How one can make the most of Dubai's rising startup ecosystem: suggestions for European founders

The United Arab Emirates, and Dubai in particular, have long been the gateway to the Middle East for international companies. The emirate leads the world in attracting foreign direct investment and continues to attract major technology companies. Amazon, Google, Cisco, Oracle, Dell and IBM use Dubai as their headquarters in the MENA region.

But recently, the city has become a haven for international tech startups looking to expand their operations and enter new markets – attracting founders and investors from Europe to the emirate. Most recently, London-based fintech company Revolut, which opened an office in Dubai in 2022, is now aiming to fully launch in the Middle East as the company seeks growth beyond its home market.

This upward trend is expected to intensify as more European founders seek opportunities to innovate and Dubai announces new growth-boosting policies. Following the launch of the UAE's General Commercial Gaming Regulatory Authority (GCGRA) and plans to create a regulatory framework for the commercial gaming industry, German serial entrepreneur and Lottoland founder David von Rosen-von Hoewel announced plans to launch the world's first $1 billion overnight jackpot in Dubai this year.

It's no secret that Dubai is a pioneer when it comes to business-friendly policies. In 2019, the country launched its Golden Visa program, which allows foreign talent to live and work in Dubai for up to 10 years without a sponsor. Founders can set up their company in just four days and with even fewer steps. Salaries are also tax-free if you have a UAE residency visa and use Dubai as your place of residence.

To both reduce overhead costs and provide better incentives for its developers, Nodeshift moved its IT department from San Francisco to Dubai. The startup has garnered enthusiasm, especially among engineers with families, who are attracted by the city's tax exemption, lower housing costs, and safety. Nodeshift has since closed a $3.2 million seed funding round in February 2024.

Not only is the United Arab Emirates considered an ideal place to grow, it has been named the best place in the world to start a new business for the third year in a row in the Global Entrepreneurship Monitor survey.

There are now over 4,000 startups in the UAE and the number of scaleups in Dubai increased by 26% in 2022, making the emirate home to 40% of scaleups in the MENA region.

The future holds even more promise for founders, as Dubai plans to double its digital economy contribution to GDP to 20% by 2031, attract 300 digital startups by the end of 2024, and support 30 companies to become global unicorns. Dubai's Chamber of Digital Economy has also signed a pact with private companies to bring together all new and existing incentives and initiatives for digital startups in the emirate, including perks and discounts on everything from business offices to data hosting.

How to take advantage of Dubai’s growing startup ecosystem

Expand North Star is designed to help startups and exhibitors attract investments and expand their networks. Scheduled for October 13-16, 2024, the GITEX GLOBAL exhibition will focus on solutions and practical applications in a variety of areas including Agritech, AI, Climate Tech, Fintech, Health Tech, HR Tech, Mobility, Creative Industries, SaaS and more.

This year's edition also sees the highest number of participants 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 sector, 30% of the more than 1,200 participating investors come from Europe. The extensive field of participants includes Bpifrance, European Investment Fund, Enza Capital, MMC Ventures, H Tree Capital, Mouro Capital, European Innovation Council and CVCs such as NatWest Ventures, Honda Innovation and Citi Ventures.

This edition of Expand North Star is up 25% from last year and offers participants the opportunity to connect with over 65 global unicorns, including Austria-based BitPanda, with over 3 million customers and a $4 billion valuation, and Volocopter, the German aircraft manufacturer launching the world's first sustainable air mobility company in late 2024.

Entrance of Expand North Star in Dubai

Networking opportunities, pitch battles and more…

Expand North Star unveils new activities for 2024, including the Corporate Arena, which will facilitate strategic partnerships and alliances for both existing projects and ideas in development. This platform will connect companies with founders and investors, with participants such as Citi Ventures, Santander Ventures, internal accelerators and service providers.

This year will also see the presentation of Tech Transfer 3.0, which aims to bridge the gap between leading research institutions, labs and universities with technical experts to showcase the innovation process from concept to commercial success. The NS Scaleup program will provide a dedicated exhibition and networking area for over 100 scaleups from around the world, providing them with the tools to fuel their growth.

The highly anticipated Supernova Challenge pitch competition is back, offering aspiring startups a chance to shine. With a $200,000 prize pool up for grabs, the competition will see contestants battle it out for victory in a series of high-stakes preliminary rounds, culminating in an on-stage finale. And don't miss these three new pitch competitions making their debut this year.

Supernova Pitch Battle at Expand North Star Dubai 2023

Do you want to make a statement?

Expand North Star is hosted by the Dubai Chamber of Digital Economy and organized by the Dubai World Trade Center. Inspired by GITEX GLOBAL, the six-day tech extravaganza will showcase a total of 8,300 exhibiting companies in 50 halls. Participants can secure visitor or delegate passes, student passes or opt for certified training courses.

As partnerships between regions become increasingly important to the global startup ecosystem, this event offers European founders and investors the opportunity to make meaningful connections and explore the diverse opportunities Dubai has to offer. Secure your pass at www.expandnorthstar.com.