About 36 percent of all the Venture Capital (VC) deals across the Middle East and North Africa (MENA) region in the first half (H1) of 2024 were accounted for by the United Arab Emirates (UAE).
This was disclosed to BusinessDay at the ongoing 44th edition of the world’s largest tech and startup event, GITEX GLOBAL.
At the Expand North Star which features industry defining events, Fintech Surge, Future Blockchain Summit, Marketing Mania, and GITEX Impact, it was learnt that Generative AI has been a major focus for investors, with approximately $50 billion in global VC funding directed towards AI startups.
The Dubai Chamber of Digital Economy, one of the chambers operating under the umbrella of Dubai Chambers, aims to strengthen Dubai’s position as a global leader in digital economy, attract specialised talents, leading companies and new investments and create a stimulating environment that supports the growth of digital companies.
“The first half of 2024 witnessed substantial investment in the global startup ecosystem with total venture capital funding estimated at over $230billion,” said Mohammed Al Khoori, head marketing, HUB71.
The UAE’s startup ecosystem in 2024 is thriving, driven by strategic government initiatives, substantial venture capital investment, and a focus on key sectors like AI, Fintech, and green technologies. The UAE share of MENA region’s Venture Capital deals underscores its growing attractiveness as a venture capital hub in the region.
In H1 2024, $1.3 billion was invested across 321 VC deals in MENA, with activity projected to fall short of 2023 levels by the end of the year and continue its downward trend. In 2023, VC investments totaled $4 billion across 720 deals, down from a peak of $5.5 billion and 894 deals in 2022.
Investors, world’s largest technology enterprises alongside governments, experts, startups, academia, and researchers are currently at Dubai World Trade Centre (DWTC) for the 44th edition of the world’s largest tech and startup event, GITEX GLOBAL.
This year’s edition is expected to redefine the world’s digital economy and AI ecosystem as global startups, tech firms connect with investors and venture capitalists with over $1.2 trillion in Assets Under Management (AUM).
The six-day event themed “Global Collaboration to Forge a Future AI Economy” also connects the most innovative global founders with new markets, enterprise customers, and an influential pool of investors and venture capitalists. These include SOSV, Bessemer Ventures, Lightrock, Sinovation Ventures, and the European Innovation Fund.
This year’s event comes on the heels of global AI market projected to reach $621 billion in 2024 and soar to $2.7 trillion by 2032.
