I went to GITEX 2024, the CES of the Middle East
Enthusiasm for entry into the Middle East and North Africa with GITEX as a stepping stone
Actively promoting support projects for related organizations
news/cms/202410/18/news-p.v1.20241018.d475a893af1b4069a201109c3802dfee_R.png" data-width="1200" data-height="900" /> Enlarge photo GITEX 2024 [사진=유태양 파트너]
With GITEX 2024, the largest ICT convention in the Middle East-Africa region, being held successfully, attention is focused on Korean startups active in the region. In addition, related public institutions and accelerators are also accelerating support projects in the MENA (Middle East and North Africa) region.
According to a tally by Dubai International Trade Center (DWTC), the operator of GITEX 2024, a total of 251 Korean companies will participate in this event, the largest ever. Most of the participating companies are technology-based startups and small and medium-sized businesses, and it is said that the purpose of this event is to find buyers and partners in the Middle East market.
There are multiple Korea Pavilions in the GITEX Global Pavilion at DWTC, the main event venue, and the North Star Pavilion in Dubai Harbor, a startup event venue. By opening stores in the Korean Pavilion, individual participating companies can provide information to buyers and partners in the Middle East. I’m showing good deeds.
In line with this, various startup incubation institutions are also speeding up their support for localization of domestic startups. Gyeonggi Creative Economy Innovation Center (Director Kim Won-kyung, hereinafter referred to as Gyeonggi Innovation Center) hosts the ‘GITEX Expand North Star’ booth and showcase of 16 startups discovered through the National Innovation Center and Gyeonggi-do Climate Tech Startup Project to promote the participation of participating companies to the Middle East. Supported entry into the market. Center Director Kim Won-kyung said, “As a global base for national innovation centers, the Gyeonggi Innovation Center is expanding the local network for startups to advance overseas,” adding, “At this GITEX, we will not only support exhibitions but also connect with local organizations and investors such as the Dubai Chamber of Commerce and Industry.” “We expect that this will produce practical results, such as signing contracts and attracting investment,” he said.
news/cms/202410/18/news-p.v1.20241018.0570c522ad504ff99c66887f2eb5c735_R.png" data-width="1200" data-height="900" /> Enlarge photo GITEX 2024 [사진=유태양 파트너]
The National IT Industry Promotion Agency (NIPA) also officially opened a Middle East office (UAE IT Support Center) in Dubai Internet City on the 15th, enabling it to quickly support the increasing demand for Korean ICT companies to enter the local market. The Middle East office plans to provide services such as support for the advancement of Korean ICT companies, research, and provision of space for Korean companies. To date, NIPA has had offices only in major regions such as the Americas, Singapore, Vietnam, and India. Opening a new IT support center in the UAE can be interpreted as NIPA’s intention to focus its capabilities on support projects in the Middle East. NIPA President Heo Seong-wook, who attended the office opening ceremony, said, “The Middle East, especially the GCC region, is a key ICT hub with a large young population and fast-growing,” and added, “We plan to actively support Korean companies in their rapid local adaptation and market entry.”
The changing investment environment is behind Korean companies accelerating their expansion into the Middle East. The Middle East, especially Saudi Arabia, UAE, Qatar, and Kuwait, which are well-known as oil-rich countries, have been aggressively increasing investment in innovative industries since the 2010s to diversify industries and expand finances. PIF, Saudi Arabia’s sovereign wealth fund, has already established itself as a key investor in the Vision Fund, and the UAE’s G42 is also reigning as a large player dominating the artificial intelligence industry through collaboration with Open AI.
Another attraction of the Middle East market that startups focus on is the huge public-led ICT market. After Saudi Arabia announced Neom City in 2017, large-scale public projects and smart cities promoted by countries in the Middle East are attracting the attention of industry officials around the world. These include Saudi Arabia’s Neom City, Red Sea Development Project, Jeddah New City Industry, UAE’s Masdar City, and Qatar’s Lusail City. It is expected to be a show window for innovative technologies with project costs ranging from tens of trillions of won to hundreds of trillions of won.
Yoo Taeyang Crescent Consulting Partner
