GITEX Editions makes its debut to redefine global power tech domination

• The all-new premier showcase saw deeptech founders, CEOs and industry leaders gather at Dubai World Trade Centre for a series of thought-provoking discussions centred around AI.

Dubai, United Arab Emirates – 14 October 2024: The all-new GITEX Editions kicked off on the opening day of GITEX GLOBAL, focusing on the acceleration of global late-stage advanced tech companies.

This addition comes at a crucial time, with statistics indicating over 1,000 unicorns worldwide in 2023. This week's showcase aims to foster further development by bringing together 59 leading global unicorns with a combined valuation of $400 billion. Notable participants include Axelera, DeepL Synthesis AI, and Insilico Medicine.

During one session, Dr. Alex Zhavoronkov, Founder and CEO of digital health unicorn Insilico Medicine, joined Tamer Elhamy, Chief Partner Officer of Microsoft Middle East, to discuss the significance of mergers and acquisitions (M&A) and how AI companies are optimizing their foundational models for enterprise efficiency. The audience learned that the Middle East is at the forefront of digitalization, with over 300 M&A deals completed in the first half of 2024, half of which were initiated by the UAE.

Scaling GCC Business Globally

The staging of GITEX Editions aligns with Dubai's goal of becoming home to 30 startup unicorns by 2030 as the emirate transitions from a regional to a global entrepreneurship hub. Currently, Dubai hosts 40% of MENA’s scaleups.

To nurture the growth of future giants in the GCC region, Harrison Lung, Group Chief Strategy Officer of e&, and Tanuja Randery, Managing Director, Europe, Middle East, and Africa of Amazon Web Services (AWS), participated in an engaging session about the importance of collaboration. Lung emphasized the need for strong partnerships, stating, “For us, it’s more about a transformation towards a global technology company. In the areas of partnering, the idea is to develop a win-win proposition and solve customer needs.”

Randery echoed this sentiment, noting that there is no better time for companies to enter the market. She highlighted, “This region is incredibly attractive in terms of growth potential. A statistic showed that almost 70% of businesses in the Middle East want to transition most of their operations to the Cloud within two years, potentially unlocking USD $733 billion in economic value by 2033. To make the Cloud accessible, we need partners and alliances.”

Driving Investments for Startups

Funding is essential for driving both long-term and short-term growth, yet it often poses challenges. Steven Hoffman, Venture Investor, Author, and Chairman & CEO of Founders Space, provided key insights on adopting a vertical growth strategy for startups. He remarked, “There is a lot of money flowing into AI, but most of it is concentrated in a few dominant companies, which impacts the growth of startups. Consequently, funding is increasingly directed toward vertical AI, focusing on specialized areas like healthcare or hospitality while integrating AI into these business models.”

In another session, Kai Zenner, Head of Office & Digital Policy Advisor of the EU Parliament, and Dr. Agostino Ghiglia, Board Member of the Italian Data Protection Authority, engaged in a broader discussion on the AI EU Act and its global implications for the next generation of AI-driven unicorns.

Taking place at the Dubai World Trade Centre (DWTC) until 18 October, GITEX GLOBAL showcases its largest and most international edition in its 44th year, welcoming over 6,500 exhibitors, 1,800 startups, 1,200 investors, alongside governments from more than 180 countries.

DXB News Network is proud to be the official media partner of GITEX GLOBAL 2024, playing a key role in connecting the world’s largest network of tech events. GITEX GLOBAL encompasses major events such as GITEX EUROPE Berlin, GITEX ASIA Singapore, GITEX AFRICA Morocco, and GITEX NIGERIA, all aimed at fostering collaboration and driving innovation to shape the tech landscape of tomorrow.