While Winnon won the award in the growth category, Zero Prime Technology won the social impact category. Dhonor Health Care was declared a winner in the early pre-launch category, while Grintafy and Aviotron were winners in the early post-launch category. Each of the winners won $10000, according to a press release.

The third edition of AIM Startup was hosted in partnership with the UAE’s National Program for Small and Medium-Sized Enterprises. Dr. Adeeb Al-Afifi, Director of the National Program for SMEs and Projects, said, “AIM Startup highlighted the best of this year’s emerging companies in Dubai and MENA in a forum that links investment opportunities and investors from across the world.” According to Dr. Al-Afifi, the number of registered SMEs in the UAE has now reached 98% of the total registered companies, with 89% of the companies in the trade and service sector. SMEs now contribute to 49% of UAE’s non-oil GDP. The total number of SMEs in the UAE as a whole, and Dubai in particular, is increasing.

The event judged startups on the uniqueness of their idea and traditional criteria such as the potential to scale, the existence of product-market fit, as well as the skill sets and preparedness of their teams.

A large number of startups from across the world participated in AIM Startup this year. Prominent among them were interesting startups such as Invoiz, Jeyun, Urban Oasis, Winnow, More Dream, Bright Sandz, Jandi, Tely Pay, Lemonade Fashion, Carclilty, Men Wall, Liha, Bab Makkah and several others. Organisations such as National Program for SMEs and Projects, Dubai South, Abu Dhabi Global Market, Khalifa Fund, Koica, Kotra, Rakez, Rak SME, ASA Venture, and Levari also participated in the event.

Globally, AIM Startup is supported by BIAC, Wadi Makkah, Monshaat, and Mohammed bin Salman College. International organisations such as the Korean Trade Association, Indian SME Chamber, Switzerland’s Solar Impulse Foundation, and Brazil’s Mango Venture, are partners of the event.

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“The UAE has been alerted early to the importance of startups and SMEs in supporting the national economy and its place in contributing to GDP, ” said Adib Al-Afifi, Director of the National Program for Small and Medium Enterprises (SMEs), Ministry of Economy. “We have introduced the necessary economic regulations and legislation that provide stability to the sector, and to strengthen its position, in order to attract more domestic and international investors.”

Al-Afifi added, “Although this type of investment activity faces many challenges in most developing countries, it is the marketing and administrative difficulties and the low financial potential of these projects, which necessarily lead to weak marketing efficiency. However, the GCC countries, specifically the UAE, has been alerted to these challenges, thus has launched the National Program for Small and Medium Enterprises. We have adopted and promoted these investments as well as provided the ideal environment to enable these projects and impose their presence and competitiveness in the local and international markets.”

According to a new study conducted by one  of the international consulting offices in the region, investments for startups and SMEs in the Gulf region will reach US $2 billion over the next decade, compared to only US $150 million invested in the last ten years.

The United Arab Emirates and Saudi Arabia will play an important role in stimulating the growth potential of the region and in developing startup ecosystem in GCC. This scenario places both UAE and Saudi Arabia at the forefront, developing and sustaining an active startup ecosystem while keeping a solid pace as major international cities race to build their own smart cities using disruptive technologies.

According to investment report statistics 2018 has proven to be a record year for startups in MENA, with 366 recorded deals and an increase of funding by 31%. There was also in an increase of 5% in the number of institutions and angel groups investing in MENA-based startups increasing the number of investing institutions to 155, 30% of which are from outside the region.

UAE’s Ministry of Economy has established the National Program for Small and Medium Enterprises with the aim of empowering SMEs and developing general frameworks and guidelines aimed at providing the necessary expertise, technical and managerial support and training for SMEs.

This emphasis is being shared by the third edition of AIM Startup, a global platform for entrepreneurs which is under the patronage of the Ministry of Economy. Hosted in partnership with the National Program for Small and Medium-Sized Enterprises, AIM Startup will once again support emerging and innovative companies for three days from 8-10 April 2019 at the Dubai World Trade Centre.

AIM Startup anticipates more than 20,000 visitors who will maximise the global networking opportunities onsite. At AIM Startup, innovators are linked with potential investors and can benefit from the investment climate to form collaborative partnerships, facilitate investment deals, and gain knowledge from industry players and thought leaders.

International Finance is a media partner for Annual Investment Meeting.

Register your interest or contact agnes@strategic.ae for any queries.

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