What are the new business-friendly rules helping the UAE become a hub for innovation in the region and a hub for startups?

We definitely believe that the UAE is one of the best places in the world to launch a startup. The country has made it increasingly easy for businesses to thrive, firstly with the new implementation of 100 percent foreign business ownership, which was not the case in the past. This has greatly encouraged foreign investment and helped attract international talent to the country.

The UAE has also established several free zones across the country, which provide businesses with a range of benefits such as tax exemptions and streamlined customs processes. This has made the UAE a competitive location for businesses to set up operations.

The government has also provided funding and support to startups through a variety of initiatives such as incubators, accelerators, and angel investment funds, making it easy for startups to access funding and support at an early stage.

The UAE’s wide range of legal frameworks and e-government services tailored to the needs of startups have enabled them to easily navigate the administrative aspects of starting and running a business in the country.

All these measures have helped the UAE become a regional hub for innovation, and we are so incredibly proud to be a part of this.

How are the startup benefiting from the government incentives in GCC to have a robust startup ecosystem?

Kavak acquired Carzaty with the goal of expanding its regional footprint. The UAE is one of the largest markets in the GCC, with Dubai being not only a regional, but global hub. The UAE government’s robust support system and initiatives for startups played a significant role in the decision-making process.

Through this acquisition, Kavak was able to gain access to all that UAE has to offer, which helped support the growth of the company. The country has a thriving business environment, which includes easy access to funding, a talented workforce, and world-class infrastructure. These factors have helped to create an ecosystem that is conducive to the growth of startups and small businesses, which was very beneficial for Kavak after the acquisition.

The Sultanate of Oman played a similar role with Carzaty, which was originally founded in the country, and later expanded into the UAE. The Omani government saw the potential in the concept, investing in the company and supporting its growth. The acquisition of Carzaty allowed Kavak to gain a strong foothold in Oman, and benefit from Carzaty’s established presence in the UAE.

What’s driving the acceleration of the startup ecosystem in GCC?

The GCC region is quicky becoming a thriving entrepreneurial ecosystem, primarily driven by a combination of factors. Firstly, the GCC region is home to skilled professional from the world over, which is critical to the growth of the entrepreneurial ecosystem. This talented workforce can drive innovation and support the growth and success of startups and small businesses.

There is also an increasing availability of capital for startups and entrepreneurs in the GCC, and this access to funding is essential for startups to grow and scale their businesses. The GCC is a large and diverse market, which presents a wide range of opportunities for entrepreneurs. With a population of around 45 million people, and the trend of entrepreneurship on the rise, the GCC region is poised to continue to see growth and development in its startup ecosystem.

What’s your advice to the unicorns in GCC? I mean some of the world’s biggest companies used to be unicorns, including technology majors Facebook and Google, and home rental company Airbnb.

Unicorns, privately held startups valued at over $1 billion, have seen an emergence in the GCC region in recent years. As these companies continue to grow, it is vital that they focus on building sustainable and scalable business models. This will ensure that the company can continue to grow and succeed in the long term. This can be done by identifying and addressing potential roadblocks to growth and developing a strategy to scale the business effectively.

Unicorns should also focus on recruiting and retaining the best talent and provide opportunities for professional development and growth. This will enable them to build a strong and skilled workforce, which is critical to the success of any company.

With any startup, particularly a unicorn, innovation is key. They should always be on the lookout for new and innovative ways to improve their products and services, as well as ways to disrupt traditional industries and create new markets.

Lastly, building a strong brand will enable unicorns to establish a competitive advantage and differentiate themselves from the opposition. It will also make it easier for them to attract talent, customers, and investors.

These are the most important factors for unicorns to keep in mind if they want to succeed in this region.