The UAE has become a hub for promising startups, with a rapidly growing number of companies disrupting industries and pioneering new solutions in the region. Its thriving startup ecosystem is supported by its strategic location, diverse and cosmopolitan population, and a pro-business environment. From fintech to e-commerce, healthtech to edtech, the UAE is home to a broad range of innovative startups attracting significant investment and gaining global recognition. In this context, we highlight five of the promising startups emerging from the UAE and the impact they are making on their respective industries.
Letswork
Letswork is a co-working start-up based in the UAE and focused on providing accessible and affordable co-working spaces for freelancers, entrepreneurs and small businesses. It was established with the goal of connecting individuals with spaces. Beginning at their initial hotel partner in Dubai, the company has expanded into a worldwide provider of workspace solutions that emphasize flexibility, productivity, and community experiences.
With the growth of the gig economy and remote work, the demand for flexible and collaborative workspaces has skyrocketed. However, traditional co-working spaces can be expensive and require long-term commitments, which can be a barrier to entry for many. Letswork aims to address this gap by offering hourly and daily rates, as well as monthly and annual memberships that don’t require a deposit or a long-term contract. The start-up has already expanded to several locations across the UAE and has plans for further expansion in the near future.
Letswork prioritizes sustainability in its business practices; coworking spaces are naturally sustainable since they encourage the sharing of resources, supplies, and spaces, which ultimately helps reduce waste. The company takes this a step further by not constructing its own coworking spaces. Instead, the company utilizes pre-existing resources and maximizes their usage. By offering a network of workspaces, Letswork’s users can work closer to home, avoiding long commutes and lowering their carbon emissions.
Beehive
Based in Dubai, Beehive is the first peer to peer (P2P) lending platform in MENA to be regulated by the DFSA. As a leading Fintech pioneer, the company uses innovative technology to directly connect businesses seeking fast, affordable finance with investors who can help fund their growth.
Beehive, which was founded in the United Arab Emirates in 2014 by Craig Moore, has taken peer-to-peer lending to the next level. It specializes in digital financial solutions for small and medium-sized businesses (SMEs). By linking its customers with interested investors, Beehive has managed to attract a user base of over 15,500 individuals. Since the launch, businesses have borrowed more than AED 1B through the company’s platform.
PayTabs
PayTabs is a financial technology company established in 2014 in the United Arab Emirates. It offers payment solutions and has branches in the UAE, Saudi Arabia, and Egypt. It has processed transactions worth more than US$4B in both 2021 and 2022.
PayTabs utilizes API plugins to make online, mobile, and social commerce transactions easier for merchants and super merchants. Additionally, it offers a “plug and play” payment feature for users to integrate into their websites, which includes payment options like QR codes, digital invoicing, and payment links for social media.
PayTabs was one of the first companies in the “fintech” space to offer seamless B2B ecommerce solutions specifically for SMEs, establishing itself as a pioneering home-grown business. With financial support from private Saudi investors, PayTabs developed and exported a complete suite of groundbreaking mobile applications, including solutions for the hospitality, government, education, airline, travel, transport, and billing industries, which allowed for interconnection between the multi-billion-dollar enterprise market chain in the MENA region. By introducing PayTabs SwitchOn, a fully integrated, real-time, and turnkey platform, PayTabs has solidified its position as a dominant player in the global end-to-end payment solutions market.
MUNCH:ON
In 2015, Dana Baki launched MUNCH:ON, a food delivery app. Initially known as LUNCH:ON, the startup has since expanded into a platform that operates in the UAE and Saudi Arabia. MUNCH:ON has transformed the food delivery landscape in the region, providing customers with high-quality food and exceptional service.
Baki’s background as a senior manager at P&G, combined with her education at Georgetown University’s McDonough School of Business, has undoubtedly contributed to her success as an entrepreneur. Her vision and leadership have resulted in MUNCH:ON raising $15M in investments from multiple sources, including Wamda Capital, Global Ventures, and B&Y Ventures, to name a few.
With more than 400 restaurants on the platform and deliveries to over 500 offices across the UAE, MUNCH:ON has contributed to the transformation of the food delivery industry in the region. The investments raised also signal a belief in the platform’s potential to continue growing and transforming the food delivery landscape. As a testament to the success made by the company, it was acquired by Careem in 2022 to expand its food offering on the Super App.
FODEL
Soumia Benturquia is the founder and CEO of FODEL, a parcel pick-up provider for online shoppers. Founded in 2015, FODEL has quickly become a prominent player in the e-commerce logistics space, providing customers with a seamless and efficient delivery experience. With branches across the UAE, Saudi Arabia, Kuwait, Bahrain, and Oman and a team of over 50 employees, the company has established itself as a leading parcel pick-up provider in the region.
One of the key factors contributing to FODEL’s success is its partnerships with major players in the industry, such as Amazon and Landmark. In 2021, the company announced a new partnership with DHL, expanding its network from over 200 active locations to over 2,500 locations in MENA. Benturquia’s entrepreneurial spirit and drive have been instrumental in the company’s growth and success. She has not only secured over $8M in funding for FODEL but also has been recognized for her achievements as a Forbes Middle East 30 under 30 honouree. As the e-commerce market continues to expand rapidly in the Middle East, companies like FODEL will continue to play a crucial role in meeting the evolving demands of consumers.
