The India-UAE Start-Up Corridor Aims To Strengthen Startup Ecosystems

The India-UAE Start-Up Corridor has been launched thanks to a memorandum of understanding signed by FICCI LEADS, a business incubator, and the Dubai International Financial Centre (DIFC).

The program will aid in the development of India’s and the UAE’s startup ecosystems. It will assist the two nations to fulfill their visions under the recently signed Comprehensive Economic Partnership Agreement.

Earlier this year, during Expo 2020 Dubai, the Indian government inked a Comprehensive Economic Partnership Agreement (CEPA) with the UAE in order to expand bilateral commerce, B2B interaction, and investment prospects.

FICCI LEAD, Indian Angel Network (IAN), Turbostart, India, and MCA Management Consultants, UAE signed an MoU during Expo 2020 Dubai. A $150 million venture capital fund was also established.

FICCI LEAD and DIFC will pick at least 50 companies from India and the UAE over the next five years, with the goal of turning at least 10 of them into unicorns by 2025. According to the announcement, the UAE plans to generate 20 unicorns by 2031.

The launch of the India-UAE Start-Up Corridor in Dubai will include about ten tech-enabled firms from a variety of industries, including financial services, education, and logistics.

“The India-UAE Start-up Corridor has the potential to be a game-changer,” Ganesh Raju, co-chairman of the FICCI Start-Up Committee and FICCI LEADS, stated. It will give access to markets and substantial pools of finance for businesses from both nations. It’s an ideal time for investors to become involved in this corridor and assist nurture the next generation of valued businesses.”

This project will create an environment in which startups, investors, incubators, companies, and entrepreneurs can interact, expand their businesses, and strengthen their position in the global market.

Since its inception in 2007, FICCI claims to have invested over INR 125 crore in over 1000 businesses. It also claims that firms funded by it have created over 140K jobs and leveraged over 5X funding from outside investors. About 100 of these startups have aided in the expansion of their footprint into the United States, South Asia, and Africa.