Sharjah’s position as a leading entrepreneurial hub has been further solidified, as revealed in the 2024 Global Startup Ecosystem Report (GSER). The emirate has been ranked 4th in the Gulf Cooperation Council (GCC) region and 7th in the Middle East and North Africa (MENA) region’s startup ecosystem rankings.
The Startup Genome and Global Entrepreneurship Network standings, announced at London Tech Week, have placed Sharjah two spots higher than its 2023 ranking, underscoring the emirate’s growing influence and competitiveness in the international startup landscape.
Sheikha Bodour Bint Sultan Al Qasimi, chairperson of Sheraa, Sharjah’s flagship start-up incubator, said, ‘Ranking 4th in the GCC region and 7th in the MENA startup ecosystem shows that Sharjah’s strategic focus on entrepreneurialism is working — and it’s getting noticed. Our startup ecosystem is investor- and business-friendly, committed to nurturing innovation, and it’s a dynamic global hub where forward-thinking minds converge. We’re on the right track, and this step forward strengthens our resolve to empower entrepreneurs in Sharjah and drive sustainable economic development in the region and beyond.”
Sectoral strengths
The report highlights Sharjah’s strengths in specific sectors, including Cleantech, Digital & Creative Industries, and Edtech, which have demonstrated a high density of talent, support resources, and startup activity.
Sharjah’s strong performance is further evidenced by its rankings in various categories, including 5th in ‘Bang for Buck’ (indicating the average runway tech startups acquire from a VC round), 6th in Funding (measuring innovation through early-stage funding and investor activity), and 7th in Market Reach (tracking global leading companies, local market reach, and global connectedness).
Read more: Sharjah’s GDP surges 6.5 percent to $39.5 billion in 2023
Top-tier ecosystem
Moreover, Sharjah features in the Top 15 rankings for both the Knowledge and Performance categories. The Knowledge category assesses innovation through research and patent activity, while the Performance category evaluates the size and success of an ecosystem based on the tech startup value generated from exits and funding.
Factors behind Sharjah’s success
Sharjah’s success is attributed to factors such as its strategic location, the $1.5 billion annual investment in education, its six Free Zones and 33 industrial zones, and the Sharjah Investors Services Centre (SAEED), which facilitates the establishment of businesses in the emirate.
Sheraa’s role in driving growth
Najla Al Midfa, vice chairperson of Sheraa, commented on the announcement, stating, “Sharjah’s rise to the 4th in the GCC and 7th best ecosystem in MENA reflects our unwavering commitment to harnessing the transformative power of entrepreneurship. By nurturing homegrown talent and ventures, and partnering with stakeholders across the ecosystem, we have cultivated a founder-focused environment where innovative early-stage ventures thrive with access to essential talent, capital, and markets. As we look ahead, we are excited to scale our impact by further enhancing our startup’s offerings and driving growth in key sectors such as sustainability, edtech, advanced manufacturing, and the creative industries.”
Comprehensive GSER analysis
The GSER, a comprehensive analysis drawing data from over 4.5 million companies across 300+ entrepreneurial innovation ecosystems globally, provides a detailed evaluation of the top startup hubs worldwide and regionally. Sharjah’s rise to the 7th position, two places above their standings in 2023, underscores the emirate’s dedication to nurturing a competitive and progressive startup ecosystem, as well as Sheraa’s noteworthy contributions to this success.
Sharjah’s rise as regional startup hub
With its impressive ranking, rapidly growing Ecosystem Value, and sectoral strengths, Sharjah has firmly established itself as a rising star in the MENA startup scene. This achievement sets the stage for continued success and innovation, as the emirate solidifies its reputation as a regional hub for entrepreneurial excellence, with Sheraa playing a crucial role in this trajectory.
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