The United Arab Emirates (UAE) said that a partnership between the Federal Government and the private sector would be crucial in repositioning Nigeria’s startup ecosystem.

The Chief Executive Officer of Dubai Future Foundation (DFF), Khalfan Belhoul, said this while speaking with journalists yesterday at the ongoing GITEX Global Technology expo and exhibition in Dubai, UAE.

Belhoul urged the Nigerian government to avoid the temptation of seeing the private sector as its competitor but leverage the expertise and experience of players to grow the local economy.He said the UAE believed that Nigeria’s startup ecosystem offers a lot of potential, but that the Nigerian government still needs to do more work to harness the benefits of startup ecosystem.

According to him, in UAE, the government works with the private sector to harness the potential of the economy, especially technology, which he said, is a testament to what has become a trend around currently.

Belhoul noted that DFF is shaping the future of the Arab Emirates, adding: “We re-imagine, inspire and design Dubai’s future in collaboration with our public and private sector partners. We aim to make Dubai one of the world’s foremost future cities.”

Relatedly, the Lagos State Government hopes to help Nigerian startups secure between $2 to $3 million in investments at the ongoing GITEX Global 2024 in Dubai, United Arab Emirates.

The state’s Commissioner for Innovation, Science and Technology, Tunbosun Alake, stated this on the sideline of the event. Alake said the expectation of investment is based on the feat achieved by the Nigerian startups brought by the government at the 2023 edition of the event.

“Last year, some of the startups we brought raised money, and some won. One of them won $100,000, another won $50,000. One is currently in talks to raise $1.5 million, and there are pockets of others like that.

“So, this year, we are also targeting anywhere between $2 and $3 million in investments for our startups,” he said. The Commissioner disclosed that the government brought five startups and nine companies that have passed the startup phase to showcase their innovation to global investors at the Expand North Star 2024, the startup and investment part of the GITEX Global event.

Competing at this year’s GITEX are about 1800 startups from about 100 countries, with participation of 1200 investors, 450 speakers and over 200 accelerators and ecosystem partners. These competing startups are expected to showcase their innovations around artificial intelligence (AI), identity management, mobility, Internet of Things among others.

Some of the Nigerian startups that are competing for investors’ attention are Agrovesto, ATB Tech Limited, Hyperspace Technologies, Qucoon Limited, Seamfix Limited, and Veto among others.

Meanwhile, the Executive Vice President of Dubai World Trade Centre (DTWC), Trixie LohMirmand, has said that Artificial Intelligence and deep technology will shape and drive the future global economy.

The DWTC EVP, the principal organiser of the ongoing GITEX Global, said: “Global Collaboration to Forge a Future AI Economy is a vital platform for harnessing the transformative potential of these technologies. AI and deep tech will redefine tomorrow’s economy.”

The EVP remarked that the event will showcase the next generation of technological advancements, doubling down on global collaborations and innovations that will drive the future.