The United Arab Emirates, and Dubai in particular, has long been the gateway to the Middle East for international businesses. The Emirate is first in the world in terms of attracting Greenfield foreign direct investment and continues to attract major tech players, with Amazon, Google, Cisco, Oracle, Dell, and IBM all using Dubai as their headquarters in the MENA region.
But recently, the city has become a haven for international tech startups looking to scale operations and reach new markets — attracting founders and investors from Europe to the Emirate. Most recently, London-based fintech Revolut, which set up a branch in Dubai in 2022, is now looking to fully launch in the Middle East as the company seeks growth beyond its home market.
This upward trend is projected to increase as more European founders seek avenues to innovate and as Dubai announces new policies that facilitate growth. Following the creation of the UAE’s General Commercial Gaming Regulatory Authority (GCGRA) and the plan to lay out a regulatory framework for the commercial gaming industry, German serial entrepreneur and founder of Lottoland, David von Rosen-von Hoewel, revealed plans to launch the world’s first $1 billion overnight jackpot in Dubai this year.
It’s no secret that Dubai is a pioneer in offering business-friendly policies. In 2019, the country launched its golden visa scheme which lets foreign talent live and work in Dubai for up to 10 years without a sponsor. Founders can launch their business in just four days and with even fewer steps. Salaries are also tax-free if you have a UAE residence visa and use Dubai as your place of residence.
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To both lower overhead costs and offer better incentives to its developers, Nodeshift moved its IT department from San Francisco to Dubai. The startup has seen particular enthusiasm from engineers with families attracted by the city’s no tax policy, lower housing costs, and safety. Nodeshift has since raised a $3.2 million seed funding round in February 2024.
Not only is the UAE being looked to as an ideal spot to scale, it was ranked the best place in the world to start a new business for the third year in a row by the Global Entrepreneurship Monitor survey.
There are now over 4,000 startups in the UAE, and the number of scaleups in Dubai went up by 26% in 2022, making the Emirate home to 40% of scaleups in the MENA region.
The future holds even more prospects for founders as Dubai plans to double its digital economy GDP contribution to 20% by 2031, attract 300 digital startups by the end of 2024, and support 30 companies in becoming global unicorns. Dubai’s Chamber of Digital Economy has also signed a pact with private companies to bring together all the new and existing incentives and initiatives for digital startups in the Emirate, including benefits and discounts on everything from commercial offices to data-hosting.
How to tap into Dubai’s growing startup ecosystem
Expand North Star is aimed at helping startups and exhibitors attract investment and expand their networks. Slated for the 13th to 16th of October, 2024, the GITEX GLOBAL showcase will focus on solutions and practical applications in a wide range of areas including Agritech, AI, Climate Tech, Fintech, Health Tech, HR Tech, Mobility, Creative Economy, SaaS, and more.
This year’s edition also marks the highest attendance from Europe with over 350 startups expected. Germany will lead the new country pavilions with 40 startups, followed by Ireland, Poland, Latvia, Austria, and Portugal.
In the investment space, 30% of the more than 1,200 investors who will be attending hail from Europe. The extensive lineup includes Bpifrance, European Investment Fund, Enza Capital, MMC Ventures, H Tree Capital, Mouro Capital, European Innovation Council, and CVCs like NatWest Ventures, Honda Innovation, and Citi Ventures.
A 25% increase from last year’s event, this edition of Expand North Star will give attendees the opportunity to connect with over 65 global unicorns, including Austria-based BitPanda, which boasts over 3 million customers and a $4 billion valuation, and Volocopter, the German aircraft manufacturer launching the world’s first sustainable air mobility business in late 2024.
Networking opportunities, pitch battles, and more…
Expand North Star is unveiling new activities for 2024, including the Corporate Arena which will facilitate strategic partnerships and alliances for both existing projects and ideas in the works. This platform will pair up enterprises with founders and investors, with participants such as Citi Ventures, Santander Ventures, in-house accelerator programs, and service providers.
Also showcasing this year is Tech Transfer 3.0, designed to bridge the gap between leading research institutions, labs, and universities with tech experts, to showcase the innovation process from concept to commercial success. The NS Scaleup Program will offer a dedicated exhibition and networking space for over 100 scaleups from around the world, offering them the tools to facilitate growth.
The highly-anticipated Supernova Challenge Pitch Competition is making a return, offering an opportunity for emerging startups to shine. With a prize fund of $200,000 to be won, the competition will see contenders battling it out through a series of high-stakes preliminary rounds, coming to a head in an on-stage finale. And don’t miss these three new pitch competitions debuting this year.
Looking to make your mark?
Expand North Star is hosted by Dubai Chamber of Digital Economy and organized by Dubai World Trade Center. Inspired by GITEX GLOBAL, the six-day tech extravaganza will showcase a combined 8,300 exhibiting companies across 50 halls. Attendees can secure Visitor or Delegate passes, as well as Student passes, or opt for the Certified Trainings.
As partnerships between regions become highly-important to the global startup ecosystem, this event presents an opportunity for Europe’s founders and investors to create meaningful connections and explore the wide range of opportunities that Dubai has to offer. Secure your pass at www.expandnorthstar.com.
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