosystem in United Arab Emirates 9Executive summary 1. Financial
Exit paths have only started to emerge in the
$ young UAE ecosystem, although 2017 has
UAE at a glance on STEM, both within universities and as part of
Capital $ $
been a record year with Souq.com’s sale to
Amazon for c. USD 600 m, and the acquisitions
innovation projects, are likely to yield results in of E-commerce sites JadoPado and Namshi.
The UAE – the MENA region’s third-largest
the long term.
country by population – is a constitutional
federation of c. 10 million people with a GDP The output performance comparison of UAE
of 349 billion. The income per capita (PPP) against the benchmark set can be found on
of USD 68,092 makes the country one of the 2. Skilled Talent
page 23.
wealthiest in the world, where all but 15% of The UAE is home to some of the world’s
the workforce are guest workers. Although it The UAE tech entrepreneurship ecosystem largest funds and wealthiest individuals. The
has the seventh-largest oil reserves worldwide, overview – Inputs country might have as much as USD 1 trillion
the country has invested to shift its economy in available investment capital, yet the formal
from oil dependence to other sources of The UAE benefits from an extraordinarily investment structure of angel groups and
government revenue, which now make up c. high commitment by government and venture capital funds is still evolving as the
70% of GDP. Heavily dependent on 85% expat independent programs to support the ecosystem matures. Funding that went into
workers, the UAE’s workforce are mainly drawn tech ecosystem. Youth entrepreneurship UAE tech companies grew 10x in just two
is a key focus designed to stimulate citizen The UAE’s unique draw for highly skilled
to the country for employment at multinationals years, to USD 1 billion in 2016, and 2017 has
participation in the private sector and create workers has created a talent pool well suited
and large established local entities. A liberal been a record year for exits. A growing number
high-quality jobs in the knowledge economy. to business-oriented roles and young tech
business environment permits 100% foreign of angel networks are joining family offices,
This is especially important, given that 94% companies. At the educational level, STEM
ownership in the country’s 45 free zones formal VC funds, and holding companies to
of local citizens are employed by the public skills are still under development, with
and SMEs contribute 30% to the economy. invest into tech companies.
sector. A ‘CEO of Innovation’ role exists across continued improvements predicted based on
Supporting this is the USD 82 billion Science,
different government sectors, but no central Tech funding will be accelerated amid initiatives that are underway, and these are
Technology and Innovation’s Higher Policy of
authority oversees the country’s innovation continuing interest from abroad and more likely to drive Emiratis into knowledge-based
the government and 100 initiatives designed
efforts. Key initiatives targeted include the exits. Most local and international investors roles in the future.
to stimulate innovation. Some of the world’s
largest investment funds and large-scale USD 270 million Khalifa Fund, as well as the have preferred to invest in tech companies
Dubai Future Foundation and Dubai Future The UAE has been successful in attracting
innovation projects point to the country’s registered outside the UAE, given the proven
Accelerators, which were set up to drive the global brands in education, and the country
capability for long-term innovation, including nature of dispute resolution and share class
Dubai government’s future agenda. is now home to campuses from New York
Abu Dhabi’s Masdar City, tech entrepreneurship provisions. However, new jurisdictions such as
University, Paris-Sorbonne, Harvard Medical
classes at the universities, driving public-private Current UAE startups are mainly in E-commerce, Abu Dhabi’s Global Markets (ADGM), which
School, and business schools INSEAD, London
partnerships, and refining the regulatory marketplaces, and infrastructure/software as a mirrors the English common law found in
Business School, and Hult. This helps drive
infrastructure to make it as attractive as possible service (69 percent of total startups). Most UAE offshore havens such as the Cayman Islands, is
good foundational education as well as
to private sector development, investors, and startups (52 percent) are B2C ventures, and 93 designed to attract UAE company registrations
entrepreneurship skills.
skilled capital. percent of all startups are located in Dubai. and reassure investors of the appropriateness of
the legal framework for tech investment. The government has invested heavily in
Results of tech entrepreneurship – Outputs In our review and field research of the pain
points of the tech entrepreneurship ecosystem embedding entrepreneurship in school
Later-stage rounds are more difficult to secure
Across the UAE, the strength of government in the UAE, three key areas were identified: programs and is now targeting tech skills
than earlier ones, with larger startups often
commitments to innovation has yielded both a across the Arab world. A variety of initiatives
• Business setup and first-year operating costs seeking funding in other ecosystems such
high startup density as well as a rich network of range from an annual hackathon at prestigious
for tech startups are some of the highest as Silicon Valley when they resemble market
support services and foundational programs to university NYUAD, a program to train 1 million
globally, although the low-tax nature of the leaders in their categories or can demonstrate
drive long-term innovation. The country scores coders across the Arab world, and mandatory
ecosystem means that ongoing costs are their international market potential. Logistics
relatively highly on a number of indicators, entrepreneurship courses at the university
lower than in other places. startup Fetchr’s USD 11 million raise in Silicon
making it a rising star in tech entrepreneurship, level, designed by Stanford University faculty.
