Dubai – the City of Gold
Times when Dubai was a village in the dessert are long gone. Today, it is one of the most dynamic and business-focused cities in the world. It’s known for its prosperity, world-class architecture, amazing five-star hotels and great conditions for entrepreneurs.
Despite the pandemic, in 2020 about 40 000 new business licenses were issued in Dubai. That’s 4% more than in the year before. Over the last 12 months, the whole region saw an unprecedented level of investment in startups. And startups are doing extremely well in here, also because of the abundance of Dubai-based organizations and schemes, which help entrepreneurs finding investors.
No wonder Dubai is considered a dream city for people from around the world who want to launch their own businesses. In fact, about 80% of Dubai’s residents are expats, who came here to make money.
7 most promising startups to follow
We’ve been looking at the startup scene in Dubai for some time. Today we want to share with you what we think are some of the most promising and exciting Dubai-based ventures to follow in 2021:
Zand is a new full-scale digital bank. As the first financial institution in the world, it is offering some innovative digital banking services to both retail and corporate customers. Zand’s Chairman, Mr Mohamed Alabbar, said the bank will be “unique in focusing on ecosystems and communities of businesses and individuals, enabling it to introduce unique products and services not traditionally available”. Anyone interested in the services provided by the digital bank Zand can register on its website to get notifications once it receives its full UAE banking license. Keen to know more about Zand and its case?
Yallacompare is a financial comparison platform. It enables users to compare offers of different banks and financial institutions. In short, if you are keen to get a loan, insurance, or mortgage, Yallacompare is just for you. Its blog offers a huge amount of useful information about money. Till today, Yallacompare got a total of $21.7 million in funding from seven different investors, including Gulf Insurance Group and Wanda Capital.
With a great slogan #EmpoweringTheUnbanked, NOW Money uses mobile banking technology to allow the unbanked population of the Middle East to open accounts and send money home in a cheap, quick, and easy way. The startup raised $10.6 million in funding. Among its investors are Knuru Capital and DIFC FinTech Hive.
Listed as one of top 20 Forbes FinTech Companies, Sarwa is an online platform that offers simple and affordable ways of investing in global markets. Supported by a team of 14 investors, up until 2020 it raised $9.9 million in funding.
Privacy concerns around messaging services are one of the hottest topics in today’s world. No wonder Telegram Messenger, a cloud-based mobile and desktop messaging app which focuses on privacy, security, and speed, quickly become a renowned service, and gathered a total of $1 billion in funding. It is currently supported by Mubadala Investment Company and AbuDhabu Catalyst Partners.
Last year, healthcare went online. This is one of the reasons for the great success of Vezeeta, a digital healthcare booking platform and practice management software. Vezeeta launched its services in Saudi Arabia and Kenya and is now looking to expand to Nigeria. Up until 2020, it raised a total of $67.5 million in funding.
On a verge between shopping and FinTech there is Tabby, an online platform that allows online and in-store customers to buy now and pay later (or in monthly installments), with no fees or hidden costs. Tabby received its latest funding in December 2020. Given the growing popularity of online shopping, it really cannot go wrong.
Challenges for startups
Launching a business is exciting, but it’s just the beginning of a long process. A startup that just received funding must get active very quickly, meaning it needs to extend their team to develop IT solutions, which will make the business thrive.
The process must be speedy, so when looking for staff augmentation it’s worth reaching for experienced partners that can help startups achieve their goals. The best partner is the one that knows the region, has experience in team extension for similar startups developed within the same area and is known for delivering the best FinTech and digital solutions in a hassle-free way.
This is what New Digital Street is all about. We are there to make startups work. With a huge expertise and experience in team extension and in delivering rock solid IT solutions to startups based in the Middle East, we help all those looking to achieve their goals quickly.
Looking for a reliable partner that can deliver the best digital solution for your startup?