Noura
The Gulf Cooperation Council (GCC) is a political and financial alliance inside the region crafted from six global places: Bahrain, Oman, Kuwait, Qatar, Saudi Arabia, and the United Arab Emirates, with a GDP greater than $1.Five trillion, the area has about 50 million human beings.
In current years, the GCC has grown to be a hub for startup interest. The younger and growing populace inside the area has made the climate conducive to entrepreneurship. Furthermore, the Gulf Cooperation Council (GCC) governments have prolonged their help to startups with the valuable resource of imparting their numerous benefits, tax exemptions, and financing to get proper entry.
Because of this, the GCC recently witnessed the emergence of several wealthy agencies. These agencies have raised significant amounts of capital.
Role of Government
The GCC governments have performed a massive function in supporting the growth of startups in the vicinity. The governments have supplied startups with some sources, collectively with funding, mentorship, and the right of entry to markets.
Government Policies in Funding Startups
In phrases of investment, the GCC governments have hooked up several price ranges to assist startups. These finances typically provide startups with seed capital or undertaking capital. A few times, the governments offer startup loans or ensure.
GCC Governments’ Startup Support
• Established rate variety for startups, generally seed capital or challenge capital.
• Provided startups with mentorship, accelerator applications, incubators, and authorities-run procurement programs.
• Streamlined regulatory environment, decreased business corporation charges, and stepped forward infrastructure.
• Support has been critical to the boom of the startup environment, making the GCC one of the most appealing worldwide startups.
Future of Startups in the GCC
The GCC is a younger and dynamic area with a large and developing population. The vicinity is likewise experiencing speedy financial growth. These elements are creating extraordinary surroundings for startups.
In addition, the GCC governments support startups and supply them with some resources. This helpful resource is helping to create a colorful startup environment in the location.
The future of startups within the GCC is colorful. The location can emerge as one of the most essential startup hubs worldwide. The GCC governments are playing a key position in assisting the boom of startups. With their assistance, startups within the GCC are appropriately located to acquire achievement.
Most funded startups in GCC:
Here is a listing of the most funded startups inside the GCC:
1. Careem
Careem is a journey-hailing app that was founded in 2012 in Dubai. The enterprise has considered improved performance needed in over 100 Middle Eastern, North African, and Pakistani towns. In 2019, Careem was obtained via Uber for $3.1 billion.
2. Souq.Com
Souq.Com is a web market that grew to be based in 2005 in Dubai. The enterprise has to increase its features in over ten international locations in the Middle East and North Africa. In 2017, Souq.Com changed into obtained by using using using Amazon for $580 million.
3. Yasir
Yasir is a journey-hailing app that has turned out to be primarily based in 2015 in Riyadh. The enterprise enterprise has been thinking about the truth that advanced to feature in over one hundred cities within the Middle East and North Africa. In 2019, Yasir changed into obtained, with the aid of Uber, $320 million.
4. Mubawab
Mubawab is an internet property marketplace modified entirely based in 2009 in Dubai. Due to reality, the company has extended its presence to over ten places in the Middle East and North Africa worldwide. In 2019, Mubawab emerged as acquired with the resource of Property Finder for $ 45 million.
5. Swvl
An experience-hailing app, Swvl, was redesigned and mounted in Cairo in 2017. As a result, the enterprise has grown to function in more than a hundred cities around Asia, Africa, and the Middle East. Swvl was given eighty million greenbacks with Series C investment in 2020.
6. Saudi Arabian Carrefour
Other than Carrefour, Carrefour Saudi Arabia is a subsidiary of the French multinational corporation. The agency, which became wholly hooked up in 1985, is the largest retailer in Saudi Arabia. Carrefour Saudi Arabia raised $500 million to finance its debt in 2019.
7. Digital Etisalat
The online department of the Etisalat telecommunications organization within the United Arab Emirates is referred to as Etisalat Digital. The enterprise changed its felony structure in 2016 and has invested in some businesses for charitable functions with Careem, Souq.Com, and Mubawab.
8. STC Ventures
The task capital department of Saudi Telecom Company, a telecommunications organization in Saudi Arabia, is STC Ventures. (STC). In addition to Careem, Souq.Com, and Mubawab, the employer was created in 2012 and has invested in several agencies.
9. Mubadala
Within the Abu Dhabi sovereign wealth fund, Mubadala Investment Company is the mission capital branch known as Mubadala Ventures. Since establishing order in 2011, the company has considered investing in numerous organizations, including Careem, Souq.Com, and Mubawab.
10. ADQ Ventures
The Abu Dhabi Development Holding Company’s challenge capital division is ADQ Ventures (ADQ). The company’s number one base of operations is in 2019, and it has, at the same time, invested in some of the startups, which consist of Careem, Souq.Com, and Mubawab.
Most Funded Startups in the GCC:
| Rank | Startup | Industry | Year Founded | Acquisition/ Funding |
| 1 | Careem | Ride-hailing | 2012 | Acquired by Uber – $3.1B |
| 2 | Souq.Com | E-commerce | 2005 | Acquired by Amazon – $580M |
| 3 | Yasir | Ride-hailing | 2015 | Acquired by Uber – $320M |
| 4 | Mubawab | Real Estate | 2009 | Acquired by Property Finder – $145M |
| 5 | Swvl | Ride-hailing | 2017 | Series C Funding – $80M |
| 6 | Carrefour Saudi Arabia | Retail | 1985 | Debt Financing – $500M |
| 7 | Etisalat Digital | Telecommunications | 2016 | Invested in various startups |
| 8 | STC Ventures | Venture Capital | 2012 | Invested in various startups |
| 9 | Mubadala Ventures | Venture Capital | 2011 | Invested in various startups |
| 10 | ADQ Ventures | Venture Capital | 2019 | Invested in various startups |
GCC’s numerous startup ecosystems are exemplified using diverse industries, with significant acquisitions and funding rounds attracting traders, boosting optimism for the location’s endured growth.
Conclusion:
The Gulf Cooperation Council (GCC) is a thriving startup hub, catering to its extra-youthful populace, rapid financial boom, and authorities’ assistance. The GCC governments have provided investment, mentorship, and conducive regulatory surroundings, primary to the upward push of achievement startups and contributing to the area’s financial landscape. The destiny of startups inside the GCC is promising, with the potential to end up an international hub due to authorities’ aid and favorable entrepreneurship situations. The success of funded startups makes the GCC an attractive destination for buyers and entrepreneurs.