Valley is one example of this.
poised to become a global frontrunner. The • The UAE ecosystem is remarkably active and All these are aimed at raising the foundational
UAE is responsible for nearly 40 percent of the highly resourced, yet the early-stage nature The large number of high-net-worth or family level of tech and business skills in the UAE,
region’s top exits. E-commerce play Souq.com’s of the regulatory framework means that office Limited Partners (LPs) are increasingly but these initiatives will take time to impact
acquisition by Amazon for USD 600 million set some gains will only come over time. bypassing VC funds to invest directly into the job market and achieve the government’s
the record for the region. tech companies, affecting a traditionally performance goals.
• The market potential of tech startups is
shaped by their ability to go cross-border strong source of investment in venture capital
Innovation capability is still under development, Egypt and Jordan are key markets for tech
to other Gulf and non-Gulf MENA countries, funds. In many cases, the VC firm is retained
but investments in R&D projects at the public companies to outsource tech talent from,
given diverse cross-border requirements and for selected services, such as deal flow and
and private sector levels, and a sustained focus given the relatively high costs of employment
the small market size of the UAE. transaction advisory.
10 Tech entrepreneurship ecosystem in United Arab Emirates Tech entrepreneurship ecosystem in United Arab Emirates 11within the UAE at the early stages of a tech The diversity of programs, coupled with DIGITAL POLICIES
company. These markets provide a sizable a strategic focus on development of the 5. Regulations
pool of talent at a favorable cost, without the local population, mean that local and expat Overall, the UAE has strong IP and
administrative effort of managing immigration entrepreneurs are largely served by a distinct cybersecurity laws that create the necessary
into the UAE. sets of programs. This may lead to missed protections for safe use of the Internet. Rules
opportunities for knowledge sharing that on freedom of speech and content are not
The UAE’s attractiveness as a hub for big would come from more blended teams. seen as restrictive, but just appropriate to the
business has meant it is home to a high
business context. Voice Over Internet Protocol
number of professionals with strong business
(VOIP) remains one area of restricted services
skills, many of whom have aspirations of
entrepreneurship. Sectors such as energy, real The UAE is a relatively young country, and the that is unique, given security concerns.
estate, finance, professional services, media, regulatory framework is continually evolving Challenges accessing these services has
and retail are home to skilled executives with 4. Culture to fit the needs of the existing and projected meant that startups are unable to use this
strong sector knowledge. business environment. This is also true for the low-cost communication method. For startups
legislation relating to tech entrepreneurship that feature international operations or rely on
and often means that changes are in place or international customers, this can raise the cost
in process that have not yet taken effect. of operations significantly.
3. Networks BUSINESS PROCEDURES GOVERNMENT R&D POLICIES
The UAE’s long history as a trading port The requirement to rent office space, in The UAE government is planning to triple
and cosmopolitan meeting point has meant addition to setup costs related to the trade its R&D spending in the six years leading
that there is an entrenched culture of license and employment visas, means that up to 2021, through universities and by
entrepreneurship in the country, although
some young companies need as much as USD using public-private partnerships as a key
Emirati culture is more reserved and places
25,000 for their first year of operations, which mechanism to maximize impact. Existing
a high value on following social norms.
Among the immigrant population that makes might delay some from starting companies. projects have featured large-scale R&D centers
Strong commitment by the UAE government Administrative requirements for visas mean at universities, in part funded by the country’s
up the bulk of the private sector workforce,
to entrepreneurship and innovation has that the growth of fast-growing companies sovereign wealth funds, as well as R&D centers
ecosystem participants report a high respect
yielded a high number of initiatives, funds, could be affected, which in turn could affect within the many free zones.
for tech entrepreneurship. The ambitious real
programs, and accelerators aimed at their job creation opportunities.
estate, art, architectural, and technological
supporting tech entrepreneurs, although no TRADING ACROSS BORDERS
projects achieved by the country are reflected
central authority oversees this activity. Global Trade license requirements for young
in a highly ambitious attitude of the private
brands such as Egypt’s Flat6 Labs, the US’s companies require a finalized view of The framework for a Customs Union for
sector workforce. But while most in the tech
Techstars and 1776 accelerators, and global the GCC is in place and this operates as a
entrepreneurship ecosystem embrace the business activities, which may be difficult
social innovation hub Impact Hub in addition common external tariff that is assessed only
experimentation required of innovation, the for young startups that are still proving their
to local accelerators such as in5 and Astrolabs once goods have entered the union. However,
larger business community can be failure business model, or young companies whose
benefit from sponsorship or proximity to large ecosystem participants report that differences
averse. activities combine different business elements.
tech companies such as IBM, Google, and
The introduction of new free zones that in how the union is handled administratively
Microsoft. The open and tolerant rules of the UAE, and
mirror jurisdictions such as the British Virgin means complexity for some startups
particularly Dubai, make it highly attractive operating across borders.
