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In the realm of entrepreneurship, the presence of equal numbers of female and male entrepreneurs could potentially elevate the global gross domestic product from $2.5 trillion to a staggering $5 trillion, as highlighted in a September 2023 report by the Boston Consulting Group. The Middle East has seized upon this economic potential by establishing a network of tech hubs that provide a spectrum of resources, including funding, mentorship, incubation, and acceleration programs, all designed to inspire the next generation of entrepreneurs.These tech hubs, particularly beneficial for female entrepreneurs who have historically faced obstacles in securing funding and business support through conventional channels, offer a more promising avenue for realizing their business aspirations. Raja Al Mazrouei, Executive Vice President of DIFC Fintech Hive, points out that there is a palpable wave of optimism surrounding entrepreneurship in general, with female entrepreneurship gaining significant traction. This momentum is driven by an expanding ecosystem of institutions and initiatives within the region, emphasizing inclusivity and performance.One notable initiative is FinTech Hive, a project initiated by the Dubai International Financial Centre (DIFC). This accelerator and hub serve as a bridge connecting FinTech startups with prominent financial partners. One distinguishing aspect of this project is its commitment to female founders. For every cohort, FinTech Hive ensures the inclusion of at least one startup with a female founder or co-founder, thereby offering women a crucial platform for exposure and growth.Additionally, FinTech Hive introduced a women-only acceleration program within the financial services sector, graduating nine women in its inaugural year. The program’s resounding success has led to its continuation, with expectations to double the number of participants in the coming year.Abu Dhabi is another epicenter of innovation, thanks to a series of initiatives by the Abu Dhabi Global Market (ADGM). Supported by a forward-thinking regulatory framework, equity-free incentives, matchfunding programs, accelerator programs, and capacity-building initiatives, ADGM has fostered a vibrant innovation ecosystem. With over 140 tech startups, including local, regional, and international ventures, ADGM has firmly established itself as a hub for entrepreneurship. This international finance center also offers an all-encompassing ecosystem through its tech-licensing program, open to diverse businesses and entrepreneurs. The ADGM Entrepreneurship and Innovation team provides crucial support through workshops and guidance, while the ADGM Academy offers specialized training programs for businesses.Another thriving startup ecosystem in Abu Dhabi is Hub71, a $272.3 million initiative driven by Mubadala and backed by the Abu Dhabi Government.
In addition to its commitment to addressing the pain points faced by entrepreneurs, Hub71 has introduced an Incentive Program that provides up to three years of free housing, office space, and healthcare, with female-led startups showing significant interest. In fact, 37% of the applications received for the program in Q4 2019 were from female-founded startups.One standout success story at Hub71 is Global Ventures, a venture capital firm founded by Noor Sweid, now its General Partner. Sweid attests to the transformative potential of Hub71, positioning Abu Dhabi as a global city with top-tier infrastructure and a burgeoning hub for capital and talent. Notably, Hub71 features inspirational female role models like Noor Sweid, Ola Doudin, Founder and CEO of BitOasis, and Ingi Naguib, CFO and Co-Founder of Furnwish, making it an ideal environment for female tech entrepreneurs.The U.A.E. also boasts impressive statistics regarding female-run enterprises, surpassing the U.S. in revenues exceeding $100,000. The introduction of long-term visas for entrepreneurs and investors, allowing females to sponsor their families, further enhances security for female founders.Raja Al Mazrouei is actively involved in mentoring six women within the DIFC FinTech Hive ecosystem and beyond.
Additionally, she serves on the advisory board for Money20/20, a leading payments and FinTech event, and plays a pivotal role in the Rise Up committee, where women are selected, mentored, and guided through workshops to navigate the challenges of the financial services sector.Initiatives like FinTech Abu Dhabi have hosted two of the world’s four FinTech Unicorns, co-founded by women in 2019, further reinforcing the growth potential of tech entrepreneurship for both genders in the years ahead. By addressing and solving problems unique to females, the tech industry can foster new sectors and economic growth opportunities. Femtech, catering to female health, and gender-neutral AI products designed by female coders for female users are promising areas that could reshape the industry.As more women gravitate towards flexible and freelance work, the recently established WeWork x Hub71 community in Abu Dhabi offers an ideal space for hotdesk freelancers, seed and pre-seed companies, as well as emergent and growth-stage startups.
This ecosystem holds the potential to cultivate a robust pipeline of female tech entrepreneurs.In conclusion, the Middle East is rapidly evolving into a hotbed of innovation, with tech hubs actively nurturing female entrepreneurship. These initiatives are not only leveling the playing field but also propelling women to the forefront of the global tech landscape. As female founders and co-founders continue to thrive in these environments, the region stands to benefit from their diverse perspectives, innovative solutions, and boundless entrepreneurial spirit.
