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Experts Explore Unprecedented Artificial Intelligence (AI) Potential as Expand North Star Enters Day 2

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North Star

Startups driving AI innovation, VC Funding and the Indian-UAE technology ties key highlights on Day 2

DUBAI, United Arab Emirates, October 16, 2023/APO Group/ — 

AI is booming, and startups are at the heart of this revolution. OpenAI triggered the current AI phenomenon when it launched ChatGPT in November last year. Today, generative AI has the potential to generate up to $4.4 trillion in value across industries.   

Expand North Star (ENS) hosted AI Monday today to showcase over 400 AI-infused startups. Moreover, AI was a common theme across all the conference tracks.

A panel discussion titled “Generative AI Market Map worth $98 Billion: VCs Hungry for Startups in AI & DeepTech: Overhyped or the Next Frontier?” discussed how AI startup innovations are transforming the enterprise. The session was moderated by Aly Madhavji, Managing Partner, Blockchain Founders Fund.

During the session, the panelists discussed challenges for early-stage startups and what due diligence is required of them as they grow. Dhianu Das, Founder, Agility Ventures, India, Dan Bowyer, Partner, SuperSeed VC, UK and Chirag Gupta, Managing Partner, 8X Ventures, India, noted that a challenging macro environment and tighter spending are pushing companies to reduce costs. To address these pain points, organisations are turning to AI has proved invaluable in helping businesses streamline operations. “Eventually, every business will be an AI business. This demonstrates how transformative AI is. To me, AI is this generation’s internet moment,” said Bowyer.

UAE, Saudi, Lead MENA Fundraising

The landmark global gathering welcomes over 1,800 startups across GITEX Global and Expand North Star from more than 100 countries

According to the  Q3 2023 MENA Venture Investment Premium Report (https://apo-opa.info/45u1maV) by startup data platform MAGNiTT, MENA venture funding in the third quarter saw $250M raised across 78 deals, a 32% increase compared to Q2 of 2023. This contributed to $1.4 billion raised through 286 transactions in the first nine months of 2023. Saudi Arabia and UAE led the region in capital raised, with the Kingdom reporting a 172% QoQ increase. Conversely, the Emirates registered a 55% upswing in new funding. By the number of transactions, UAE has seen the most activity, capturing a third of all deals closed in MENA for the first nine months of 2023.

Speaking at Expand North Star AI Monday, MAGNiTT Founder and CEO Philip Bahoshy , attributed to Q3 performance to a series of mega deals ($100 million plus investment deals) across the region. In a media note ahead of the report’s launch, Baloshy noted the rise in new VC funds. In MENA, UAE’s Chimera Capital and Aliph Capital have launched new funds, and in Saudi Arabia IMPACT46 and KAUST have raised funds to deploy in local startups. “We’ll be keenly tracking the pace at which this dry powder translates into investments. In fact, investment activity in Q4’23 will be a good indicator of the strength of 2024’s VC landscape.”

India in the Spotlight as India-UAE Links Deepen

Expand North Star 2023 hosts the largest gathering of Indian startups ever outside India. As India and the UAE continue to strengthen their already solid economic ties, there’s growing interest among India’s tech titans for the UAE’s emerging digital economy. A panel comprising some of India-origin most successful entrepreneurs discussed what the evolving India-UAE story means for startups and the next logical steps for startups from the sub-continent to establish themselves in the Arab world’s second-largest economy.

Rohit Chennamaneni, Founder, Darwinbox, Abhiraj Singh Bhal, Co-Founder & CEO of Urban Company, Amit Zutshi, Founder and Managing Partner of Morphosis Venture Capital Limited, Ramakant Sharma, Founder, LivSpace collectively discussed scaling across borders. They recommended a base revenue of at least $50 million before considering international expansion. To determine true product-market fit, it’s crucial for B2B companies, especially in enterprise technology, to have a strong presence and see through a renewal cycle, the audience heard.

According to the expert panelists, physical presence and local expertise, tailored to the region’s context, are highly effective in gaining a competitive edge. Ultimately, the core principles of B2C should remain consistent, but all other factors, including services, operating models, and initial go-to-market strategies, should be adapted for the specific market.

Hosted by the Dubai Chamber of Digital Economy and organised by Dubai World Trade Centre (DWTC) Expand North Star marks its largest-ever edition this year, from 15-18 October 2023, at its new Dubai Harbour venue. The landmark global gathering welcomes over 1,800 startups across GITEX Global and Expand North Star from more than 100 countries. More than 1,000 investors with a combined total of over US$ 1 trillion under management are in Dubai, which is rapidly emerging as the heart of the world’s digital economy.

Distributed by APO Group on behalf of Expand North Star.

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Ministers among hundreds of energy-sector leaders to attend AOW event

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Sinclair

The event kicks off with an invitation-only ministerial symposium focused on the theme of “Fostering innovation, attracting investment, and promoting sustainable growth in the oil, gas, and energy sectors”

CAPE TOWN, South Africa, October 4, 2024/APO Group/ — 

AOW: Investing in African Energy (https://AOWEnergy.com) – Africa’s leading oil, gas and energy event – has confirmed attendance for more than 80 ministers and senior officials, representing African governments, energy departments and regulators at next month’s event.

These influential stakeholders will be among the more than 1 600 senior delegates and industry leaders who will be attending the event to develop policy, share discoveries, secure investment, and shape Africa’s energy future.

The event kicks off with an invitation-only ministerial symposium focused on the theme of “Fostering innovation, attracting investment, and promoting sustainable growth in the oil, gas, and energy sectors.”