University programs in the UAE have scanned Islands represent a significant opportunity
to talent from the MENA region and beyond.
the globe to build networks for their tech to attract UAE registrations of young tech
Ethnic and religious minorities are free and
entrepreneurship programs, pulling global companies looking for cheaper alternatives to
protected, which is a big draw for many from
mentors or teams for accelerators, and international offshore jurisdictions.
the MENA region, while the weather and
retaining international faculty to design
lifestyle make it attractive to Westerners.
entrepreneurship programs. A recent addition of 5 percent VAT to all sales
The visa system means that most in the GCC (starting with the UAE and Saudi
Some of the programs that operate in the
entrepreneurs are more mature and Arabia) may introduce financial discipline
UAE are uniquely forward-looking. The
established rather than young and and pave the way for standardized financial
Dubai Future Foundation, Area 2071, and the
experimental, favoring business ideas that reporting.
Mars Scientific City are projects that target
reflect long experience over disruptive
achievements in decades or even generations.
innovation.
12 Tech entrepreneurship ecosystem in United Arab Emirates Tech entrepreneurship ecosystem in United Arab Emirates 13The region may look homogenous to EASE SETUP REQUIREMENTS CONTINIUE DEVELOPING A REGULATORY PLAY A ROLE IN EASING MARKET
AND REDUCE OPERATING COSTS STRUCTURE THAT’S CONDUCIVE TO TECH ACCESS FOR TECH ENTREPRENEURS
an outsider, but the distinct cultural and ENTREPRENEURSHIP AND OPERATIONS
dialect differences of MENA mean that
6. ICT Infrastructure companies going cross-border must have
dedicated market entry plans to ensure local
partnerships are sound and marketing plans
Develop a general-purpose Ensure the new entrepreneurship
strike the right tone. The UAE’s position as Innovation Trade Lincense that Ease cross-border regulatory
a hub for finance, media, content, tourism/ visas are aligned to the unique differences between the
allows tech companies to needs of young companies
hospitality, natural resources, and smart cities experiment while they UAE and KSA
and global talent
has created a number of specializations that finalize their business model
signify market and talent access advantages
UAE’s ICT coverage is among the best in the
for local and international startups. Projects
world, however broadband internet data Create a Ministry of Innovation
such as Marriott’s TestBED accelerator Create exemptions from the Form partnerships with
plans are one of the most expensive in the office space requirement that that unifies innovation and tech chambers of commerce in
represent some of the B2B and partnership
Gulf region, often related to the duopolistic allow startups to operatefor entrepreneurship efforts across target markets to create
opportunities the UAE offers. ministries and emirates
nature of the UAE’s telecom sector. Cost a defined period cross-border linkages
efficient VOIP and VPNs alternatives are out
of reach for tech companies due to local Maintain focus on and publicize
license requirements. The government follows Recommendations designed to strengthen Partner with incubators and transparency in court cases
through its commitment to a strong ICT accelerators to distribute free in new jurisdictions to attract Open market development
the tech entrepreneurship ecosystem offices in key cities including
infrastructure and good coverage with large- trade licenses and other foreign investors and reassure
public resources local ones of the strength of the Cairo, Riyadh and Amman
scale projects such as providing broadband Most of the challenges faced by the UAE regulatory framework
to Abu Dhabi public schools, or providing free tech entrepreneurship ecosystem require
WiFi in public spaces across Dubai. addressing the foundation that tech
entrepreneurship ecosystems rest upon. Lead the creation of an
entrepreneurship association
Ensuring that government targets for that liaises between young tech
7. Market Potential innovation development are achieved is companies and the goverment
likely to depend on maintaining focus on
the regulatory infrastructure and educational
foundations, which are a top priority. Develop a program that
Accordingly, the UAE will need to continue targets growth-stage tech
aligning its digital policies with the frontier enterprises in the region
nations in order to become a viable partner and beyond to relocate
to the UAE
and supplier.
The UAE’s unusual demographics and
socioeconomics make it an ideal consumer However, many challenges currently being Legend
market for some selectors such as the luxury addressed will improve only in the long FINANCIAL CAPITAL SKILLED TALENT NETWORKS CULTURE REGULATIONS ICT INFRASTRUCTURE MARKET POTENTIAL
market, where UAE residents purchase more term. In the interim, adopting a focused
than USD 8 billion in goods annually. Apps and targeted approach to relieving current
ad services that rely on smartphone use are tension points at the heart of the tech Details of the recommendations can be found on page 53.
helped by the extraordinarily high Internet entrepreneurship activity could provide early
use and smartphone penetration in the success stories and working models that can Conclusion
country of 92% and 81%, respectively. be replicated across the country. The impressive spending and focus on scale of the initiatives mean that many will only
developing the tech entrepreneurship bear fruit in the long term.
