The UAE has rapidly become a global business hub, attracting entrepreneurs and investors worldwide. Dubai and Abu Dhabi, especially, are now critical centers for technological innovation, drawing significant talent and investment. The UAE's strategic location and business-friendly environment have led to the development of over 4,000 startups across various sectors, including fintech, e-commerce, healthtech, and renewable energy.
Government initiatives play a significant role in nurturing the startup ecosystem in the UAE. Programs such as the Dubai Future Accelerators and Hub71 in Abu Dhabi offer startups unparalleled access to resources, mentorship, and funding. UAE has introduced progressive policies to attract foreign investors and entrepreneurs, such as long-term visas and 100% foreign ownership in certain sectors. These efforts are part of the UAE's larger plan to diversify its economy, shifting from oil dependency to a knowledge-based economy through its top startups.
As the UAE keeps improving its business environment and infrastructure, it is well-prepared to support and drive the growth of new and innovative startups, making it an exciting place for entrepreneurs. Let's take a look at the top UAE startups that are flourishing in 2024.
1. Kitopi
Year Founded: 2018
HQ: Dubai
Size: 200+
Founders: Mohamad Ballout
Kitopi is a Dubai-based startup specializing in cloud kitchens, providing delivery-only service for restaurants. Kitopi's platform allows restaurants to operate without a physical dining space, using technology and operational expertise to manage food preparation, delivery, and logistics. This approach helps restaurants expand their reach and efficiency while minimizing costs. Kitopi's technology integrates kitchen operations, order management, and delivery logistics for efficient service.
Kitopi operates over 75 cloud kitchens across the UAE, Saudi Arabia, Kuwait, and Bahrain. In 2021, it achieved unicorn status after raising $415 million in a Series C funding round led by SoftBank's Vision Fund II. This significant investment supports Kitopi's expansion plans and its goal to invest up to $1 billion in food brands that synergize with its platform.
2. Cheelee
Year Founded: 2019
HQ: Dubai
Size: 51-200
Founders: Roman Alekseev, Ruslan Sharov, and Yuriy Kardonov
Cheelee is one of the UAE startups making waves in the Social Media sector by transforming how users interact with social media. It allows users to earn money simply by watching content, giving back over 70% of its advertising revenue to its audience. Users earn platform tokens called LEE, which can be converted into cryptocurrency or withdrawn as fiat. Cheelee also offers features like a smart feed that adapts to user interests, a stylish interface, referral programs, and a donation system for bloggers.
Cheelee has experienced rapid growth, with over 4.5 million app downloads. It has undergone rebranding, simplified its monetization mechanics, and added new languages to enhance accessibility and user experience. Its innovative approach and user-centric features have garnered significant recognition, including a nomination for the Best Startup category at the Blockchain Life Awards 2024. It has raised a total of $21.8 million in 2022 from five investors.
3. FinFlx
Year Founded: 2021
HQ: Dubai
Size: 1-50
Founders: Matthieu Capelle, Amr Yussif, and Yazeed Erman
FinFlx is another UAE startup in the fintech field. It specializes in flexible workplace savings plans tailored for SMEs across the MENA region. It aims to simplify and speed up the process of launching defined contribution pension plans for employers, aligning with local labor laws. This digital-first solution includes comprehensive features such as employee record management, plan administration, investment selection, and detailed reporting. All its features are accessible within hours rather than weeks.
FinFlx uses advanced technology, including high-load systems and microservice architecture, supported by first-class infrastructure. It simplifies tracking and managing employee contributions and benefits. This setup improves efficiency and offers a user-friendly experience for both employers and employees. FinFlx has raised a total of $1.7 million from four investors in 2024.
4. Okadoc
Year Founded: 2017
HQ: Dubai
Size: 51-200
Founders: Fodhil Benturquia
Okadoc, a health tech startup based in Dubai, offers a comprehensive patient engagement platform that connects patients with healthcare providers and doctors. It allows patients to find doctors across various specialties who accept their insurance, book appointments online, receive reminders, and manage their appointments. Okadoc is operational in both the UAE and Saudi Arabia.
In addition to appointment scheduling, Okadoc has introduced telemedicine services that allow patients to consult doctors virtually. It supports integration with major healthcare providers like Emirates Hospitals and Clinics and Moorfields Eye Hospital Abu Dhabi. Okadoc also facilitates simple payment processes through a secure payment gateway. The startup's total funding is $22.3 million, with significant contributions from investors like ADQ and Bupa Arabia.
5. Eyewa
Year Founded: 2017
HQ: Dubai
Size: 200+
Founders: Mehdi Oudghiri and Anass Boumediene
Eyewa is a UAE-based startup in the eyewear industry. It offers a smooth online shopping experience for contact lenses and glasses. Founded in 2017, Eyewa distinguishes itself with a strong emphasis on customer convenience and personalized service. It provides an extensive range of eyewear products, including popular international brands and its own exclusive lines. Eyewa frequently updates its product offerings and promotions, keeping the selection fresh and aligned with current trends.
