MENA: A Thriving Hub for Startups and Scaleups
Expand North Star
The largest startup event in the Middle East, Africa and South Asia. Dubai | 13 -16 October 2024 #ExpandNorthStar
The Middle East and North Africa (MENA) region is rapidly becoming a hotbed of startup activity. In 2023 alone, Gulf investors poured $3 billion into European startups—five times more than in 2018, according to Dealroom. But for European startups, connecting with investors beyond their own continent can be challenging, especially without face-to-face interactions. That's where international networking events come into play, offering a unique opportunity for global industry players to connect, collaborate, and secure investments.
Why MENA Is Attracting European Startups
Dubai, in particular, stands out as a fertile ground for innovation. H.E. Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, highlights the city’s support for creative thinkers and entrepreneurs. “Dubai is an ideal testbed for new ideas thanks to its progressive laws, simplified business setup processes, and a diverse population eager to embrace innovation,” he says.
The region is rapidly evolving as a financial center, and Dubai’s growth is evident. According to fDi Intelligence, it was ranked the world’s fastest-growing venture capital (VC) ecosystem between Q3 2017 and Q2 2023. The launch of the Dubai Economic Agenda (D33) further cements its place as one of the top global cities to live, invest, and work in. By 2031, the UAE aims to create 20 tech unicorns, following in the footsteps of success stories like Careem and Kitopi.
Expand North Star: Bridging Global Startups and Investors
Expand North Star, the world’s largest event for startups and investors, is hosted annually at Dubai Harbour, organized by Dubai World Trade Centre. The 2024 edition, set for October 13-16, promises to be even bigger than last year’s, which saw over 1,800 startups from 91 countries, including 52 unicorns with a combined worth of $663 billion.
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“Expand North Star is instrumental in connecting the global tech community to Dubai,” says Lootah. The event fosters deal-making, co-financing, and fundraising opportunities, helping startups scale and secure funding.
With a focus on key tech trends like AI, fintech, blockchain, climate tech, and deeptech, Expand North Star offers European startups access to a booming ecosystem. Investors like Vanela Bushi, cofounder of London-based H Tree Capital, view the MENA region as an untapped market with vast potential. "These events compress months of networking into a few days, creating unique opportunities for serendipitous connections," she says.
Beyond Borders: Expanding Opportunities for European Startups
Dubai’s strategic location at the crossroads of Europe, Asia, and Africa makes it an ideal launchpad for European startups. The Dubai Chamber of Digital Economy, a division of Dubai Chambers, offers business-matching services and roadshows worldwide to connect startups with the right investors, partners, and customers.
This global outreach included engaging with 1,500 startups in 12 cities across Europe in the first half of 2024, demonstrating Dubai’s commitment to attracting world-class talent and innovative businesses. As Lootah emphasizes, Dubai’s position as a gateway city makes it a vital hub for startups aiming to expand within the region and beyond.
Expand North Star 2024 is shaping up to be a pivotal moment for European startups to tap into the opportunities offered by MENA’s thriving tech landscape.