The relatively small population of the country The pressing recommendations to address ecosystem and the innovation agenda are in Continuing to take a centralized yet loose
(c. 10m), means that to achieve scale-up gaps and foster a strong ecosystem based line with the government agenda to create view of the ecosystem, provide opportunities
stage most UAE tech companies must go on interview insights are grouped under four high-quality jobs in the knowledge economy, for both local and expat entrepreneurs, and
cross-border, typically into Saudi Arabia and/ three main headings: while attracting local citizens to take them up. build the regulatory foundation of innovation
or Egypt. Most of this expansion happens
following successful funding rounds, and most These efforts, in some cases globally unique will ensure that efforts are maximized.
of the country’s largest scale-ups operate in up or formed with global leaders, are likely to Long term, the UAE has the potential to be
to 13 countries. deliver the governments’ aims to build a solid an example of rapid development of an
foundation and shift the country toward non- innovation-based ecosystem.
oil revenues. However, the recent nature and
14 Tech entrepreneurship ecosystem in United Arab Emirates Tech entrepreneurship ecosystem in United Arab Emirates 15Table of Contents Table of Figures
UAE at a glance 18 Figure 1. Macroeconomic indicators for the UAE 18
Results of tech entrepreneurship - Outputs 22 Figure 2. Global competitiveness index scores of the UAE 19
UAE tech ecosystem overview 26 Figure 3. Profile of Top 100 tech startups in the UAE ecosystem 26
Insights into ecosystem components 32
Figure 4. Major actors within the UAE ecosystem 28
1. Financial Capital 32
Figure 5. Souq.com - An e-commerce success story 36
2. Skilled Talent 36
Figure 6. TIMSS Maths scores for 10-year-olds 36
3. Networks 39
Figure 7. Campuses of internationally acclaimed schools 38
4. Culture 42
Figure 8. BitOasis – The digital currency exchange platform of Middle East 39
5. Regulations 44
Figure 9. Accelerator density 40
6. ICT Infrastructure 48
Figure 10. State-sponsored innovation initiatives 41
7. Market Potential 50
Figure 11. Careem - The first “unicorn” of the UAE 42
Policy Playbook: Recommendations designed to strengthen the tech entrepreneurship ecosystem 53
Conclusion 58 Figure 12. Sample cost analysis of setting up a business in a free zone 45
Acknowledgements 59 Figure 13. Broadband Internet (mobile and fixed) accessibility and affordability 48
Appendix 60 Figure 14. Digital economy drivers 52
Disclaimer 63 Figure 15. Policy recommendations designed to strengthen the UAE tech entrepreneurship ecosystem 53
16 Tech entrepreneurship ecosystem in United Arab Emirates Tech entrepreneurship ecosystem in United Arab Emirates 17UAE at a glance and economic issues such as unemployment
or poverty are at minimal levels. However, other
areas of focus have driven the government
Apart from oil and gas (31% of GDP), key
industries for the UAE include real estate (22%),
retail (12%), tourism (9%), and logistics (8%).15
multinationals seeking to establish a regional
presence. Now, many of the world’s biggest
multinationals are choosing the UAE for
to institute large-scale economic plans aimed The country also serves as a hub for media and offices or regional hubs including Google,
At USD 349 billion, the United Arab Emirates mainly at shifting both the balance and television broadcasting, as well as a finance hub, IBM, Microsoft, Facebook, CNN, and Pfizer.
(UAE) is the world’s 30th largest economy and demographics of certain industries and sectors. and is home to some of the largest investment
The main aim of an ongoing Emiratization funds in the world, both private and sovereign The high numbers of immigrants and guest
the 3rd largest economy in the Middle East/
program is to increase the proportion of Emiratis wealth funds (SWF). Abu Dhabi Investment workers mainly arrive on work visas, although
North Africa (MENA) region. It consists of a
in the private sector, luring them away from Authority (ADIA), controls close to USD 800 billion a sizable number set up small businesses. The
relatively new constitutional federation of seven
the public sector where c.94% are currently in assets, making it the second-largest SWF in regulatory structure is favorable to businesses,
states6 with a population of c. 10 million7. This
employed. 13 the world.16 Other apital – invest and acquire although there are restrictions that govern
combination of federated monarchies is one
large-scale infrastructure and private-sector the business’s registration depending on
of the larger countries in the Gulf Cooperation
Though the current levels of unemployment are entities in the UAE and abroad, putting them in its ownerships structure. 100% foreign
Council, the network of wealthy, oil-rich nations
low, the ratio of the citizen population aged 15- a good position to stimulate knowledge sharing ownership is permissible in the country’s 45
known as the GCC. Abu Dhabi, the capital,
19 to those aged 55-59 of 1.5 suggests a rapidly- and public-private partnerships. For example, free zones, most of which have a sector focus
and Dubai are the two largest emirates, and
growing citizen workforce that will demand Mubadala subsidiary Advanced Technology ranging from finance to flowers.18 The free
they regularly get global attention for their
a large number of jobs in the long term. To Investment Company’s (ATIC) mandate is to drive zones are physical and in some cases virtual
investments and government plans.
