Dubai is optimistic about its ability to nurture 30 unicorns by 2033, particularly within robust sectors like travel and tourism, trade, and logistics, according to a high-ranking official who spoke on Sunday.
The term 'unicorn' denotes a startup that has achieved a valuation of $1 billion or more. In 2023, Dubai unveiled a strategy to cultivate 30 unicorns as part of its Dubai Economic Agenda, known as 'D33'. The emirate has already witnessed several startups attaining unicorn status, including ride-hailing service Careem, cloud kitchen operator Kitopi, property group Emerging Markets Property Group (EMPG), and mobility solutions provider Swvl, among others.
"There is a concentrated effort to produce more unicorns, as Dubai has set a goal to grow 30 of them. While ambitious, the success of startups like Careem and others gives us confidence that we can achieve this. This is our mission, and we are actively pursuing it," stated Ahmad Bin Byat, Vice Chairman of the Dubai Chamber of Digital Economy.
Bin Byat made these remarks during the Expand North Star exhibition, which commenced in Dubai on Sunday as part of Gitex Global, the world's largest technology expo. He emphasized that Dubai's economic prowess in certain sectors naturally lends itself to the emergence of unicorns. For instance, the real estate sector has seen unicorns arise due to its substantial presence in Dubai. Similarly, Careem's success can be attributed to the strength of the taxi and transport sector, while Amazon's acquisition of Souq highlights the rapid growth of e-commerce.
"We anticipate seeing unicorns in all sectors where Dubai excels, including logistics, trade, and travel and tourism. The Dubai Chamber of Digital Economy supports the startup ecosystem across various segments through specialized groups focusing on AI, fintech, health tech, and more. These groups collaborate with us to provide insights on legal, policy, and procedural matters. We have six to seven private sector groups working with us to address the unique needs of each sector," Bin Byat explained.
With over 2,000 companies participating, Bin Byat expressed excitement about the event's success and its alignment with Dubai's strategic goals. He noted significant growth in attracting new companies and country pavilions this year. Additionally, the Chamber is focusing on post-event strategies to encourage these entities to establish their bases in Dubai.
