The UAE tech startup budget has reached $638m this year, sinking from $1.83m on record in 2022.
Market Analysis Overview
Tracxn, a prominent market intelligence platform, has unveiled its Geo Annual Report: UAE Tech 2023, highlighting a considerable downturn in funding for tech startups within the UAE.
Decline in Funding Trends
The report reveals a substantial 65 percent decrease in funding for UAE tech startups in 2023. This decline starkly contrasts with the robust funding levels witnessed in 2022, marking 2023 as the least funded year since 2020.
Total funding for tech ventures in the UAE amounted to $638 million in 2023, contrasting significantly with the $1.83 billion raised in the same period of 2022.
Reduced Funding Rounds
Moreover, the number of funding rounds recorded in 2023 also witnessed a notable decline of 21 percent compared to the corresponding period in 2022. The trend indicates a significant shift from the previous year’s momentum in startup investment within the UAE’s tech landscape.
While the funding landscape for UAE tech startups in 2022 showed similarities to the funding levels in 2021, the year 2023 has experienced a pronounced decrease in investment interest.
This decline presents a notable contrast to the preceding years, indicating a considerable shift in investor sentiment or market dynamics affecting tech startup funding within the region.
Google to Relaunch Gemini AI Image Tool After Inaccuracies
UAE Doctors Stress Importance of Children’s Vaccinations Before Umrah or Eid Travel
Badshah Lights Up Dubai’s Untold Music Festival with Vibrant Performance
Dubai Chamber of Commerce Inaugurates Hellenic Business Council to Foster Dubai-Greece Economic Relations
India’s General Election Projected to be World’s Most Expensive at Over $14 Billion
Art Dubai 2024: Your Ultimate Guide to the Region’s Premier Art Fair
“Unleashing Extraordinary Ambitions: Rigul Kalra’s Journey of Entrepreneurial Brilliance”
Rihanna’s Fenty x Puma Makes a Comeback with New Sneaker
Anya Taylor-Joy and Malcolm McRae Tie the Knot in Romantic Venice Wedding
American firm to buy Everton Football Club
Celebrities Embrace Pantless Trend at New York Fashion Week
Alexander McQueen Names Seán McGirr as Creative Director
- Fashion18 hours ago
“Transforming Faces, Empowering Souls: The Makeup Journey of Abeeha Mamoon”
- UAE News3 days ago
UAE and Kenya Conclude Terms of Comprehensive Economic Partnership Agreement (Cepa)
- UAE News2 days ago
Sheikh Maktoum bin Mohammed Highlights Innovation at Gulfood 2024
- Education3 days ago
Embracing Focus: UAE Schools Lead by Example in Mobile Phone Policy
- UAE News3 days ago
Ma’an Authority Empowers Abu Dhabi Community Through Social Initiatives
- Real Estate3 days ago
Discovery Dunes: Dubai’s New Ultra-Luxury Development Redefining High-End Living
- Travel & Hospitality2 days ago
5-Year Multiple-Entry Visa: A Boon for UAE Residents and Tourists
- Human Interest3 days ago
Free Entry to Sharjah Museums Promotes Cultural Exploration