address this need, the emirates of the UAE are technology development in the UAE, and it has areas that accommodate multinationals,
As a constitutional federation, the UAE has executing long-term plans to grow and create already made multi-billion-dollar investments large local entities, and small businesses.
legislation at the federal and emirates levels, the number of high-value jobs and they are in in semiconductor makers Global Foundries and Anchor tenants are often the world’s biggest
with each emirate maintaining a system of the process of transforming into a knowledge Chartered Semiconductor Manufacturing. 17 companies or brands, such as HSBC, Visa,
government controlled by its royal family. The economy. The UAE’s Science, Technology and CNN and Google.
Innovation’s Higher Policy, announced in 2015, FIGURE 2. GLOBAL COMPETITIVENESS INDEX
civil jurisdiction legal system is based on a mix
includes 100 initiatives with upwards of AED 300 SCORES OF THE UAE, 2016
of English, Egyptian, and Sharia law. This shapes
and informs the legal framework for criminal, billion in investment (USD 82 billion). 14 Score (1-7) Rank (138)
social, and business activity.8 Global Competitiveness Index 5.3 16
FIGURE 1. MACROECONOMIC INDICATORS
Institutions
FOR THE UAE, 2016
The seven emirates that make up the UAE have The UAE government. “The political system“. https://government.ae/en/about-
6
The quality of legal and administrative 5.8 7 the-uae/the-uae-government/political-system-and-government (accessed
varying degrees of dependence on oil revenues Value Rank (192)
framework that regulates interactions December 14, 2017)
between government, firms and people
and the nation has the world’s seventh-largest oil 7
Gulf News. “UAE population and statistical trends”. http://gulfnews.com/news/
uae/government/uae-population-and-statistical-trends-1.1931464 (accessed
reserves.9 Yet the country has invested to shift the Infrastructure
GDP 349 B 30 December 14, 2017)
economy from oil dependence to other sources (USD) Existence of extensive and efficient
6.3 4 Arabian Business. “Decoding the legal framework for entrepreneurs in
8
infrastructure to supply required the UAE”. http://www.arabianbusiness.com/decoding-legal-framework-for-
of government revenue and non-oil revenues services entrepreneurs-in-uae-666321.html (accessed December 14, 2017)
now make up c. 70% of GDP, a number that is GDP per capita Market Size
9
US Embassy of the UAE. “The UAE and Global Oil Supply” https://www.
68 K 8
projected to grow to 80% by 2021.8 Vision 2021, (PPP adj. USD) 4.9 27
uae-embassy.org/about-uae/energy/uae-and-global-oil-supply (accessed
December 14, 2017)
the national plan for the country, has highlighted Size of the economy
The UAE Cabinet. “National Agenda”. https://uaecabinet.ae/en/national-
10
six pillars – including developing a knowledge Population
agenda (accessed December 15, 2017)
10 94 Macroeconomic environment
economy – and in the process aims to “make (millions), 2016 Gulf News. “UAE population edging closer to 10m”. http://gulfnews.
11
the UAE the economic, tourism and commercial Stability of the economy
5.3 38 com/news/uae/society/uae-population-edging-closer-to-10m-1.1579486
(accessed December 15, 2017)
capital for more than two billion people”. 10 Rate of population aged 12
IMF. “World Economic Outlook Database October 2017”. https://www.imf.
