Dubai is confident it will achieve its ambitious goal of creating 30 unicorn startups by 2033, particularly in key sectors such as travel and tourism, trade, and logistics, a senior official revealed on Sunday. The term “unicorn” refers to a startup that reaches a valuation of $1 billion in equity value.
The initiative is part of Dubai’s Economic Agenda ‘D33,’ launched in 2023, which aims to strengthen the emirate’s position as a global business hub. Several startups in Dubai have already reached unicorn status, including the ride-hailing app Careem, cloud kitchen platform Kitopi, Emerging Markets Property Group (EMPG), and transport company Swvl.
“There is a focus on creating more unicorns, as Dubai announced that it wants to grow 30 unicorns. It’s a tall order, but based on the growth of startups like Careem and others, we believe we can achieve this. That is our mandate, and we are actively working towards it,” said Ahmad Bin Byat, Vice Chairman of the Dubai Chamber of Digital Economy.
Bin Byat made these remarks during the Expand North Star exhibition, which began in Dubai on Sunday as part of Gitex Global, the world’s largest gathering of technology companies.
“Dubai is strong in specific economic sectors, and it’s only logical that we will see unicorns in those areas. We’ve already seen unicorns emerge in real estate because the property market is big in Dubai. Careem rose from the strong taxi and transport sector, and Amazon’s acquisition of Souq is a testament to the rapid growth of e-commerce here. We expect unicorns to emerge in sectors where Dubai excels, like logistics, trade, and tourism,” Bin Byat added.
To support startups across various industries, the Dubai Chamber of Digital Economy oversees several bodies focusing on key areas such as artificial intelligence, fintech, health tech, and more.
“These groups interact with us, providing recommendations on laws, policies, and processes to foster growth. We have 6-7 private sector groups working closely with us to ensure that each sector’s needs are met,” said Bin Byat.
With more than 2,000 firms participating in the Expand North Star exhibition, Bin Byat emphasized that the event is growing successfully in alignment with Dubai’s strategy to attract new companies. “We have seen remarkable growth this year in attracting new firms and country pavilions. Post-event, we will focus on encouraging these companies to set up their bases in Dubai,” he concluded.
The ambitious unicorn creation plan underscores Dubai’s commitment to becoming a leading global hub for innovation and entrepreneurship over the next decade.
