Investor Behavior In the UAE Venture Space 2010-2020

^{Note 54:} Difference in number of investment firms who participated in at least 1 UAE startup round, in 2019 vs 2018 and 2019 vs 2017, is not statistically significant. Difference in 2019 vs 2018 and 2019 vs 2017, respectively: N=150, Wilson p’ 95% CI ([-.07, .15], [-.06, .16]); ⌊95% CI⌋ ([-10, 22], [-9, 23]). Active firms in 2017, …, 2019, respectively, Wilson p’ 95% CI ([.25, .40], [.24, .39], [.28, .44]); ⌊95% CI⌋ ([37, 60], [36, 59], [42, 66]).

^{Note 55:} Difference in number of investment firms who participated in at least 1 UAE startup round, in 2019 vs years 2010-2016, is positive. Difference in 2019 vs 2010, …, 2019 vs 2016, respectively, δ=(47, 53, 46, 37, 43, 27, 18), N=150, Wilson p’ 95% CI ([.22, .39], [.26, .43], [.21, .39], [.14, .34], [.19, 37], [.07, .28], [.01, .22]) (statistically significant in each case); ⌊95% CI⌋ ([33, 60], [40, 65], [32, 59], [22, 51], [28, 56], [11, 42], [1, 33]) (statistically significant in each case). Active firms in 2010, …., 2016, respectively: Wilson p’ 95% CI ([.02, .10], [.0003, .04], [.03, .11], [.07, .18], [.04, .13], [.12, .25], [.18, .32]); ⌊95% CI⌋ ([3, 14], [0, 6], [3, 15], [10, 26], [5, 19], [18, 37], [26, 47]).

^{Note 56:} Percentage share of investment firms who participated in at least 1 UAE startup round in 2019 out of all UAE startup rounds in 2015-2019, p=.47; N=150, 95% CI [.39, .55].

^{Note 57:} Growth rate in yearly active investment firms studied as rolling 5-yr CAGR of number of investment firms who participated in at least 1 UAE startup round in a year in periods of 5 years, 2015-2019 vs 2013-2017 and 2015-2019 vs 2014-2018, is not statistically significant; respectively: N=150, 95% CI ([-.18, .04], [-.17, -.05]). 2013-2017, …, 2015-2019 5-yr CAGR, respectively, 95% CI ([.29, .44], [.28, 43], [.21, .37]).

^{Note 58:}Growth rate in yearly active investment firms studied as rolling 5-yr CAGR of number of investment firms who participated in at least 1 UAE startup round in a year in periods of 5 years, 2015-2019 vs 2011-2015, is negative. δ=-.26, N=150, 95% CI [-.36, -.15] (statistically significant); δ/G=-46%. For 2015-2109 5-yr CAGR, see Note 57. 2011-2015 5-yr CAGR 95% CI ([.48, .61]).

^{Note 59:} Absolute rate of attracting new investment firms to invest in UAE startups reported as difference in distinct number of investment firms who have participated in at least 1 UAE startup round for the first time, in 2019 vs 2015, …, 2019 vs 2018, is not statistically significant in each case; respectively: N=150, ⌊95% CI⌋ ([-7, 19], [-3, 21], [-10, 16], [-11, 15]); Wilson p’ 95% CI ([-.05, .13], [-.03, .14], [-.07, .11], [-.08, .10]). New firms in 2015, …, 2019, respectively, ⌊95% CI⌋ ([13, 31], [11, 27], [16, 34], [16, 53], [18, 37]); Wilson p’ 95% CI ([.09, .21], [.07, .19], [.11, .23], [.11, .24], [.12, .25]).

^{Note 60:} Absolute rate of retaining investment firms in UAE venture space reported as difference in distinct number of investment firms who had participated in a UAE startup rounds in 2 different years, including measurement year, measured on the latest year, in 2019 vs 2016, …, 2019 vs 2018, is not statistically significant in each case; respectively: N=150, ⌊95% CI⌋ ([-3, 21], [-10, 16], [-8, 18]); Wilson p’ 95% CI ([-.03, .14], [-.07, .11], [-.06, .12]). Retained firms in 2016, …, 2019, respectively, ⌊95% CI⌋ ([11, 27], [16, 34], [14, 32], [18, 37]); Wilson p’ 95% CI ([.07, .19], [.11, 23], [.10, .22], [.12, .25]).

^{Note 61:} Difference in churned investment firms in 2018 reported as distinct number of investment firms who had participated in a UAE startup rounds in a previous year, and none in measurement year in 2018 vs 2017, is positive. Relative change in churned firms in 2018 = 1.00, N=150, 95% CI [0.93, 1.07]; δ=15, ⌊95% CI⌋ [2, 27]; Wilson p’ 95% CI [.01, .18]. Churned firms in 2017 and 2018, respectively, ⌊95% CI⌋ ([8, 24], [21, 41]); computed local p* 95% CI ([.09, .25], [.17, .34]).

