Dubai AI and Web3 Festival Kicks Off FutureTech World Cup

Organized by the Dubai AI Campus in partnership with the Dubai International Financial Center (DIFC) and the Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications Office, the Dubai AI & Web3 Festival launched the inaugural edition of The FutureTech World Cup, a competition that seeks to recognize and support the most promising start-ups from around the world.

In its first pre-qualifying round, The FutureTech World Cup featured 10 global start-ups that pitched their groundbreaking ideas to a panel of jury members that included Hasan Fardan Al Fardan, CEO of Al Fardan Exchange; Ian Arden, general partner of Mempool Ventures; Dr. Jonathan Doerr, partner MENAP of Antler; Ahmed Refaie, CEO and global CIO of G.P.I. Global Partners Investments; and Sarah Abuagela, partner and head of investment of Ceras Ventures.

“The FutureTech World Cup is designed to celebrate and elevate those who dare to believe they can transform the world of AI and Web3. Our goal is to support competent startups and founders from around the world with access to connections and investments that will help scale their businesses while ensuring they are solving real-world challenges," said senior angel investor and chairman of Trescon. 

Intense Competition

After an intense round of presentations and judging, three startups--Momint, Nettle, and Orbii--advanced to the grand finale, which is set to be held during the Dubai AI & Web3 Festival on September 11 and 12, 2024.

Momint was recognized for its innovative approach and impactful solutions for accelerating clean energy. Meanwhile, Nettle received the jury’s nod for its goal of redefining customer engagement with AI-powered digital humans for the omnichannel age. The third qualifier, Orbii, was honored for its model of harnessing better data and intelligent AI models to help lenders make faster and more accurate credit decisions.

"The competition provides a platform for innovators to showcase ideas, gain exposure, connect with stakeholders, collaborate with peers, and access capital, while also driving advancements in AI, Web3, and global digital economies,” Naveen Bharadwaj, Group CEO of Trescon told Inc. Arabia.

All start-ups qualifying for the grand finale are offered fully sponsored Start-up Pods at the Dubai AI & Web3 Festival. The final competition winner will receive a fully sponsored one-year Dubai AI Campus License, $10,000 of Trescon credits to be used for future events, access to mentorship by jury members, and networking opportunities with the industry’s finest, in addition to the coveted title of ‘FutureTech World Cup Champion.’ 

The second qualifier round is expected to take place later this month. Pre-qualification has already begun. Interested startups can apply for free at the Dubai AI and Web3 Future Tech World Cup.

FutureTech Dialogues

Prior to the launch of the FutureTech World Cup, Dubai AI & Web3 Festival organizers gathered local and international business and tech leaders to engage in FutureTech Dialogues. The Dialogues will support the realization of the event’s theme this year of “Enabling Digital Economies.”

Leaders from the UAE’s ecosystem of AI and Web3 enablers converged at the newly inaugurated Dubai AI Campus to discuss how AI are affecting the future of industries--and how businesses need to adapt.  

The event, which aims to provide a platform to explore and expand the commercial possibilities of AI and Web3 technologies, was attended by business and tech leaders in the UAE.

AI is expected to create 200,000 jobs in the Middle East alone by 2025, and by 2030, the Middle East will have captured 2% of AI’s global benefits, which will be worth an estimated $320 billion, the festival organizer said.

Mohammad Alblooshi, CEO of DIFC Innovation Hub, spoke of Dubai’s integrated ecosystem for AI and Web 3 technologies, noting that DIFC’s Innovation Hub’s exceptional facilities foster the ideal climate for disruptive startups and entrepreneurs.

The Future of Business

The Dubai AI and Web3 Festival will cover a range of topics and themes, including the intersection of AI and Web3, connecting technologies, scalability and storage, and regulation and ethics.

The festival will also tackle topics like innovation and investments, security and privacy, and sustainability and inclusion.

“Dubai AI and Web3 Festival is about enabling digital businesses and empowering the community. An AI industry professional who attends the festival will be able to upskill. A startup looking for mentorship or access to capital will find plenty of opportunities to meet investors. Different segments of the community--both on the enterprise and consumer fronts--will benefit from attending the festival,” said Bharadwaj.

During the dialogue, participants discussed a range of topics, from scalability and sustainability of Web3 and AI technologies to enterprise applications of these technologies, to how they can enable businesses to be more agile and competitive.

One of the most widely discussed topics was talent, with many participants discussing the challenges of recruiting and retaining talent for the rapidly growing sectors.

Hassan Al Fardan, CEO of Al Fardan Exchange, stressed the need to dedicate resources to develop talents that will drive the industry. He also emphasized the need to upskill the labor force to empower individuals to keep pace with the transformations taking place in various industries because of AI and Web3.

“AI and stacking of computing capabilities are driving investment over the long-term. This market can educate and influence the rest of the world. With Dubai’s advanced regulatory framework and supportive leadership, the possibilities are endless. The driving force for innovation is being made here,” said Juliano Itabaiana, chief growth officer at 2Future Holding.

Speaking to Inc. Arabia, Akram Awad, partner at BCG, emphasized the importance of focusing on the convergence of AI and Web3 technologies at the upcoming festival. "The festival is an opportunity to showcase the transformative impact these technologies are having across lifestyle industries that touch people's lives directly, particularly in sports, music, entertainment, and media," Awad said. "While it's crucial to engage in enterprise-level discussions and highlight the enablers of these technologies, it's equally important to inspire the public by demonstrating how AI and Web3 can revolutionize their everyday lives."