GITEX GLOBAL Lays Foundation for Web 3.0 Economy

Export Portal
3 min readFeb 20, 2023

The 42nd edition of the Gulf Information Technology Exhibition, better known as GITEX, successfully concluded at the Dubai World Trade Centre. The four-day event from October 10–14 saw the participation of over 5,000 companies from 90 countries and speeches from more than 1,000 speakers at the venue to bring forth the latest technological advancements in the field of smart cities, cybersecurity, data economy, mobility, healthcare, telecom, etc.

Advanced tech ecosystems on display

The world is witnessing a massive technological disruption in the form of the metaverse and Web 3.0 revolution; and this year’s GITEX Global rightly focused on the next-level innovations, with 26 halls spread over 2 million sq ft of exhibition space showcasing the world’s most advanced tech ecosystems. Flying car, driverless taxi, holographic humans, robots, the new generation of virtual reality headsets, and Hololens 2 by Microsoft among others were the main attractions in the event. However, the spotlight was on X-verse, which provides social discovery metaverse and helps people find new ways to socialize in the virtual world. X-VERSE has united the world’s most advanced tech ecosystems to empower diverse industries within the metaverse.

Dubai Metaverse Strategy gets push

GITEX Global was in alignment with the Dubai Metaverse Strategy, which aims at making the Emirate one of the world’s top 10 metaverse economies. The UAE expects its digital economy, which will be driven by IoTs, AI, blockchain, metaverse and Web 3.0 in future, to contribute nearly 20 per cent to the country’s GDP over the next 10 years.

In his opening keynote speech at the world’s largest tech event, Omar Bin Sultan Al Olama, UAE’s Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, said the GITEX Global had witnessed an impressive growth with each passing year and the convergence of best global minds under one roof in Dubai would create sparks of digital change across the world.

Expand North Star, the next big thing

Dubai is already offering one of the best tech ecosystems to entrepreneurs as well as start-ups to flourish. More than 1,400 start-ups with an estimated value of $24 billion, and 90 investment funds in the digital sector along with 12 business incubators are the testimony to the UAE’s resolve of becoming the world’s most attractive digital economy. It is for this reason, the UAE received a record-breaking $2.6 billion in start-up funding across the Middle East and North Africa in 2021.

At the GITEX GLOBAL investors briefing, the minister announced that Dubai would host Expand North Star in May 2023 to exhibit the country’s competitive advantages and growth opportunities in its fast-expanding digital economy. He emphasized: “The event will offer an excellent opportunity for entrepreneurs, innovators, and digital business leaders to connect with potential venture capital investors from around the world, while international unicorn founders will get the platform to share their inspiring success stories.”

Stay In the Loop with Export Portal

In the world of international trade, it’s vital to stay on top of current events. For information on how countries are doing during the pandemic, make sure to check out the rest of our export and import website!

--

--

Export Portal

Export Portal is an online B2B platform aiming to be a comprehensive international marketplace for Small and Medium-sized Enterprises and their counterparts.