Future 100 Unveils The Inaugural List Of 100 Companies That Are Shaping The Future Of The UAE The Future 100 initiative celebrates the private sector's successes in the UAE, recognizing the best 100 emerging companies that significantly enhance the competitiveness of the country's future economic sectors.
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Future 100, a collaborative initiative between the UAE Ministry of Economy and the Government Development and the Future Office, has unveiled its inaugural list of the top 100 emerging companies contributing to enhancing the competitiveness of the UAE's future economy's sectors.
The announcement for the Future 100 list for 2023 unfolded during a ceremony held at Dubai's Museum of the Future, which was attended by H.E. Abdullah bin Touq Al Marri, UAE Minister of Economy, H.E. Ohood bint Khalfan Al Roumi, UAE Minister of State for Government Development and The Future, alongside senior officials from the winning companies.
"We congratulate the 100 companies that successfully made it to the final stage of the initiative's first edition to become the best 100 companies of the future, possessing pioneering capabilities for growth and healthy competition," Al Marri said. "We believe this is a turning point that will enable these companies to achieve more sustainable commercial success and access to regional and global markets."
H.E. Abdullah bin Touq Al Marri, UAE Minister of Economy. Source: Future 100
Al Marri added, "In the UAE, based on the vision and directives of our wise leadership, we believe that the private sector is a strategic and key partner of the government in development, and we are keen to empower and enhance its contribution on an ongoing basis. We are proud of the support we provide today to the best 100 companies of the future through this initiative."
The UAE Minister of Economy also noted that the Future 100 initiative aims to consolidate the UAE's position as a preferred destination for future economy companies and new economy projects, especially those related to advanced technology, innovation, and the knowledge economy, in line with the objectives of the "We the UAE 2031" vision.
"It confirms our national approach to building sustainable partnerships with the private sector, and reflects the extent of the government's commitment to providing the best incubating environment for global talent and creative youth, celebrating them, supporting their pioneering projects, and creating an attractive climate for promising businesses in various fields, especially in the future and the new economy sectors," Al Marri added.
H.E. Ohood bint Khalfan Al Roumi, UAE Minister of State for Government Development and The Future. Source: Future 100
70% of the companies that applied for the initiative are startups, while 30% are in the expansion stage, which reflects the importance of the initiative in highlighting the diverse activities and promising prospects of these companies. The Future 100 thus serves as an example encouraging various enterprises in the country to benefit from this initiative, its development tools and strategies to keep pace with future trends on an ongoing basis.
For her part, Al Roumi underscored the fact that the Future 100 companies possess substantial potential for both global and local growth within emerging sectors, which, in turn, fortify the UAE's readiness for the future.
"Future 100 has uncovered numerous startups and scaleups venturing into new sectors, receiving over a thousand applications from various targeted sectors over three months," Al Roumi said. "The initiative provides a robust impetus to expedite the performance of new and future sectors in alignment with the vision of 'We the UAE 2031' and the Economic Principles for the UAE, launched by H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, to construct the most dynamic and competitive economy and achieve proactiveness in the sectors of the future. This, in turn, creates novel opportunities for emerging companies operating in new sectors."
A few of the Future 100 companies -VUZ, Kyma, Seafood Souq- receiving their trophies from the Ministers. Source: Future 100
The companies that applied to be selected for the first cohort of the initiative came from a wide range of new economy sectors, such as fintech, sustainability, creative industries, health technology, educational technology, agritech, space, and renewable energy, all of which support the UAE's transition towards the new economic model, which is based on flexibility and innovation.
24% of the companies featured on the Future 100 list specialize in the fintech sector, 17% in sustainability and the environment, 17% in technology, artificial intelligence, web3, cybersecurity, and e-commerce, 11% in healthtech, 10% in renewable energy, creative industries, biotechnology, and advanced industries, 6% in intelligent mobility, and 5% each in space and edutech and agritech.
More than 45 evaluators and experts from various sectors assessed the applications and conducted interviews with company officials based on a set of criteria. These criteria included the ability to innovate in business models leveraging new technologies, the potential of the target market, the ability to reach key customers according to a specific business plan with clear financial data, business feasibility including a strategy for securing future financing, and the impact of environmental and social governance in the UAE and globally.
Source: Future 100
The initiative fostered strategic partnerships, including Majra- National CSR Fund, and acceleration partners such as the Abu Dhabi Department of Economic Development, Emirates NBD, Dubai Future District Fund, Mohammed bin Rashid Innovation Fund, Microsoft, Careem, and FTI Consulting. In the community partners category, entities like Sharjah Research, Technology and Innovation Park, Dubai Technology Entrepreneur Campus, Ajman Chamber, Ras Al Khaimah Economic Zone (RAKEZ), Sharjah Entrepreneurship Centre (Sheraa), Hub71, Abu Dhabi SME Hub, Mashreq Bank, Sandooq Al Watan, Khalifa Fund, Middle East VC Association (MEVCA), MEVP, VentureSouq, Astrolabs, Flat6Labs, North Star, and the Greenhouse - Chalhoub Group, Entrepreneur Middle East played pivotal roles.
These partnerships will be offering a myriad of incentives and resources, including the possibility of investing in companies that made it to the Future 100 list, support for accelerating innovation and digital transformation, technical and legal assistance, competitive financing solutions, and workshops on intellectual property rights and trademark protection. Additionally, Microsoft for Startups' Founders Hub will offer cutting-edge artificial intelligence services and expert guidance to foster innovation and sustainable growth among the companes in the Future 100 list.
The companies listed in the Future 100 will also get to participate in the upcoming Investopia summit, a global platform connecting investors, business leaders and governments to identify new investment opportunities, drive growth, and incubate future economies globally.
For the full list of companies that made it to the 2023 edition of the Future 100, please click here.