{"id":15720,"date":"2024-09-25T07:59:49","date_gmt":"2024-09-25T07:59:49","guid":{"rendered":"http:\/\/TheNextWeb=1410457"},"modified":"2024-09-25T07:59:49","modified_gmt":"2024-09-25T07:59:49","slug":"how-to-tap-into-dubais-growing-startup-ecosystem-tips-for-european-founders","status":"publish","type":"post","link":"https:\/\/www.londonchiropracter.com\/?p=15720","title":{"rendered":"How to tap into Dubai\u2019s growing startup ecosystem: tips for European founders"},"content":{"rendered":"\n

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<\/a> 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.<\/p>\n

But recently, the city has become a haven for international tech startups looking to scale operations and reach new markets \u2014 attracting founders<\/a> and investors from Europe<\/a> to the Emirate. Most recently, London-based fintech Revolut<\/a>, 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.<\/p>\n

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\u2019s 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<\/a> plans to launch the world\u2019s first $1 billion overnight jackpot in Dubai this year.<\/p>\n

It\u2019s no secret that Dubai is a pioneer in offering business-friendly policies. In 2019, the country launched its golden visa scheme<\/a> 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.<\/p>\n

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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\u2019s no tax policy, lower housing costs, and safety. Nodeshift has since raised a $3.2 million<\/a> seed funding round in February 2024.<\/p>\n

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<\/a> for the third year in a row by the Global Entrepreneurship Monitor survey.<\/p>\n

There are now over 4,000 startups in the UAE<\/a>, and the number of scaleups in Dubai went up by 26% in 2022<\/a>, making the Emirate home to 40% of scaleups in the MENA region.<\/p>\n

The future holds even more prospects for founders as Dubai plans to double its digital economy GDP contribution to 20%<\/a> by 2031, attract 300 digital startups<\/a> by the end of 2024, and support 30 companies in becoming global unicorns<\/a>. Dubai\u2019s 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<\/a> in the Emirate, including benefits and discounts on everything from commercial offices to data-hosting.<\/p>\n

How to tap into Dubai\u2019s growing startup ecosystem<\/h2>\n

Expand North Star<\/a> 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.<\/p>\n

This year\u2019s 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.<\/p>\n

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.<\/p>\n

A 25% increase from last year\u2019s 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\u2019s first sustainable air mobility business in late 2024.<\/p>\n

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Entrance of Expand North Star in Dubai<\/figcaption>