15-19 over those 1.46 org/external/pubs/ft/weo/2017/02/weodata/index.aspx (accessed December
Goods market efficiency
aged 55-59
Demographically, the UAE is highly diverse, with 14, 2017)
Intensity of local competition, ease of 5.6 3 13
The National. “Shorter work hours and patriotism main reasons Emiratis
a local population of 15% and the vast majority doing business, tax rates, imports ratio prefer public-sector jobs: study”. https://www.thenational.ae/uae/
and buyer sophistication in a country
of residents are immigrants from other MENA SME contribution 30% government/shorter-work-hours-and-patriotism-main-reasons-emiratis-
to GDP, 2016 Source: World Economic Forum prefer-public-sector-jobs-study-1.202046 (accessed December 15, 2017)
countries, Asia, and the West. 11 The UAE is 14
Gulf News. “Dh300b projects in UAE to spur knowledge economy”. http://
heavily dependent on expat workers, most of Government investment in the infrastructure, gulfnews.com/news/uae/government/dh300b-projects-in-uae-to-spur-
who are attracted to the country to work in large Consumer expenditure private sector, and culture of tolerance has made knowledge-economy-1.1623814 (accessed December 15, 2017)
59% the country one of the most attractive destinations
15
Trends Institution. “UAE GDP composition by sector 2015 (%)”. http://
multinationals or established local entities. A as a % of GDP trendsinstitution.org/wp-content/uploads/2016/06/Radwa-Graph-1.png
PPP adjusted per-capita income of USD 68,092 to foreign skilled talent. Branding itself as a haven (accessed December 15, 2017)
of tolerance, all faiths are respected and the SWFI. “Fund Rankings”. https://www.swfinstitute.org/fund-rankings/
16
makes the UAE one of the wealthiest countries in Stock market cap 61% (accessed December 15, 2017)
the world 12 and it remains a destination for the as a % of GDP religious and cultural diversity is a strong point in 17
Gulf News. “Abu Dhabi gets full ownership of Global Foundries”. http://
super-rich for both living and leisure. the region. With infrastructure and amenities that gulfnews.com/business/sectors/investment/abu-dhabi-gets-full-ownership-
of-global-foundries-1.992025 (accessed December 15, 2017)
Stock market traded resemble the West and weather that surpasses 18
Gulf News. “45 free zones in the UAE: Find the right one for your new
Given the high income levels and non-citizen as a % of GDP 14% that of Europe, the attractiveness of the country business”. http://gulfnews.com/guides/life/community/45-free-zones-in-
the-uae-find-the-right-one-for-your-new-business-1.1716197 (accessed
population that is almost fully employed, social to professionals makes it the natural home for SME’s, defined differently across the
December 15, 2017)
Source: IMF, World Bank, Global Entrepreneurship Monitor, Euromonitor, AT Kearney,
Economist, World Economic Forum
18 Tech entrepreneurship ecosystem in United Arab Emirates Tech
Tech entrepreneurship
entrepreneurship ecosystem
ecosystem in
in United
United Arab
Arab Emirates
Emirates 19
19SME’s, defined differently across the emirates but generally under 50 employees or AED 250m in turnover, make up a relatively smaller proportion of the economy at just 30% contribution to GDP, despite being 90% of the total number of companies and 94% of the workforce.19 Within this sector innovative young companies have launched and grown, making it an important sub sector for a government shifting from oil and gas to innovation. Yet the low contribution from SMEs has at times meant limited influence on the developing banking and regulatory infrastructure. As a result, many changes are now being made to make the country more accommodating to young businesses, a change that’s expected to drive the formation of many new ventures. The UAE government has put large amounts of capital and focus into large-scale innovation projects such as Abu Dhabi’s Masdar City, instituting tech entrepreneurship classes at the universities, driving public-private partnerships, and refining a regulatory infrastructure to make it as attractive as possible to private-sector development, investors, and skilled capital. Souq al Mal. “How do you define an SME in the UAE?”.https://www.souqalmal.com/financial-education/ae-en/how-do-you-define-an-sme-in-the-uae/ (accessed 19 December 15, 2017) 20 Tech entrepreneurship ecosystem in United Arab Emirates Tech entrepreneurship ecosystem in United Arab Emirates 21
United Arab Emirates vs.
benchmark countries
TECH STARTUP PREVALENCE IN A COUNTRYa Tech startup longevity
(1=highest, 0= lowest)
PER MILLION URBAN POPULATION
IRELAND (IE) 337 0.30
ISRAEL (IL) 214 0.49
SINGAPORE (SG) 176 0.68
The results of tech UNITED STATES (US)
UNITED KINGDOM (UK) 122
160 0.48
0.53
entrepreneurship –
LUXEMBOURG (LU) 101 0.62
INDIA(IN) 92 0.59
NETHERLANDS (NL) 76 0.67
Outputs UNITED ARAB EMIRATES (AE)
GERMANY (DE)
KOREA (KR) 20
34
40 0.68
0.68
0.32
CHILE 20 0.41
Across the UAE, the strength of government
TURKEY (TR) 16 0.16
commitments to innovation has yielded both 0.57
CHINA (CN) 12
a high startup density as well as a rich network MALAYSIA (MY) 11 0.77
of support services and foundational programs SOUTH AFRICA (ZA) 10 0.36
to drive long-term innovation potential. The RUSSIA (RU) 6 0.42
country scores relatively highly in a number of
ECONOMIC CONTRIBUTION
JAPAN (JP) 4 0.61
indicators, making it a rising star and it is on EGYPT (EG) 4 0.48
track to become a global frontrunner in tech NIGERIA (NG) 3 0.60
entrepreneurship. SAUDI ARABIA (SA) 2 0.76
The UAE is responsible for nearly 40 percent of
the region’s top exits, although few have been NUMBER OF EXITS OVER USD 100M
over 100 million. E-commerce play Souq.com’s 2012-16
acquisition by Amazon for USD 600 million set UNITED STATES (US) 1,946
the record for the region, but this was quickly UNITED KINGDOM (UK) 215
joined by acquisitions of Namshi (USD 151 GERMANY (DE) 65
million for a 51% stake), and JadoPado (for an CHINA (CN) 49
undisclosed amount). INDIA (IN) 40
ISRAEL (IL) 37
Innovation capability is still under development, NETHERLANDS (NL) 33
but investments in R&D projects at the public IRELAND (IE) 20
and private-sector levels, and a sustained focus JAPAN (JP) 16
on STEM within universities and as part of SINGAPORE (SG) 15
innovation projects, are likely to yield results in RUSSIA (RU) 7
the long term. KOREA (KR) 6
TURKEY (TR) 6
SOUTH AFRICA (ZA) 6
CHILE (CL) 4 Other countries in scope of tech
EGYPT (EG) 4 entrepreneurship study
LUXEMBOURG (LU) 4
NIGERIA (NG) 3
UNITED ARAB EMIRATES (AE) 2
MALAYSIA (MY) 1 Note: The definitions of the output indicators can be found
SAUDI ARABIA (SA) 1 in the appendix
a. Density shows proportional values among ecosystems.
