Dubai’s appeal as a hub for regional and global investors continues to grow with a report showing that a total of 51,561 new companies joined the Chamber from January to September 2024, reflecting a 4% year-over-year increase. This aligns with the goal of creating and supporting a favourable business environment set out by the Dubai
Saudi Venture Capital (SVC) has announced its investment in Global Ventures III, an early-stage venture capital fund managed by Dubai-based Global Ventures, with a fund size exceeding $150m.
The drive towards a diversified economy took a new leap last year. A report just published from the UAE Ministry of Economy has revealed that non-oil sectors played a central role in the UAE’s economic growth during the first half of 2024, contributing 75% to the country’s GDP.
Abu Dhabi’s global tech ecosystem Hub71 has signed a Memorandum of Understanding (MoU) with the emirate’s Authority of Social Contribution – Ma’an as a way of helping accelerate social tech entrepreneurship and bringing lasting social impact to the emirate.
Abu Dhabi’s Mubadala Investment Company played a major role in sovereign wealth fund (SWF) activity in 2024, accounting for nearly 20% of the $136.1bn total spent worldwide. Mubadala deployed $29.2bn in 2024, a substantial rise from the $17.5bn invested the previous year. Key focuses included the digital economy, AI and digitisation.
Dubai Land Department (DLD) has unveiled plans to introduce its Smart Rental Index in January 2025, a cutting-edge initiative designed to revolutionise the emirate’s real estate sector.
Riyadh-based foodtech startup Calo has raised $25m in a Series B funding round led by Nuwa Capital alongside STV, Khwarizmi Ventures, and regional family offices. The oversubscription caused Calo to extend the round to $50m, with a further $25m raise planned for Q1 2025.
South Korean hospitality technology leader ONDA is expanding into the Middle East through a joint venture with UAE-based Seed Group. This move will leverage Seed Group’s regional networks to help establish ONDA’s presence in the growing MENA hospitality market.
UAE real estate developer Reportage Group has announced sales of $1.5bn, a growth of 50% compared to 2023. The company’s portfolio spans 50 projects including 312 townhouse units in Abu Dhabi’s Reportage Village, Verdana’s new phase in Dubai, and the Najd project in Saudi Arabia.
Dubai South Properties has successfully completed the first phase of its Pulse Beachfront luxury development. It includes 251 units with a mix of three- to five-bedroom villas and is located in the Dubai South Residential District which is home to over 25,000 residents.
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