GITEX Editions Launches, Showcases Top Unicorns

The highly anticipated GITEX Editions kicked off on the opening day of GITEX GLOBAL 2024, spotlighting the rapid growth of global late-stage advanced tech companies. This new addition to the event comes at a crucial time, as recent statistics show over 1,000 unicorns globally in 2023. This week’s showcase aims to further propel innovation, bringing together 59 top unicorns, collectively valued at $400 billion, including notable names like Axelera, DeepL, Synthesis AI, and Insilico Medicine.

During one of the sessions, Dr. Alex Zhavoronkov, Founder and CEO of digital health unicorn Insilico Medicine, and Tamer Elhamy, Chief Partner Officer of Microsoft Middle East, discussed the significance of mergers and acquisitions (M&A) in AI development. They highlighted how AI companies are advancing their foundational models to better serve enterprises.

The Middle East is at the forefront of digitalization, with over 300 M&A deals completed in the first half of 2024—half led by the UAE.

 Scaling GCC Business Globally

The GITEX Editions initiative aligns with Dubai’s goal to host 30 startup unicorns by 2030, further cementing its position as a global entrepreneurship hub. Today, Dubai is home to 40% of MENA’s scaleups.

In a discussion about nurturing GCC giants, Harrison Lung, Group Chief Strategy Officer at e&, and Tanuja Randery, Managing Director of AWS for EMEA, emphasized the importance of collaboration. Lung highlighted the need for stronger alliances, stating, “It’s more about transforming into a global technology company, developing win-win propositions, and solving customer needs.” Randery echoed these sentiments, adding, “With 70% of Middle Eastern businesses planning to migrate to the cloud within two years, collaboration is vital to unlock the potential $733 billion in economic value by 2033.”

 Driving Investments for Startups

Securing funding is critical for startups, but it often presents challenges. Steven Hoffman, Venture Investor and CEO of Founders Space, advised startups to focus on vertical AI growth, which tailors AI applications to specialized sectors like healthcare and hospitality.

Additionally, discussions about the AI EU Act and its global implications for AI-driven unicorns featured Kai Zenner, Head of Office & Digital Policy Advisor for the EU Parliament, and Dr. Agostino Ghiglia, Board Member of the Italian Data Protection Authority.

 GITEX GLOBAL: The Biggest Edition Yet

GITEX GLOBAL 2024, taking place at the Dubai World Trade Centre until October 18, marks the event’s largest and most international edition in its 44-year history. With over 6,500 exhibitors, 1,800 startups, and 1,200 investors from more than 180 countries, it is a global tech convergence.

GITEX GLOBAL also links with other major tech events worldwide, including GITEX EUROPE in Berlin, GITEX ASIA in Singapore, GITEX AFRICA in Morocco, and GITEX NIGERIA, fostering collaboration and innovation to shape the future of technology.