The Rise of Tech Startups in the Middle East: 3 Startups Making Waves
The face of technology is constantly changing, especially for the countries within the Middle East. The effects of climate change have triggered this transformation of the tech ecosystem. For example, in countries like the UAE, particularly in Dubai, fertile lands are being replaced by deserts. There are reports that about 80 percent of the land area within the UAE has been transformed into deserts due to the effects of climate change. These dangerous effects of climate change have led to an increased rate of investment in green-tech within the Middle East.
What is Green Tech
Green-tech is simply any form of technology that is developed to protect the environment. Such technologies could either be products that save water, dispose of waste, or retrieve energy from the sun or wind. Green-tech has become very popular in recent years. According to PWC, the average size of a green tech deal was about 96 million dollars in 2021. There are also projections that the green tech market will reach 41.6 billion by 2028. All these statistics show that green tech is a fast emerging area of technology.
Rise of Green Tech Start-ups in the Middle East
Startups focused on green tech are growing in the Middle East. The reason is simple: there is a market. Recently, the UAE announced a green tech collaboration with Israel. According to reports, this collaboration will be worth more than 500 million dollars. The City of Dubai has also announced its commitment to investing in green tech. These investment commitments have expanded the green tech market. They have also provided opportunities for green tech startups to thrive.
Green Tech Start-ups in the Middle East
As earlier stated, the Middle East green tech market is growing. Here are some startups that are currently making waves.
Blink My Car
Blink My Car was created in 2015 as a tech startup that provides cleaning services. These cleaning services qualify as green tech because they save water. Cars are washed with little water, and environmentally-safe materials are used in the process. In 2017, Blink My Car raised 1.2 million dollars from investors.
FabricAID is a Lebanese green tech company. The company’s green tech services revolve around gathering old clothes. These old clothes are then sold to less privileged people at really low prices. It is sort of a thrift platform, but to keep the environment healthy.
Green Touches is an ecological company based in Dubai, UAE. Its services revolve around waste management. It provides cleaning services through the use of materials that are completely chemical-free. The launch of the startup’s services has been successful in Dubai, and the company has announced plans to expand to the UAE and the Middle East.
In conclusion, the growth of technology has no doubt evolved over the years. Hence, the existing market for solutions to climate change has driven the rise of green tech startups in the Middle East and other regions of the world.