Sharjah Rises To 4th In GCC Region And 7th In MENA In 2024 Global Startup Ecosystem Rankings

Sharjah’s status as an entrepreneurial hub has been reaffirmed by the 2024 Global Startup Ecosystem Report (GSER), which ranks the emirate 4th in the GCC and 7th in the MENA region. The Startup Genome and Global Entrepreneurship Network announced these standings at London Tech Week, highlighting Sharjah’s growing influence in the international startup scene.

Sheikha Bodour Bint Sultan Al Qasimi, Chairperson of Sheraa, Sharjah’s flagship start-up incubator, commented on the achievement. "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," she said.

The report highlights Sharjah’s strengths in specific sectors such as Cleantech, Digital & Creative Industries, and Edtech. These sectors have shown a high density of talent, support resources, and startup activity. Sharjah's strong performance is further evidenced by its rankings in various categories including #5 in ‘Bang for Buck’, #6 in Funding, and #7 in Market Reach.

Sharjah also features in the Top 15 rankings for both 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 tech startup value generated from exits and funding.

Sharjah’s success is attributed to factors such as its strategic location, a $1.5 billion annual investment in education, six Free Zones, and 33 industrial zones. Additionally, the Sharjah Investors Services Centre (SAEED) plays a crucial role in helping investors and entrepreneurs set up their businesses in the emirate.

Najla Al Midfa, Vice Chairperson of Sheraa, remarked on the announcement: "Sharjah's rise to the 4th in the GCC and 7th best ecosystem in MENA reflects our unwavering commitment to harnessing 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."

Sheraa’s Contributions

The GSER draws data from over 4.5 million companies across more than 300 entrepreneurial innovation ecosystems globally. Sharjah’s rise to the 7th position underscores its dedication to nurturing a competitive startup ecosystem. Sheraa has played a significant role in this success through its inclusive entrepreneurial journey that offers talent building, mentoring, start-up incubation, and market access.

Sheraa’s ecosystem today boasts a community of over 500 founders and more than 18,000 entrepreneurial youth. Over 180 startups supported by Sheraa have an impressive 71 percent survival rate and have created over 1,900 jobs. These startups have raised over $171 million in capital and generated $248 million in revenue.

Flagship Events

Sheraa’s flagship event, the Sharjah Entrepreneurship Festival (SEF), is one of the region’s leading celebrations of entrepreneurial passion and ingenuity. Since its inception in 2017, SEF has drawn over 30,000 global attendees. Sheraa collaborated closely with Startup Genome to spotlight Sharjah’s entrepreneurial ecosystem in this anticipated report.

With its impressive ranking 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 as the emirate solidifies its reputation as a regional hub for entrepreneurial excellence.

With inputs from WAM