Middle East based start-ups that have the potential to grow in the near future – Part 1

Current times might not be very much in favour of new businesses but some entrepreneurial ventures have seen success in the past half a decade. Most of the new ventures that are coming off the ground these days are internet-based start-ups.

Although only some of such ventures have tasted the sweet fruit of success in their tender ages, the ratio of prosperity to failure still remains higher than what has happened to the traditional brick and mortar system.

Last year’s Black Friday, Cyber Monday, Thanksgiving and Christmas seasons have seen a trend shifting from the tradition walk-in-store shopping to online sales. The online purchases are giving the likes of Best Buy, Target and K-Mart a tough time in electronic gadgets and home appliances. However, staple items and groceries still remain the strong suit of super stores.

Not only the US has seen this trend develop among its population but Middle East has also witnessed the same shift. Over the last one decade many companies in the UAE and other Middle Eastern countries have shifted their emphasis to online businesses; be it shopping, bidding or video watching.

Following are some of the start-ups that have been successful over the last five to six years.

1.      Unique Auction

Although online auction is not a new concept for internet users and online shoppers but Unique Auction brought a different idea to the table. The website does not only deal in bidding but it does so with an innovative approach. This venture has seen success on a number of fronts and has now included UAE into the fold.

With a track record of successful operations in Canada, now the company has launched a subsidiary in the UAE to cover the potential market of the Middle East.

Over the years, UA has sold many electronic and conventional items for a fraction percent of their original prices. It once sold a Nissan 350z sports car, worth thousands of dollars, for a mere $720 on a unique bid. The same case happened with hundreds of Xbox 360s that went to new owners for single figures amounts.

Hopefully, UA will address the UAE market, especially Dubai with the same zeal.

The company has been covered by a number of television channels with the likes of CNet , KTLA and CTV, in addition to newspapers and magazines like USA Today, Boston Globe, Forbes.

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Posted by Usman Khalid on Jan 16 2012. Filed under Business, Middle East. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.