TradeArabia News Service report indicated that startups need financial and institutional support in order to transform the economic landscape of the region.The Annual Investment Meeting (AIM) and foreign direct investment (FDI) events were aimed at improving networking and investment in Arab states. The forums were organized under the leadership of Dubai Ruler, UAE Vice-President and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum. The projects launched by the AIM startup facilitate interaction between tech-entrepreneurs and investors for funding and mentorship. Several economic benefits such as solution driven by technology and upcoming of new tech-companies are derived.
According to the Arabnet report, Middle East startups are likely to receive an additional of $1 billion funding this year. The financial support will fund AIM Startup event scheduled between 9th and 11th, April this year at the Dubai World Trade Centre. In 2017, the Middle East startups deals increased to 260 worth $560 million from 176 deals in 2016 generating $249 million. The report attached the startup’s expansion with the reduction in government entry rules and creation of ‘Doing Business’ environment.
Startups with the “Technology For Sustainable Development And Inclusive Growth” are encouraged to apply for the AIM event. Business plans, on the other hand, can apply for the final showdown funding at the same time. The event brings together key investors comprising of the capitalists and angel investors who select the leading startups for further funding.
In addition to investors, AIM which is the leading startup in the (Mena) also creates an ecosystem for employment and economic growth. So far, more than 200 startups have shown interest to take part in the international event. The successful startups will secure an opportunity to pitch their products to investors and International experts’ panel. The goal of the event foster to attract a large capital investment and more cash rewards. The overall AIM winner will receive a cash prize of $50,000 alongside other benefits.