MENA startups show accelerated growth rate
GITEX Future Stars is a fundamental part of this year's GITEX Technology Week 2017
GITEX Future Stars is a fundamental part of this year's GITEX Technology Week 2017, especially since investment in MENA startups has continued to strengthen.
MAGNiTT states that in the first nine months of this year, 169 deals were announced with Q3 being the strongest quarter resulting in 62 deals, totalling to $76m of investment.
MAGNiTT's founder, Philip Bahoshy, notes that is "extremely positive to see continued investment in MENA startups. The summer is generally perceived as a quieter period in the region. However, we saw a flurry of announcements in September and we expect this trend to continue through to year end."
Whilst he sees this trend to continue, Bahoshy reveals that the startup scene is a pyramid structure, with three separate stages. "The bottom of the base is continuing to grow; we are going to see more and more entrepreneurs, meaning there will be more startups that will succeed.
"We are also beginning to see more funding come into the region, so startups that require moving to one stage to another are beginning to get that capital, and I think we are beginning to see more appreciation of the startup ecosystem, as also the government is making initiatives, like 2071 to support and bring people together."