Eyewa's user-friendly platform features virtual try-on technology, which allows customers to see how different glasses will look on their faces before making a purchase. This innovative approach improves the shopping experience and reduces the uncertainty often associated with buying eyewear online. It has raised over $29.8 million from a Series B round of funding in 2021.
6. Sarwa
Year Founded: 2017
HQ: Abu Dhabi
Size: 1-50
Founders: Mark Chahwan
Sarwa is a UAE-based fintech startup offering an innovative wealth management approach. Its digital investment platform combines robo-advisory services with personalized financial planning. Sarwa focuses on making investing accessible and affordable for everyone, regardless of their financial background. Its platform provides users with automated, diversified investment portfolios tailored to their risk preferences and financial goals, using a blend of ETFs and low-cost index funds.
While the platform's robo-advisory engine handles the bulk of investment decisions, users can also access personalized advice from certified financial planners. Sarwa offers a transparent fee structure with no hidden charges, making it easy for users to understand the cost of their investments. It has managed to raise a total of $24.9 million in a Series B round in 2018.
7. Foloosi
Year Founded: 2018
HQ: Dubai
Size: 1-50
Founders: Omar Bin Brek
Foloosi is one of the many UAE startups focused on fintech. It offers a range of payment solutions tailored for SMEs. It includes a digital payment gateway, payment links, QR codes, and a feature called 'Tap on Phone,' which allows merchants to accept card payments directly on their smartphones. Foloosi eliminates the need for traditional POS terminals.
Foloosi has announced significant partnerships with Visa and plans to partner with MasterCard to improve its service offerings. It recently secured $2.5 million in pre-Series A funding, which will be used to expand its operations into Saudi Arabia, Oman, and Qatar. This funding will also help develop and launch new features aimed at improving the user experience and supporting the digital economy in the region.
8. iKcon
Year Founded: 2019
HQ: Dubai
Size: 200+
Founders: Kareem Abughazaleh and Khalid Baareh
iKcon is a UAE startup offering a 'kitchen-as-a-service' model. iKcon aims to simplify food delivery operations by providing procurement, cooking, and delivery services for restaurants and brand owners. The simplified delivery options allow restaurants to expand their delivery coverage and reach more customers without setting up their own delivery infrastructure.
This cloud kitchen platform collaborates with over 100 regional and international brands, such as German Doner Kebab, YO Sushi, and PINZA. iKcon has successfully secured $25 million in venture capital funding and employs over 800 people.
Recently, iKcon was acquired by REEF Technology, a major cloud kitchen operator from North America. This acquisition marks REEF's first significant investment in the MENA region, reflecting the growing interest in the Middle East's cloud kitchen ecosystem. REEF plans to use iKcon's established presence to expand its footprint in the region's rapidly evolving F&B and retail sectors.
9. Grubtech
Year Founded: 2019
HQ: Dubai
Size: 51-200
Founders: Mohamed Al Fayed
Grubtech is one of the very few UAE startups that has made significant strides since its founding in 2019. It offers a comprehensive SaaS integration and unified commerce platform tailored for restaurants and cloud kitchens. Grubtech's primary product, gOnline, integrates various online and in-store ordering channels with downstream systems such as POS, ERP, inventory, third-party logistics, and loyalty solutions. This integration helps streamline operations, enhance fulfillment processes, and provide AI-driven data analysis. Over 700 global brands use Grubtech across 18 markets, including grocery and pharmacy chains.
In recent funding rounds, Grubtech raised $33.4 million, led by the VC arm of Jahez Group, with participation from Addition and Oryx Fund. The capital will be used to invest in Grubtech's international expansion, with plans to establish offices in Saudi Arabia, Europe, and the UK. It aims to continue innovating within the food and beverage sector by helping its customers adopt new sales channels and digital solutions.
10. Swvl
Year Founded: 2017
HQ: Dubai
Size: 200+
Founders: Mostafa Kandil and Youssef Salem
Swvl is one of the UAE startups that focuses on mass transit. It provides affordable and convenient bus booking services through a mobile app, offering a cost-effective alternative to ride-hailing services. Swvl operates in multiple countries, including Egypt, Kenya, and Pakistan, aiming to address public transportation inefficiencies in emerging markets. Swvl uses advanced algorithms to create efficient bus routes based on real-time demand, reducing travel time and cost.
Users can book seats in advance or on-demand through the Swvl app, making planned and spontaneous trips convenient. Swvl ensures safety with well-maintained buses and professional drivers. It also offers real-time tracking and customer support for a reliable commuting experience. Swvl has raised significant funding to expand its services, including a $42 million Series B-2 round in 2019. Its total funding amounted to $264 million, which will be used to improve its technology platform.
11. Englease
Year Founded: 2019
HQ: Dubai
Size: 51-200
Founders: Omar Chihane
Englease is a UAE-based ed-tech startup focused on providing affordable and scalable English language education. It offers live, online English classes taught by bilingual tutors who use a UK-accredited curriculum. Englease stands out by offering a flexible subscription model. Students can pay a one-time fee for unlimited access to group classes or an annual fee for one-on-one tutoring. This approach significantly reduces the cost compared to traditional ESL schools.