Scales are only comparable within each indicator
22 Tech entrepreneurship ecosystem in United Arab Emirates Tech entrepreneurship ecosystem in United Arab Emirates 23ENTREPRENEUR’S GROWTH ASPIRATION SCOREb INNOVATIVE OUTPUT DENSITY
A scoring based on percentage of entrepreneurs with a sophisticated growth strategy aspiring The abundance of knowledge creation and intangible assets in a country (out of 100)
to grow at least 50% in the next 5 years and attract VC funding (1=highest, 0=lowest)
75 69 67
1.0 1.0 1.0 1.0 61
60 60
0.8 0.8 0.8 0.8 0.8 57
0.7 0.6 0.6 54 52
0.5 0.5 0.5 0.5 47
0.4 0.4 0.2 0.2 43 38 38
0.1 29 28 27 27 25 22
19 18
AE JP SG US IE SA IL CL TR UK DE CN ZA NL LU EG RU KR NG IN MY
ECONOMIC CONTRIBUTION
30.7 N/A N/A 30.7 36.7 5.3 22.1 34.2 48.1 28.4 21.5 26.7 27.6 17.2 21.7 25.4 18.7 21.6 N/A 5.2 8.2
INNOVATION CREATION
HIGH JOB CREATION EXPECTATION (% OF ENTREPRENEURS) KR CN DE NL LU UK US JP IL TR IE SG RU CL ZA MY IN AE SA EG NG
Other countries in scope of tech entrepreneurship study
ABILITY TO CREATE GLOBALLY RECOGNIZED CONTRIBUTION OF KNOWLEDGE SECTORS
“UNICORNS”c TO THE ECONOMY ENTREPRENEURIAL INNOVATION CREATIONd
Technology start-ups with over USD 1 billion valuation in benchmark countries ICT & High-tech exports, international data flows and Rate of entrepreneurs involved in new product or service creation
IP receipts (1=highest, 0=lowest)
Benchmark country set
57%
45% 40%
0 37% 33% 33% 31%
278 1,174 30% 30% 29% 28% 27% 25% 23%
0.33 22% 13% 5%
4%
$ 0.67
Total Total value 1
number (USD B)
CL LU IE US UK KR TR IL NL CN IN AE DE EG ZA SA RU MY
1 1
Other countries in scope of tech entrepreneurship study
Note: The definitions of the output indicators can be found in the appendix
a. Density shows proportional values among ecosystems. Scales are only comparable within each indicator
b. A scoring based on percentage of entrepreneurs with a sophisticated growth strategy aspiring to grow at least 50% in the next 5 years and attract VC funding
Note: The definitions of the output indicators can be found in the appendix c. Unicorns in tech-related categories are taken into consideration
b. A scoring based on percentage of entrepreneurs with a sophisticated growth strategy aspiring to grow at least 50% in the next 5 years and attract VC funding d. Some benchmark set countries are not shown due to data availability
c. Unicorns in tech-related categories are taken into consideration
Source: OC&C analysis based on World Bank, GEM, GEDI, Crunchbase, INSEAD, McKinsey, CB Insights
24 Tech entrepreneurship ecosystem in United Arab Emirates Tech entrepreneurship ecosystem in United Arab Emirates 25UAE tech entrepreneurship The government’s strong commitment to
stimulating youth entrepreneurship – both tech
and non-tech – is a cornerstone of its strategic
• Khalifa Fund – has distributed over AED
1bn (USD 270 million) in loans to Emirati
entrepreneurs, and recently launched the
ecosystem overview aim of increasing the proportion of local
citizens employed in the private sector. This is •
IBTIKARI innovation incubator 26
Dubai Future Foundation and its
The UAE benefits from an extraordinarily high empower, and connect” entrepreneurs in the also designed to address the looming need for incubator Dubai Future Accelerators
commitment by government and independent Middle East.20-21, Wamda now includes an a large number of new jobs to accommodate have been created to shape the future of
programs to support the tech ecosystem. investment fund, media arm, and events, and a growing youth population that is about Dubai through medium and long-term
This commitment, coupled with the country’s has been joined by a number of incubators, to enter the workforce. The proportion of investments and to help achieve Dubai’s
attractiveness to expat professionals and its private and government programs targeting local citizens employed by the government Future Agenda. 27
location as a regional hub for certain industries entrepreneurship, and other services that are is one of the highest in the world at 94%, a
level that is not viewed as sustainable in the Private sector and independent initiatives have
such oil and gas and finance, has made this improving the health of the tech ecosystem.
