Startup sets example of successful exit stories.

The UAE's startup industry has set an example of successful exit stories and founders reaping rich returns on investments, ever since the Souq-Amazon deal was inked for $580 million, followed by Uber's acquisition of Careem for $3.1 billion. The industry is now poised for record year in startup exits and young entrepreneurs are encouraged and strongly supported by the government, investors, accelerators and mentors.

The UAE is, in fact, offering a multicultural and vibrant ambience to budding entrepreneurs with the sole objective of boosting skills and development, which harnesses innovation and growth. The first half of 2019 remained very buoyant as the UAE remained the largest recipient of startup funding by number of deals, followed by Saudi Arabia, Bahrain and Tunisia, which have also emerged as a stronger ecosystem, according to the 'H1 2019 MENA Venture Investment Summary Research - Scaling beyond borders' study issued by Magnitt on Monday.

The first half of the year saw $471 million in total funding and 238 deals, indicating an increase of 66 per cent compared to the first half of 2018, as well as a 28 per cent increase in the number of deals - this is the highest number of deals in the first half of a year on record. The UAE accounted for the lion's share of total investment amount at 66 per cent, as well as 26 per cent of all deals in the first half.

The top sectors of the Mena startup industry include fintech, e-commerce, delivery and transport, food and beverage, IT...