Mythical to meteoric: The rise of tech unicorns
Ammar Al Malik is the managing director of Dubai Internet City
The boom in tech firms either floating on stock markets or achieving unicorn status is extraordinary. Despite the global economic pressures caused by the Covid-19 pandemic, last year was one of America’s best on record for initial public offerings. This should give regional startups optimism and confidence because the message is clear: with increased competition fuelling innovation, more companies are going public or raising funds to accelerate growth and deliver value for investors and customers.
Last year exposed the fragility of global markets, but the rise of tech unicorns, hitherto a statistical rarity, continued unabated. While there are sectors that will see long-term damage, tech companies with promising solutions are entering an era of opportunity that could chart a path for economic expansion.
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Regulators around the region have been getting to grips with how to handle cryptocurrencies and other digital assets over the past couple of years.
Abu Dhabi Global Market s Financial Services Regulatory Authority published its first guidance on the topic in 2018 and in-principal approval to a number of crypto asset exchanges in 2019, including BitOasis, Digital Assets Exchange, Matrix Exchange and MidChains, among others. The Central Bank of Bahrain also launched rules governing the provision of crypto asset services in the kingdom in 2019.
The DFSA s business plan also said it would promote Dubai s capital markets by enabling capital-raising by small and medium enterprises (SMEs) through equity and debt listings in the DIFC .
Monday, 11 January, 2021 - 12:15
CEO of Aramco, Amin Nasser, and Saudi Aramco’s chairman, Yasser al-Rumayyan, attend a press conference for Aramco’s IPO. (File photo: Reuters) Kuwait- Asharq Al-Awsat
The initial public offering (IPO) market remained active in the Gulf Cooperation Council (GCC) countries in 2020 despite increasing pressure on financial markets against the backdrop of the coronavirus pandemic early last year, according to a recent report.
A report issued by the Kuwait-based KAMCO Investment Company stated that the total IPOs of GCC countries dropped to seven issuances in 2020, compared to 12 in 2019, including the landmark Aramco IPO.
The proceeds of the GCC issuers on regional and international exchanges reached $1.87 billion from $29 billion in 2019.