The aim is to boost the growth of startups in Dubai to later expand into global markets. Funds from the program will continue to support small and medium businesses for the next eight years. It’s expected to contribute more than $816 million to the UAE’s GDP after coming into effect in June.
Apart from encouraging more global investors to bank on startups in the UAE, the fund will create 8000 jobs in the country. Sheikh Hamdan also credited effective regulation, swift financing, and a flexible legislative system for Dubai’s growth as a startup hub.
By 2031 the UAE also hopes to host more than 20 unicorns, which means startups with a valuation of more than $1 billion. The country has also joined hands with global firms, including Google, Facebook, and Cisco, to support digital entrepreneurs.
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