FinTech companies and those investing in hiring "top talent" are dominating the list of the best start-ups in the UAE and Saudi Arabia this year, as revealed by professional network LinkedIn.
Strong government support and a push towards innovation has further boosted start-ups in the Arab world's two largest economies, the company said in its annual Top Startups list.
UAE car-sharing platform ekar has been ranked as the best start-up to work for in the Emirates for the second consecutive year, while Dubai-based on-demand fuel delivery company Cafu, sustainable activewear brand The Giving Movement, global payments platform Hubpay and Abu Dhabi agriculture technology start-up Pure Harvest Smart Farms rounded off the top five employers.
Other sought-after start-up employers in the UAE include food and beverage company Yolk Brands, financial technology start-up and digital banking app YAP, buy-now-pay-later (BNPL) company Tabby, payments processor NymCard and Grubtech, a platform that digitises the back-end operations of restaurants and cloud kitchens, LinkedIn said.
Despite a global economic slowdown and "tightening" labour markets, the UAE recorded a 49 per cent surge in hiring in August compared to the same month in 2019 before the pandemic, LinkedIn said.
Companies on the list have invested in top talent, signalling the "opportunities that still lie ahead", it added.
"This year’s list has shown us that automotive, F&B and FinTech start-ups are designing their services to appeal to the UAE’s tech-savvy residents, who are relying on their applications to get their necessities sorted, whether it’s getting food delivered, their cars serviced, or even managing their finances," said Dana Moukhallati, news editor at LinkedIn.
The global Top Start-ups List is an annual ranking of emerging start-ups to work for and is based on LinkedIn data, the company said on Wednesday.
The four criteria used were employment growth, engagement with non-employees, job interest and top talent attraction.
Eligible start-ups are fully independent, privately held, have 30 or more full-time employees, are seven years old or younger and headquartered in the Emirates.
Start-ups that laid off 10 per cent or more of their workforce within the methodology time frame were ineligible.
Developing start-ups’ contribution to the economy will help achieve the target of doubling the UAE's gross domestic product by 2031, Abdulla bin Touq, Minister of Economy, said this month.
The UAE aims to become home to 10 unicorns, or start-ups valued at more than $1 billion, by 2031.
Start-ups in Dubai raised more than $2 billion collectively last year, double the financing secured in 2021, as the emirate sets its sights on becoming the global destination of choice for digital entrepreneurs, according to a June report by Dubai Chamber of Digital Economy.
Start-ups in the wider Middle East and North Africa raised $643 million in late-stage funding during the first half of this year, outpacing the global average, start-up data platform Magnitt said in its latest industry report in September.
They recorded a 20 per cent annualised growth since 2018, compared to a 49 per cent decline globally, it said.
Meanwhile, the best start-ups to work for in Saudi Arabia are Riyadh-based social media analytics platform Lucidya, BNPL company Tamara, e-commerce platform Zid, online grocery delivery business Nana and payment app Tweeq.
Others in the top 10 are Lendo, Gathern, Salla, Soum and digital marketplace Sary.
Trends observed in the kingdom include a shift towards new areas for innovation and sustainable growth in the e-commerce space.
“This year’s list demonstrates the growing capabilities of start-ups in the kingdom as they venture into new and untapped industries," said Ms Moukhallati.
"We also see the government offering start-ups the right opportunity to experiment with financial and e-commerce solutions, paving the way for more of those companies to emerge.”
Saudi Arabia led the Mena region in attracting the highest number of venture capital investment deals for its start-ups in the first quarter of 2023, according to Magnitt.
It also led the region in terms in terms of deal value.
The kingdom was the most funded for start-ups in the three months to March, attracting $359 million out of the total $818 million capital for the Mena region, the report said.
Overall, venture capital funding for start-ups in Saudi Arabia rose by 72 per cent annually to $987 million from 144 deals in 2022, Magnitt data showed.
Day 5, Abu Dhabi Test: At a glance
Moment of the day When Dilruwan Perera dismissed Yasir Shah to end Pakistan’s limp resistance, the Sri Lankans charged around the field with the fevered delirium of a side not used to winning. Trouble was, they had not. The delivery was deemed a no ball. Sri Lanka had a nervy wait, but it was merely a stay of execution for the beleaguered hosts.
Stat of the day – 5 Pakistan have lost all 10 wickets on the fifth day of a Test five times since the start of 2016. It is an alarming departure for a side who had apparently erased regular collapses from their resume. “The only thing I can say, it’s not a mitigating excuse at all, but that’s a young batting line up, obviously trying to find their way,” said Mickey Arthur, Pakistan’s coach.
The verdict Test matches in the UAE are known for speeding up on the last two days, but this was extreme. The first two innings of this Test took 11 sessions to complete. The remaining two were done in less than four. The nature of Pakistan’s capitulation at the end showed just how difficult the transition is going to be in the post Misbah-ul-Haq era.
Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
The specs: 2018 Nissan Patrol Nismo
Price: base / as tested: Dh382,000
Engine: 5.6-litre V8
Gearbox: Seven-speed automatic
Power: 428hp @ 5,800rpm
Torque: 560Nm @ 3,600rpm
Fuel economy, combined: 12.7L / 100km
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
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Silent Hill f
Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
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