DeepTech in Gulf Region
For the last decade the DeepTech and AI sector in the Gulf region is seeing exponential growth. That could be attributed to the efforts of the local governments to diversify their economies which up until now were heavily dependent on oil exports. As the new decade of 2020s goes and the world gets more and more oil and gas independent, we are likely to see an even greater development of those high-tech industries in the Gulf states previously famous only for their resource extraction-based economies.
Number of companies vs year
The largest share of companies working in the sector are coming from the United Arab Emirates (which is normal taking into account that it has one of the most advanced economies in the Gulf). In 2019 the number of organizations developing Artificial Intelligence solutions reached nearly 200. Only a decade ago this figure was several times smaller - less than 30.
Number of Companies vs Funding
Around 33 companies for the past 12 years received funding of less than 1 million USD (the largest share). 21 managed to secure nearly 1.4 million USD. The next largest funding rounds (from 4.16 to 64.256 million USD) were won by only 14 organizations.
Number of companies vs industries
The number of companies preparing Artificial intelligence solutions in Fintech (more than 89) far exceeds that of all other sectors. The second largest share is held by the field of Data analytics with barely 26 entities.