The Triumphs and Struggles of Arab Startups
More than a dozen startups in the Middle East and North Africa now have estimated valuations above $100 million, and Souq.com, a 3,000-employee company founded in 2005, is poised to be the region’s first “unicorn,” with a valuation above $1 billion. Yet the region’s entrepreneurs still face serious structural impediments to progress.
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DUBAI – The recent STEP conference in Dubai – the biggest startup conference for the Middle East and North Africa (MENA) region – attracted a lot of buzz. It seemed to indicate that the region’s startup scene was coming of age. Yet MENA entrepreneurs are still facing serious structural impediments to progress.