Given the recent major oil-and-gas discoveries across Africa, the energy transition and major geopolitical events, it is clear that the energy sector needs positive intervention

Among the officials and government ministers attending will be energy leaders from South Africa, Nigeria, Namibia, Cote d’Ivoire, Mozambique, DRC, Ghana, Kenya, Madagascar, Eswatini, Uganda, CAR, Guinea Conakry, Guinea Bissau, Ethiopia, The Gambia, Gabon, Malawi, Morocco, Zanzibar, Liberia, Senegal, Congo Brazzaville and Sierra Leone.

In addition, the event will feature high-level delegations from numerous national oil companies, as well as multilateral bodies including the African Union, (AU), African Energy Commission (AFREC), African Petroleum Producers’ Organization (APPO) and the Southern African Power Pool (SAPP).

AOW will see these energy leaders networking with C-suite executives and decision-makers from more than 760 top energy companies at daily networking events, to discuss insights, forge new relationships, and negotiate major energy deals.

“We are so excited to see the calibre of delegates at this year’s AOW event,” says Chief Executive Officer of Sankofa Events, Paul Sinclair. “Given the recent major oil-and-gas discoveries across Africa, the energy transition and major geopolitical events, it is clear that the energy sector needs positive intervention. The high-powered attendance proves AOW is a key platform to enable this intervention.”

Key themes to be discussed at this year’s AOW will be sustainable upstream development; expanding gas value chains; renewables and new energies; adoption of best-in-class technologies; and access to finance.

AOW: Investing in African Energy will culminate in a special anniversary party at Groot Constantia Vineyard to celebrate 30 years of the AOW event.

Distributed by APO Group on behalf of AOW: Investing in African Energy.

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Afreximbank approves US$20.8 million for Starlink Global’s cashew factory project in Lagos

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The facility is expected to promote value addition which will guarantee increased earnings to the company while also fostering the creation of about 400 new jobs

CAIRO, Egypt, October 4, 2024/APO Group/ — 

African Export-Import Bank (Afreximbank) (www.Afreximbank.com) has approved a US$20.8 million financing facility for Nigeria-based Starlink Global & Ideal Limited to enable the company construct and operate a 30,000-metric tonne per annum cashew processing factory in Lagos.

We are delighted at this partnership which promises to deliver significant impact on employment in Nigeria

According to the facility agreement signed in on July 22, 2024, Afreximbank will provide the funds in two tranches with the first tranche of US$7.48M going toward capital expenditure for the construction of the factory and the second, totalling US$13.25M to be deployed as working capital for the operations of the factory.

The facility is expected to promote value addition which will guarantee increased earnings to the company while also fostering the creation of about 400 new jobs once the factory becomes operational. It is also expected to support about 40 small and medium-sized enterprises.

Commenting on the transaction, Mrs. Kanayo Awani, Executive Vice President, Intra Africa Trade and Export Development, Afreximbank, said that by supporting Starlink Global to establish a modern processing facility, Afreximbank is making it possible for Africa to add value to its agro-commodities, thereby facilitating exports and subsequent inflow of much-needed foreign exchange into the continent.

“We are delighted at this partnership which promises to deliver significant impact on employment in Nigeria. It will contribute to value creation and to the development of the local community while also improving the lots of smallholder farmers and small business suppliers that will work with Starlink across the value chain,” Mrs. Awani added.

Distributed by APO Group on behalf of Afreximbank.

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Sonangol to Lead Decarbonized Oil & Gas (O&G) Development, Says Angolan National Oil Company (NOC) Head

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Sonangol

Participating in an on-stage interview at Angola Oil & Gas 2024, Sonangol CEO Sebastião Gaspar Martins emphasized that oil and gas remains a core focus for the national oil company

LUANDA, Angola, October 3, 2024/APO Group/ — 

Angola’s national oil company Sonangol reiterated its commitment to driving sustainable hydrocarbon development during the Angola Oil & Gas (AOG) conference this week. Speaking during an “In-Conversation with” session, Sonangol CEO Sebastião Gaspar Martins stated that the company will not abandon oil and gas, but rather advance decarbonized oil and gas development.

We are looking at opportunities in the gas sector and have identified the right partner to develop non-associated gas

By investing in upstream oil and gas production while prioritizing low-carbon projects, Sonangol aims to boost national crude output, while diversifying and decarbonizing the industry. The NOC is focusing efforts on non-associated gas development, as well as alternative energy sources such as solar.

“We are looking at opportunities in the gas sector and have identified the right partner to develop non-associated gas. Gas produced from Angola LNG will be used for the production of fertilizer and we are evaluating the utilization of gas in the south of the country, linking gas with steel industries. We also have a blue carbon project, linked to the reduction of carbon through the plantation of mangroves. We have one area in Luanda and have identified four additional areas for this,” stated Gaspar Martins.

Sonangol has undergone transformation in recent years: following the creation of the National Oil, Gas & Biofuels Agency (ANPG) in 2019, Sonangol transferred its role as national concessionaire and regulator. This transformation has aimed to make Sonangol more competitive and strengthen its capacity as an upstream operator. Concurrently, the government is partially privatizing the NOC, with privatization set to be complete in 2026. This process will enhance financial capacity, allowing Sonangol to drive new upstream projects forward.

“The transformation of Sonangol started several years ago, when we passed the regulatory, concessionaire role to the ANPG. At the time, we transferred almost 600 employees to the ANPG. After that, Sonangol underwent a restructuring program where we created five core business units from 36 different entities – starting with exploration and production. We want to go public, but we want to do it properly. So, we are currently going through all the processes to do this,” stated Gaspar Martins.

Distributed by APO Group on behalf of Energy Capital & Power.

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