Dubai, UAE - Expand North Star's AI Monday in Dubai featured more than 400 AI-centric startups.
Organized by the Dubai World Trade Centre and the Dubai Chamber of Digital Economy, the event highlights Dubai's role in the digital economy.
AI's impact on business
Aly Madhavji, managing partner at Blockchain Founders Fund, moderated a panel discussion on the role of AI in business.
Panelists Dhianu Das of Agility Ventures, India, Dan Bowyer of SuperSeed VC, UK, and Chirag Gupta of 8X Ventures, India, noted that AI is increasingly used to streamline operations and reduce costs.
Dan Bowyer said, "Every business will eventually integrate AI," drawing a parallel with the Internet's impact on business.
MENA Venture Capital Activity
MAGNiTT's Q3 2023 MENA Venture Investment Premium Report recorded a 32% quarter-on-quarter increase in venture funding.
Specifically, $250 million was raised in 78 deals in Q3, bringing the cumulative total for the first nine months of 2023 to $1.4 billion from 286 deals.
Saudi Arabia reported a 172 percent increase over the previous quarter, while the UAE saw a 55 percent increase in funding.
According to Philip Bahoshy, CEO of MAGNiTT, large investment deals and the introduction of new VC funds are driving the increase.
India-UAE Economic Relations
Expand North Star 2023 assembled the most prominent Indian startups outside India.
The panel of Indian-origin entrepreneurs emphasized the need for $50 million in base revenue for startups considering global expansion.
Adapting to market conditions was cited as critical to competitiveness.
The Dubai event attracted an investor base overseeing over $1 trillion in assets, underscoring the emirate's importance in the global digital economy.