^{Note 62:} Comparison in churned investment firms in 2018 vs 2011-2017 reported as difference in distinct number of investment firms who had participated in a UAE startup rounds in a previous year, and none in measurement year in 2018 vs 2011, …, 2018 vs 2016, is positive in each case; respectively, δ=(23, 29, 26, 18, 22, 19), N=150, ⌊95% CI⌋ ([10, 33], [17, 39], [13, 36], [4, 29], [9, 32], [5, 30], [1, 26]) (statistically significant in each case); Wilson p’ 95% CI ([.13, .26], [.07, .23], [.12, .26], [.09, .24], [.03, .20], [.06, .22], [.04, .20], [.01, .18]). For 2018 vs 2017, see Note 61. For churned firms in 2018 and 2019, see Note 61. Churned firms in 2011, …, 2016, respectively, ⌊95% CI⌋ ([3, 14], [0, 6], [1, 10], [6, 20], [3, 15], [5, 19]); computed local p* 95% CI ([.39, .99], [.00, .40], [.04, .37], [.19, .59], [.07, .28], [.08, .26]).

^{Note 62:} Difference in churned investment firms in 2019 vs 2018 reported as distinct number of investment firms who had participated in a UAE startup rounds in a previous year, and none in measurement year in 2019 vs 2018, is not statistically significant. N=150, ⌊95% CI⌋ [-15, 13]; Wilson p’ 95% CI [-.10, .09]. Churned firms in 2018 and 2019, respectively, ⌊95% CI⌋ ([21, 41], [20, 40]); computed local p* 95% CI ([.17, .34], [.14, .27]).

^{Note 64:} Comparison of new investment firms in 2019 vs 2015-2018 reported as difference in distinct number of investment firms who have participated in at least 1 UAE startup round for the first time, in 2019 vs 2015, …, 2019 vs 2018, is not statistically significant; respectively: N=150, ⌊95% CI⌋ ([-7, 19], [-3, 21], [-10, 16], [-11, 15]); Wilson p’ 95% CI ([-.05, .13], [-.03, .14], [-.07, .11], [-.08, .10]). New firms joining in 2015, …, 2019, respectively, ⌊95% CI⌋ ([13, 31], [11, 27], [16, 34], [16, 35], [18, 37]); computed local p* 95% CI ([.24, .56], [.15, .38], [.16, .35], [.14, .29], [.12, .25]). The figure mentioned in the insight text is “New firms joining” for 2019 with CI.

^{Note 65:} Comparison of retained investment firms in 2019 vs 2016-2018 reported as difference in distinct number of investment firms had participated in a UAE startup rounds in 2 different years including measurement year, measured on the latest year, in 2019 vs 2016, …, 2019 vs 2018, is not statistically significant; respectively: N=150, ⌊95% CI⌋ ([-3, 21], [-10, 16], [-8, 18]); Wilson p’ 95% CI ([-.03, .14], [-.07, .11], [-.06, .12]). Retained firms in 2016, …, 2019, respectively, ⌊95% CI⌋ ([11, 27], [16, 34], [14, 32], [18, 37]); computed local p* 95% CI ([.16, .35], [.12, .26], [.12, .25]). The figure mentioned in the insight text is “Retained firms” for 2019 with CI.

^{Note 66:} Churned investment firms in 2019 reported as distinct number of investment firms who had participated in a UAE startup rounds in a previous year and none in 2019 = 29. N=150, ⌊95% CI⌋ [20, 40]. This is the figure mentioned in the insight text. For more details, see Notes 61, 62 and 63.

^{Note 67:} Comparison of new investment firms vs retained vs churned in 2015-2019 reported as difference in 5-yr exponential moving average of F) investment firms who have participated in at least 1 UAE startup round for the first time; G) investment firms had participated in a UAE startup rounds in 2 different years including measurement year, measured on the latest year; and H) investment firms who had participated in a UAE startup rounds in a previous year and none in measurement year; with 2015-2019 as measurement period, for F vs G, G vs H, and F vs H, is not statistically significant in each case; respectively, N=150, ⌊95% CI⌋=([-10, 14], [-11, 14], [-13, 11]); Wilson p’ 95% CI ([-.07, .10], [-.07, .09], [-.09, .08]). ⌊EMA⌋ for F, G and H, respectively = (22, 19, 20); N=115, ⌊95% CI⌋ ([14, 32], [12, 30], [13, 31]).

Measurement is on year of round announcement.

Statistical significance and effect size are studied through analysis of confidence interval.

CI is Wilson score interval.

Unless explicitly mentioned, alpha = .05.

N is sample size of investment firms active in 2010-2019, unless context shows otherwise.