George Hojeige
Group CEO, Virtuzone
Raising AED 7.5 billion (USD 2 billion) in its initial public offering (IPO) in December 2024, Talabat has become the latest unicorn to join the UAE’s growing list of highly successful, homegrown startups, further cementing the country’s position as the region’s leading economic and investment hub.
In addition to Talabat’s notable IPO, the UAE witnessed other landmark IPOs in recent years, such as the historic AED 22.32 billion (USD 6.1 billion) IPO of Dubai Electric and Water Authority (DEWA) and Alef Education’s AED 1.9 billion (USD 525 million) listing on the Abu Dhabi Securities Exchange (ASX).
This year, the UAE is expected to welcome up to eight IPOs worth AED 36.7 billion (USD 10 billion), signalling positive investor confidence and a robust capital market despite global economic challenges.
Future-Driven Policies and Visionary Leadership Propel the UAE Economy
With a thriving startup sector, the UAE remains on track to reaching its goal of becoming home to 10 unicorn companies and more than a million SMEs by 2031.
In line with this vision, the UAE has established national development programs aimed at supporting its upward growth trajectory and delineating key economic targets, such as boosting the value of its foreign trade to AED 4 trillion (USD 1.09 trillion). The UAE also seeks to lift its gross domestic product (GDP) to AED 3 trillion (USD 816 billion) and realize AED 800 billion (USD 217 billion) in non-oil exports.
Buoyed by forward-thinking policies, progressive leadership strategy and a business-centric environment, the UAE continues to solidify its status as a trade and investment powerhouse rivalling traditional Western markets, providing a safe and stable business landscape, especially in times of uncertainty.
Virtuzone and Ascentium – Linking the UAE and the Middle East with the Rest of the World
A major player and influence in the UAE’s startup community, Virtuzone recently joined forces with Singapore-based Ascentium, a business services platform supporting over 30,000 active clients across 44 cities and 22 markets worldwide.
Together, Virtuzone and Ascentium are leveraging the UAE’s strategic position as a central nexus for global trade, creating opportunities for companies in the Gulf Cooperating Council (GCC) region to tap into new and emerging markets in Asia, Europe and Africa, while enabling international companies to seamlessly establish their presence in the UAE, one of today’s fastest-growing economies in the world.
Marking a transformative step forward in the UAE’s corporate service industry and local business sector, Virtuzone and Ascentium’s collaboration aims to connect companies across the GCC and Asia Pacific regions and enable frictionless global expansion through a cohesive, streamlined and tried-and-tested operational framework.
By linking these dynamic and lucrative global markets, Virtuzone and Ascentium are paving the way for a truly borderless business landscape where opportunities are limitless and—with the UAE as a springboard—international expansion is made equally simpler and more accessible for startups, SMEs, and conglomerates.
