"Given an earlier Ramadan and Eid, we do not expect June and July to be quiet" - MAGNiTT CEO Philip Bahoshy shares May startup funding recap
Want to find out more?
Get a comprehensive overview of all the startup funding activity from May 2019 including: data on the top MENA startup countries, industries, investors and many more.
With these announcements, we see more international players enter the market. This has been a trend for investors and accelerators, with more international investors identifying the potential of Middle Eastern startups, but also corporations, who are looking to either invest and acquire local startups in order to expand into the Middle East through other means.
One of the largest companies in the world, Amazon, further strengthened its commitment to the region by rebranding Souq.com – which it acquired in 2017 for $580M – to its own brand name in the UAE (Amazon.ae). The website and mobile app are also available in Arabic to support local customers, a move that was also recently announced by Airbnb.
Our view is that this positive trend will continue through the summer. Given an earlier Ramadan and Eid, we do not expect June and July to be quiet as we build up towards another packed conference season in September.
Founder and CEO at MAGNiTT