The Finance World Magazine| Edition: March 2023

Start-up
Promising Startups transforming the
Market in the UAE
The UAE has become a hub for promising startups, with a rapidly growing number of companies
disrupting industries and pioneering new solutions in the region. Its thriving startup ecosystem
is supported by its strategic location, diverse and cosmopolitan population, and a pro-business
environment. From fintech to e-commerce, healthtech to edtech, the UAE is home to a broad range
of innovative startups that are attracting significant investment and gaining global recognition.
In this context, we highlight five of the promising startups emerging from the UAE and the
impact they are making on their respective industries.
Beehive
Based in Dubai, Beehive is
the first peer to peer (P2P)
lending platform in MENA to
be regulated by the DFSA. As
a leading Fintech pioneer, the company
uses innovative technology to directly
connect businesses seeking fast, affordable
finance with investors who can help
fund their growth.
Beehive, which was founded in the
United Arab Emirates in 2014 by Craig
Moore, has taken peer-to-peer lending
to the next level. It specializes in
digital financial solutions for small and
medium-sized businesses (SMEs). By
linking its customers with interested
investors, Beehive has managed to attract
a user base of over 15,500 individuals.
Since the launch, businesses have
borrowed more than AED 1B through
the company’s platform.
Craig Moore,
Founder and CEO
Letswork
Letswork is a co-working start-up
based in the UAE and focused
on providing accessible and
affordable co-working spaces
for freelancers, entrepreneurs and
small businesses. It was established
with the goal of connecting individuals
with spaces. Beginning at their initial
hotel partner in Dubai, the company has
expanded into a worldwide provider
of workspace solutions that emphasize
flexibility, productivity, and community
experiences.
With the growth of the gig economy
and remote work, the demand for
flexible and collaborative workspaces
has skyrocketed. However, traditional
co-working spaces can be expensive
and require long-term commitments,
which can be a barrier to entry for many.
Letswork aims to address this gap by
offering hourly and daily rates, as well
as monthly and annual memberships
that don’t require a deposit or a longterm
contract. The start-up has already
expanded to several locations across
the UAE and has plans for further
expansion in the near future.
Letswork prioritizes sustainability
in its business practices; coworking
spaces are naturally sustainable since
they encourage the sharing of resources,
supplies, and spaces, which ultimately
helps reduce waste. The company takes
this a step further by not constructing
its own coworking spaces. Instead,
the company utilizes pre-existing
resources and maximizes their usage.
By offering a network of workspaces,
Letswork’s users can work closer to
home, avoiding long commutes and
lowering their carbon emissions.
36 www.thefinanceworld.com March 2023