Introducing our Bespoke Feasibility Study & Market Research Services for start-ups in GCC

The Gulf Cooperation Council (GCC) is a strong political and economic alliance that is now going through a significant economic shift. This includes 6 countries that are Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. The GCC economies started in 1981 to promote regional collaboration, have since been consistently transitioning past their dependence on oil. 

The cooperation is focused on a future that is more sustainable, diversified, and driven by investment. Although the petroleum sector is still significant, there is a substantial growth in non-oil industries as well. This is highlighted by a surge in startups in sectors like financial services, technology, tourism, manufacturing, proptech and logistics. As per the IMF, the GCC economies are expected to develop at a solid average rate of 3.5%. This is substantially higher than the world average and highlights the region's strong economic position.

Furthermore, aggressive diversification initiatives and investments are driving this revolutionary change, fueling the development of non-oil industries. For instance, the UAE's non-oil GDP increased by a noteworthy 5% in 2024, accounting for 75.5% of the country's total GDP. The major sectors in this expansion were real estate (4.8%), financial activities (7% growth), and transportation (9.6% growth). 

Saudi Arabia's non-oil GDP increased from USD 452 billion in 2016 to a substantial USD 681 billion in 2024. Additionally, the tourism industry is developing quickly, contributing around 11.4% of the GCC's GDP, and until 2034, it is projected to grow at a CAGR of around 4.2%. 

The GCC's robust external buffers, proactive policy responses, and an increasing emphasis on human capital development have positioned the region for persistent growth. Although global economic uncertainty and oil price volatility remain possible obstacles.

The GCC's Thriving Startup Landscape:

The Gulf Cooperation Council (GCC) region is swiftly developing into a worldwide hub for entrepreneurship, attributed to its thriving startup culture. The ongoing surge is driven by factors like ambitious national goals, strong government backing and a substantial inflow of finance. These parameters combined have established the GCC as a top location for innovation and economic diversification. 

There are currently more than 60,109 active startups in the GCC, highlighting the region's strong entrepreneurial culture. More than four thousand of them are financed businesses, and together they have raised a remarkable USD 266 billion in private equity and venture financing. 

The spike in funding demonstrates a significant amount of investor trust in the developing IT landscape of the area. The ecosystem has already emerged 9 unicorns. Additionally, approximately 3000 investors have taken part in 2,900+ fundraising rounds. A developing pipeline from ideation to scale is demonstrated by the notable fact that 296 startups obtained early-stage funding. Also, 10,000+ new businesses have been established in the previous five years, raising more than USD 5.83 billion in capital. The dynamic environment includes 878 acquisitions, 580 initial public offerings, and the establishment of 1,073 women-led businesses.

The GCC governments play a critical role in fostering the vibrant ecosystem of IT startups via focused assistance initiatives. For instance, Saudi Arabia's Vision 2030 aggressively promotes the growth of the digital economy and entrepreneurship. Additionally, programs such as Dubai Future Accelerators link government agencies and entrepreneurs to jointly develop creative public sector solutions. 

Hub71 in Abu Dhabi creates an ideal environment for innovative businesses by offering vital access to funding, mentorship and a supportive regulatory framework. Furthermore, with more than 120 fintech businesses, Bahrain FinTech Bay is enhancing Bahrain's standing as a major financial technology hub in the region. The GCC is entering a new age of sustainable, innovation-driven growth attributed to the combined efforts of the private sector and governments.

 Major Startups Emerging from GCC Countries:

The GCC space is quickly establishing itself as a worldwide centre for innovation, with ground-breaking businesses in a variety of industries. Driven by a supporting ecosystem, these endeavours from Fintech and transformational Deep Tech to vibrant E-commerce and unique customized solutions are reshaping sectors and drawing substantial investment.

By leveraging cutting-edge technology, the Deep Tech sector in the GCC is aggressively transforming. NYBL, a Saudi-based innovation, is leading from the front. They use cutting-edge AI and data analytics to significantly increase organizational efficiency. This company offers solutions that optimize current data and forecast future challenges across a range of applications. Based in the United Arab Emirates, Zeeve provides essential Web3 infrastructure such as AppChains and Rollups as a Service. By enabling blockchain deployment with zero downtime, the firm empowers over 26,000 developers and 30 organizations.

The GCC is leading a major advancement in financial services within the Fintech space as well. Tabby, a BNPL leader located in the UAE, is revolutionizing financial services in the GCC. With multiple payment options for over 40,000 companies and over 15 million consumers, its annual transactions approached USD 10 billion. Furthermore, crucial financing solutions for SMEs are provided by CredibleX, an integrated finance firm established in the UAE. It offers timely working capital by directly integrating lending into B2B platforms. 

Logistics and e-commerce in the GCC are developing significantly. Careem, a "super app" that originated in the UAE and is currently a part of Uber. The brand provides banking services, food & grocery delivery, and ride-hailing to over 70 million clients, employing 2.5 million riders. This is complemented by Fordeal, a cross-border marketplace for lifestyle goods established in the GCC. By handling marketing, shipping, and customer support, Fordeal connects customers in the UAE, Saudi Arabia, and Kuwait. This simplifies international e-commerce for sellers.

Furthermore, Pure Harvest Smart Farms, an agritech pioneer located in Abu Dhabi, is transforming food security in dry regions. The brand raised USD 387.1 million for sustainable farming development throughout the GCC and Asia. In addition, 360VUZ in the UAE provides immersive virtual reality for live events, turning onlookers into active participants. 

These examples highlight how innovation extends outside core areas in the GCC startup ecosystem. This dynamic shift presents an enormous boost for new companies aiming to enter the GCC market. The region's pro-business policies, easily accessible funding and growing demand across these diverse sectors open the gateway for upcoming businesses to shine. Additionally, strong government support programs and seamless technological integration offer an unmatched opportunity to innovate, scale and maximize the ROI.

 How Can The India Watch Help?

There is an array of opportunities for smart companies prepared to innovate and grow in the Gulf Cooperation Council's (GCC) dynamic and quickly changing economic landscape. The India Watch can be a crucial strategic partner and support your business endeavours with curated research, data and insights. 

We have in-depth expertise in a variety of rapidly expanding industries, including manufacturing, e-commerce, logistics, deep tech, agritech and finance. 

We know that success here involves more than just capital; it requires unmatched accuracy, an intelligent strategy, and significantly actionable insights. If you're a growing startup, a new market entry or an existing corporation looking to increase your reach in this dynamic territory, our constant commitment will deliver the most accurate, precise and reasonably priced consulting & research services.  

We at The India Watch make sure that your company takes well-informed decisions for unparalleled, long-term success and maximum ROI.

Our specialized market research, strategic consulting and bespoke feasibility studies provide a comprehensive suite of services, designed to map your success in the GCC:

l Market Sizing & Future Projections

l Detailed Competitive Landscape Analysis

l Recent Investments & Key Industry Developments

l Technology Landscape & Trends

l Customer Segmentation & Behaviour

l Distribution Channel & Supply Chain Optimization Analysis

l Go-to-Market Strategies

l In-depth Regulatory & Policy Insights

l Financial Projections & Risk Assessment

l Future Growth Roadmap

To learn how our experience can support your business endeavour in the thriving GCC market and map your path to excellence with precise, accurate, and reasonably priced market research services contact us at info@theindiawatch.com