The UAE produced one more unicorn, with Abu Dhabi-based new tech startup G42 breaking the $1 billion valuation barrier to join the Hurun list of unicorns in the first half of 2022.
The addition of G42 places the UAE at number 23 on the global list of unicorns – startups with valuations of $1 billion or more but not listed – compiled by global wealth tracker Hurun International. The addition of G42 brings the UAE's unicorn population to four. In another first, two GCC countries, Bahrain and Kuwait, made the Hurun list of Gazelles - startups with valuations ranging from $500 million to $1 billion that are expected to become unicorns within the next three years - with one startup each in the January-June 2022 index. According to the report, 242 startups worldwide achieved unicorn status between January and June 2022, bringing the total number of high-value ventures to 1,312.