Start-Ups: Growth Engines of the Middle East

Despite the Middle East’s pervasive aversion to risk and tribal business culture, online start–ups are injecting energy into local markets.

The recent STEP conference in Dubai – the biggest start-up conference for the Middle East and North Africa (MENA) region – attracted a lot of buzz. It seemed to indicate that the region’s start-up scene was coming of age. Yet MENA entrepreneurs are still facing serious structural impediments to progress.

The successes of the region’s start-ups should not be underestimated. According to Wamda, a regional accelerator platform, more than a dozen start-ups – including Bayt, Careem, MarkaVIP, Namshi, News Group, Propertyfinder, and Wadi.com – now have estimated valuations above $100 million. Souq.com, a 3,000-employee company founded in 2005, is poised to be the region’s first “unicorn,” with a valuation above US$1 billion.

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Start-Ups: Growth Engines of the Middle East