Dubai a hub of GCC’s most promising startups

Jamil Khan, Senior Reporter

The UAE-based retail tech startup Hulexo won the Asia’s largest startup competition in Dubai and got share of the top US$100,000 prize. The vibrant competition underlines Dubai’s status as a regional hub for startups and entrepreneurs seeking knowhow, capital and a thriving market.

The competition Eureka organized by IIT Bombay's Entrepreneurship Cell and powered by Gulf Islamic Investments (GII) received 150 business plans from budding business founders. Twenty-seven early-stage entrepreneurs participated in a five-week on-the-house entrepreneurship training programme, comprising customized workshops on effective business planning and personalized mentoring from seasoned industry professionals.

After a highly competitive selection process, Hulexo, a retail tech startup won Eureka! GCC Grand Prize title and USD 25,000 prize money to invest in their business. The second prize of USD 15,000 went to Exirio, while CrossVal secured third, winning $10,000. A new Innovation Recognition award was introduced and rightfully awarded to Gesture Talk, with an amount of $5,000, for their revolutionizing work in changing the lives of hearing-impaired individuals before an audience at the Habtoor Palace hotel in Dubai which included high-profile guests, renowned industry leaders and other supporters of Dubai’s business startup community.

GII co-Founder and co-CEO Pankaj Gupta commented, “The trajectory of Eureka! GCC has been ignited by the visionary leadership of Dubai, serving as a constant source of inspiration. Gulf Islamic Investments is proud to be associated with the UAE’s forward-thinking startup eco-system. We congratulate the winners and all participants and look forward to maintaining links with them all as their business journeys develop”.

Underlining the comprehensive partnership between India and the Arabian Gulf, Dr Aman Puri, consul-general of India in Dubai, said, "The alliance between UAE and India is currently basking in its golden age, radiating brilliance. Today, we gather to commemorate the profound collaboration between two prestigious institutions, GII and IIT Bombay, which embodies a holistic partnership. Our purpose is to ignite the spirits of aspiring young innovators who tread the path of global problem-solving, inspiring them to shape a brighter future."