Between 13-16 October, 18 Palestinian startups participated in the 2024 GITEX Expand North Star Conference in Dubai. This event offered Palestinian entrepreneurs a rare opportunity to gain global exposure, form strategic partnerships, and attract the investment necessary to fuel their growth—and, by extension, contribute to Palestine’s economic recovery.
Organised by the Innovative Private Sector Development (IPSD) Program, in collaboration with Intersect and Ibtikar Fund, the Palestinian Pavilion at Expand North Star spotlighted 18 of Palestine’s most innovative startups. These forward-thinking entrepreneurs presented cutting-edge solutions in areas such as AI, e-commerce, and more to an international audience of investors and industry leaders. “The IPSD project is committed to empowering Palestinian tech and tech-enabled startups and innovative SMEs, equipping them to excel on the global stage. Through our programs, we are paving the way for these pioneering entrepreneurs to shape the future of the Palestinian economy, enabling them not just to participate but to redefine the international market landscape.” said Ninaru Shtayyeh, Market Linkages Component Lead at the IPSD project.
Innovation on Display: Palestinian Startups at GITEX-Expand North Star
Palestine’s tech entrepreneurs are making remarkable strides, leveraging digital platforms to bridge gaps in the local economy and enter global markets. Despite their hurdles, Palestinian startups continue to display resilience. The significance of participating in global events like GITEX Expand North Star thus cannot be overstated; it is not just an opportunity for startups to showcase their products—it’s a crucial lifeline to much-needed investment.
International investment in Palestinian startups not only provides financial capital but also access to networks, expertise, and market opportunities that are otherwise difficult to reach from within. “The startups participating in the Palestinian pavilion are a sample of Palestinian ingenuity and leadership on the global stage. By joining us in investing in these companies, partners from both the MENA region and beyond can empower these visionaries to achieve global and regional success, create market leaders, and transform their own economies,” said Habib Hazzan, Managing Partner of Ibtikar Fund.
The tech sector offers a vital glimmer of hope in Palestine’s challenging economic landscape. The Palestinian Pavilion at Expand North Star is one of many initiatives aimed at linking Palestinian startups with global investors, a crucial step in driving economic recovery—especially in the wake of the devastation in Gaza. Rebuilding Gaza’s infrastructure will require not only resources but also innovation and international collaboration. Efforts like the SAFE Palestine initiative are already making strides, utilising simple agreements for future equity financing (SAFE notes) and grant-based support structures to impact 29 startups, preserving over 365 jobs and generating new employment opportunities within the tech sector. These initiatives are laying the foundation for investors to play a significant role in Palestine’s long-term economic recovery.
The Role of Sustainable Investment in Palestine’s Tech Future
Investing in Palestinian startups isn’t just a financial decision—it’s an opportunity to contribute to meaningful economic empowerment in Palestine. Given their longer-term strategy, international investors, particularly venture capital investors, can play a transformative role in the growth of Palestine’s tech sector.
Investors play a crucial role in bridging this gap by offering flexible financing models that avoid burdening startups with high-interest loans or pressures for quick exits. By prioritising equity-based investments and grants over debt-financing structures, investors can empower startups to focus on growth and innovation. “This opportunity not only highlights their technological innovations but also underscores the growing competitiveness of Palestinian startups in the global tech market,” says Rateb Rabi, CEO of Intersect. “Intersect’s expansion to the UAE is an integral part of our strategy to develop new opportunities for these startups and open up the market for Palestinian entrepreneurs, leveraging current existing hubs in Palestine with remote job and investment opportunities between both countries, promoting the scalability of tech economic development and fostering collaboration between the two regions.”
The innovative startups at Expand North Star demonstrated that, with robust partnerships from across the MENA region and beyond, Palestinian startups are poised to make a global impact while driving sustainable economic growth locally. While political and economic instability can be daunting, the resilience, ingenuity, creativity, and drive of Palestinian entrepreneurs provide a compelling reason to invest.
The IPSD project
The Innovative Private Sector Development Project is a Ministry of National Economy project for the Palestinian Authority, funded by the World Bank and the European Union, and implemented by DAI as the Project Implementing Agency. The project aims to improve economic opportunities for individuals and firms in the West Bank and Gaza Strip through the development of the entrepreneurial ecosystem and the expansion of technologically enabled innovative businesses.
Ibtikar Fund
Ibtikar Fund is Palestine’s only venture capital firm, specialising in early-stage investments in technology startups. Ibtikar provides crucial funding and strategic guidance to startups, enabling them to grow and scale their businesses. The fund has played a pivotal role in fostering innovation and technology development in Palestine, and its portfolio includes some of the region’s most exciting startups.
Intersect
Intersect is a non-profit tech and startup ecosystem enabler dedicated to fostering innovation and sustainable entrepreneurship in Palestine. Intersect aims to increase the growth, resilience, and innovation of Palestinian startups and tech innovators to advance technological contribution and solutions to the local, regional and global markets. Since its inception in 2020, Intersect is proudly powered by the Bank of Palestine Group and is at the forefront of the bank’s social impact and innovation efforts.