Author: Arabian Media staff

According to international institutions, the UAE leads global indicators related to startups due to its continuous efforts in creating a supportive investment environment for innovation. These efforts have also reflected positively on the country’s ranking in global competitiveness indices. Recent statistics from Statista reveal that the UAE topped the GCC countries as the leading incubator for startups, with more than 5,600 startups registered across the country by the second quarter of 2024. UAE startups The data highlighted that the UAE is leading the region in the fintech startup sector, with more than 550 companies currently operating in this field. A…

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence of the UAE, Chairman of The Executive Council of Dubai, and Chairman of the Higher Committee for Future Technology and Digital Economy, announced the launch of Ignyte, a dynamic digital platform that seeks to empower the next generation of startups and entrepreneurs on their journey toward global growth. Curated by Dubai International Financial Centre (DIFC), Ignyte serves as a key initiative under the Dubai Digital Economy Strategy, designed to empower over 100,000 startups and entrepreneurs. Ignyte Dubai As part of Dubai’s vision…

COLABS, Pakistan’s venture-backed workspace platform, announced raising $2 million in a pre-Series A funding round. The funding round was led by Shorooq Partners, with participation from Saudi-based Waad Investment. The fresh capital is to be deployed for the company’s strategic expansion into Saudi Arabia and the broader MENA region, it said. “This funding marks a pivotal moment for COLABS as we set our sights on the vibrant MENA market, with a particular focus on Saudi Arabia’s flourishing entrepreneurial ecosystem,” said Omar Shah, co-founder and CEO of COLABS. “Our success in Pakistan has proven the strength of our model in fostering…

BEIRUT: Lebanon’s parliament on Thursday approved an amendment to the law that aims to curb celebratory gunfire by doubling the penalties for those who fire shots into the air. The new law imposes stricter penalties for individuals involved in actions that have led to numerous injuries and fatalities in recent years. The action comes after Lebanese Army Command announced the arrest of eight people as part of efforts to identify those who fired gunshots during last Sunday’s municipal elections in the North Lebanon and Akkar governorates. Army units, with support from a Directorate of Intelligence patrol, raided the homes of…

The Sharjah Business Women Council (SBWC) signed a Memorandum of Understanding (MoU) with the Federation of Indian Chambers of Commerce and Industry Ladies Organisation (FICCI FLO). The partnership agreement, signed on the concluding day of SBWC’s four-day trade mission to Mumbai, considered as the commercial capital of India, is expected to mark a new phase of cross-border collaboration between Emirati and Indian women entrepreneurs. The agreement aims to open new avenues for cooperation in vital sectors and enhance economic empowerment for women in both regions. During the mission, SBWC members were also engaged in high-level meetings and site visits, connecting…

Elsewhere, Saudi Arabia’s testing of skills for expat workers was in focus,  the 50 best Arab universities were revealed and former UK Boris Johnson spoke to Arabian Business about conflict in the Middle East, his liking for Donald Trump and more. Catch up with 10 of the biggest stories this week as selected by Arabian Business editors. Emirates named ‘World’s Best Airline’; Qatar Airways and Etihad in Top 10 Emirates has been named as the “World’s Best Airline” in a comprehensive and methodological study by Telegraph Travel. The ranking of 90 global carriers also featured Qatar Airways and Etihad in…

The Gulf region is positioning itself to become the next global technology hub, potentially rivaling Silicon Valley’s decades-long dominance by bridging innovation from Latin America with Middle Eastern capital and resources, according to prominent investor and Unicorn Hunters co-founder Silvina Moschini. Speaking on the sidelines of the Future Investment Initiative (FII) in Riyadh this week, Moschini outlined an ambitious vision where the Gulf could become a “unicorn factory,” particularly by capitalising on its growing ties with Latin American entrepreneurs seeking global expansion. “One of my main goals is to connect talented Latin American entrepreneurs who are eager to expand with…

The Abu Dhabi Investment Office (ADIO), in collaboration with the Department of Municipalities and Transport (DMT), is inviting businesses fully owned by Emirati citizens and registered with the Abu Dhabi Department of Economic Development (ADDED), to submit their proposals for a tender to develop car wash and service centres. The successful bidder will operate car wash businesses in multiple locations in Al Dhafrah and Al Ain, including: Al Marfa Ghayathi Liwa Al Sila Al Qou Interested bidders are encouraged to participate in the tender, which is open to December 16. Working at the Abu Dhabi car wash Bidders can download…

Venture capital (VC) funding in Indian startups reportedly declined by 11 per cent to $1.10 billion in October, compared to $1.245 billion raised in the same year-ago period. Sequentially, the fall was even higher at 20 per cent compared to September 2024. The total VC funding for the 10 months of 2024, however, posted an over 8 per cent rise to reach $11.7 billion, overtaking the $10.8 billion recorded in the entire 2023, according to a report by Your Story (YS). The report said fundraising in India continued to stay at billion-dollar levels in October, a trend continuing for the…

Launched during the ongoing Biban24 Forum, the report was produced by Prince Mohammed Bin Salman College of Business and Entrepreneurship (MBSC), in partnership with Babson Global. It highlights the economic achievements and promising opportunities in the Kingdom, with a special focus on the role of women entrepreneurs. It shows that Saudi Arabia has the highest level of entrepreneurial intentions recorded in eight years and showcases a growing appetite for innovation and self-employment. Saudi startups The report showcased a thriving entrepreneurial ecosystem across all stages. The data reveals a one-third increase in the number of early-stage businesses (operating less than 42…