Englease's mission is to tackle the low English proficiency and high youth unemployment rates in the MENA region by helping one million people become proficient in English. Its platform allows students to take a proficiency assessment and then access live classes around the clock, making it convenient and accessible for learners.
Englease recently secured $3.4 million in seed funding from prominent investors, including LearnCapital and LearnStart, to expand its reach and impact. Englease aims to leverage technology to deliver high-quality education that is both scalable and affordable, addressing the significant market gap in English education in the digital age.
12. CredibleX
Year Founded: 2023
HQ: Abu Dhabi
Size: 1-50
Founders: Ahmad Malik and Anand Nagaraj
CredibleX is among the UAE startups focusing on providing innovative lending solutions for small and medium-sized enterprises (SMEs). Founded in 2023, CredibleX offers a Credit-as-a-Service platform that allows businesses to secure credit without personal guarantees through a network of embedded finance partners. It integrates with business software, allowing SMEs to access various credit options such as Fixed Term, Invoice, and Accounts Receivables loans within the tools they use daily.
CredibleX's proprietary technology can quickly assess credit risk and pre-approve lending options, ensuring that SMEs receive decisions within minutes and funds within 24 hours. CredibleX aims to support the underserved SME sector by streamlining the lending process and aligning it with the UAE's National Agenda for Entrepreneurship and SMEs. This initiative is vital because SMEs contribute significantly to the UAE's economy, yet only a small percentage receive adequate funding. In 2023, it raised over $9 million in funding from nine investors.
13. FlexxPay
Year Founded: 2018
HQ: Riyadh
Size: 51-200
Founders: Michael Truschler and Charbel Nasr
FlexxPay is one of the UAE startups focusing on financial wellness. It aims to relieve employees' financial stress by providing access to earned wages before payday. This service improves employee productivity, reduces absenteeism, and simplifies company payroll management.
FlexxPay allows employees to withdraw some of their earned salaries, commissions, and end-of-service benefits anytime. It also supports setting up savings plans, which helps users manage their finances better. FlexxPay's services are used across various sectors, including insurance, telecom, retail, logistics, and real estate. In 2021, it secured $4.5 million in funding to improve its technology and expand its regional client base.
14. Valeo Health ME
Year Founded: 2021
HQ: Dubai
Size: 200+
Founders: Ruby Gadelrab Tudor
Valeo Health Me is one of the UAE startups in the health and wellness industry. It offers digital health services, including at-home blood testing, quality supplements, IV therapy, and physiotherapy. Its platform is designed to cater to various health needs such as weight loss and food intolerances, making healthcare more accessible and convenient. Valeo emphasizes patient-centric approaches and advanced technologies to deliver its services.
Valeo recently raised $3 million in seed funding from investors like Global Founders Capital and Global Ventures. This funding will support its expansion plans, including entering the Saudi Arabian market and launching new wellness products. With a focus on preventive healthcare, Valeo aims to provide on-demand services that align with regional health initiatives.
15. DentaCarts
Year Founded: 2017
HQ: Ar Rabi, Riyadh
Size: 51-200
Founders: Ahmed Yahia
DentaCarts is one of the UAE startups that provides an online marketplace for dental supplies and equipment catering to the Middle Eastern market. It offers a comprehensive range of products, from consumables and instruments to equipment and materials. It facilitates easy access for dental professionals to source their needs efficiently. DentaCarts ensures that dentists and dental clinics can obtain high-quality products at competitive prices, supported by a quick delivery and strong customer service network.
DentaCarts uses technology to streamline the procurement process and improve supply chain management. By partnering with leading dental manufacturers and suppliers, DentaCarts ensures a wide variety of trusted brands and products are available on its platform. This approach simplifies the purchasing process and contributes to better inventory management and operational efficiency for dental practices across the region. It raised $560K in funding in 2019 to streamline its procurement process and expand its reach in Europe.
FAQs
What are the strongest industries in the UAE?
The UAE's strongest industries include fintech, tourism & hospitality, construction & real estate, financial services, aviation, information technology, and renewable energy. These sectors are pillars of the nation's diversified economy, attracting significant investment and driving growth.
What is the average investment in the startup industry in the UAE?
The average investment in the UAE's startup industry varies, with seed funding often ranging from $500,000 to $2 million. More mature startups can secure higher amounts through venture capital and private equity, reflecting the robust support ecosystem in place.
How many startups are there in the UAE?
There are over 4,106 UAE startups, with Dubai and Abu Dhabi being the primary hubs for its activities. These startups span various industries, from technology and fintech to healthcare and renewable energy. The UAE is home to over 350 venture capital firms and more than 50 accelerators, offering substantial financial support to startups.
How fast is the startup industry growing in the UAE?
The startup industry in the UAE is growing rapidly, with an annual growth rate estimated at around 10-12%. This is driven by favorable government policies, a strong investment environment, and an increasing number of incubators and accelerators.
