A view of Dubai city.

Ahmed Al-Bashir, Staff Reporter

Dubai ranked first in the Arab world and 12th globally in the list of the 100 best startup environments for companies in the world for the year 2023, according to the Global Startup Environment Report (GSER) recently issued by the global Startup Genome Foundation.

Emerging ecosystems are emerging communities in the early stages of growth, and the methodology for this classification aims to reflect this, as the ecosystems show their high potential to be home to the best performing companies in the world in the coming years.

This report is the most prominent and widespread in the world, as it identifies the best areas for startups to operate and deals with how to develop a thriving climate for them.

Dubai scored 10 degrees in supportive policies for financing startups, another 10 degrees in the ability of startups to reach markets and customers, 10 degrees in the interdependence of the startup ecosystem with innovation infrastructure, and 8 degrees in the performance of economic indicators.

The report said that the UAE has made great strides in diversifying its market from oil and gas, and consolidating its position as a center for innovation and a hotspot for entrepreneurs. The country boasts a strong pool of talent, ample financing opportunities, and legislation and infrastructure that foster the growth and success of startups.