long term. By making the private sector more shaped the development of the tech startup
an ideal mixture of inputs to develop the
The country has traditionally been dominated attractive to citizens and encouraging them ecosystem, often located in the UAE but
entrepreneurship ecosystem.
by large multinational and established into entrepreneurship, the governments of the targeting companies across the region or the
Given the high level of independence of local companies, with an SME contribution emirates hope to both stimulate the growth world:
different emirates, most of the government of just 30%22 In addition, the research and of the non-oil economy as well as provide a • Wamda and its fund Wamda Capital – an
initiatives happen at the emirate level and do development infrastructure is in its early sustainable source of attractive employment ecosystem platform designed to connect
not apply across the whole country. Although stages, with strong public and private-sector for its citizens. entrepreneurs in the MENA region, and
research was conducted with players across commitments that will demonstrate their value a related seed and follow-on investment
multiple emirates, most participants were from over time. The UAE government has instituted a national fund.
Abu Dhabi and Dubai. entrepreneurship program for schools, 23
The high number of expats in the country alongside other youth-targeted initiatives • Astrolabs – A co-working space and
Some ecosystem participants credit the formal who participate in entrepreneurship and the such Abu Dhabi’s annual Akoun business idea innovation hub sponsored by Google and
launch of the UAE tech ecosystem with the many government programs targeted at local competition that takes place at universities.24 other private-sector companies.
2010 event Celebration of Excellence (COE), citizens suggest that not all startups have
The UAE has introduced a ‘CEO of Innovation’ Other initiatives, such as Dubai SME are
in which PE firm Abraaj Capital and its seed practical access to all programs and initiatives.
role across different government agencies tasked with supporting the needs of young
fund Riyada Enterprises held a conference Over time, this could indicate some missed
to champion the innovation agenda across companies overall and at times provide
to launch Wamda, a platform to “inspire, opportunities for knowledge sharing.
different public sector functions.25 However, meaningful support to tech startups.
without a central authority overseeing efforts
at the federal or emirates level, most activity
happens at the federal, emirate, or free zone
FIGURE 3: PROFILE OF THE TOP 100 TECH STARTUPS IN THE UAE ECOSYSTEM
level. A number of programs and funds
form the cornerstone of the government’s
Business Model Breakdown Location Breakdown Sector Breakdown
commitment to tech entrepreneurship,
Social particularly for local citizens:
Sharjah e-finance Platform
Mixed Abu Dabhi
High Tech
1% 4% 2%
11% 6% Advertising 5%
C2C
5% & Big Data e-retail
25%
8%
52%
Content
B2C (VMG) 12%
32% 22%
93% 22%
Marketplace
B2B
Dubai SaaS & Iaas
VMG: Video, Music, Games
Source: OC&C analysi s based on Crunchbase
The National. “Entrepreneurship and innovation must be taught at UAE universities: survey”. https://www.thenational.ae/uae/entrepreneurship-and-innovation-
23
must-be-taught-at-uae-universities-survey-1.154165 (accessed December 16, 2017)
20
Balakrishnan, M. Stephens; Michael, Ian. “Abraaj Capital Limited: Celebration of Entrepreneurship (CoE)”. http://www.skyonefze.com/images/uploads/newspdfs/ 24
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21 25
Gulf Business. “UAE Creates ‘CEO Of Innovation’ Post For Government Agencies”. http://gulfbusiness.com/uae-creates-ceo-innovation-post-government-agencies/
new-wamda-a-360-degree-approach-to-supporting-entrepreneurship-in-mena (accessed December 16, 2017) (accessed December 16, 2017)
26
Gulf News. “Khalifa Fund to launch first incubator for innovation in UAE”. http://gulfnews.com/news/uae/government/khalifa-fund-to-launch-first-incubator-for-innovation-
22
Global Entrepreneurship Monitor. “GEM 2016/2017 Global Report”. http://www.gemconsortium.org/report (accessed December 16, 2017)
in-uae-1.1455322 (accessed December 16, 2017
27
Dubai Future Foundation
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