I chat with Philip Bahoshy, the CEO of Magnitt, about the dynamic tech startup scene in the MENA region after a turbulent 2023. We delve into how recent economic shifts affect venture capital and discuss the current trends and 2024 predictions for venture capital in MENA, including the impact of new funding from Saudi Arabia, the resulting high demand for startups and the rise of startups like Tabby and Tamara to unicorn status. We also speculate on potential 2024 IPOs and ponder if MENA startups will pivot from the first layer of digital transformation into more ‘deep tech’, similar to trends in markets like Singapore. We discuss the context behind the numbers and share a cautious optimism for 2024.
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