According to the Enterprise, Mr. Omar AlMajoudie, partner & Chief Executive at Saudi Raed Ventures, stated that Egypt and Saudi Arabia are to become the next big hubs in the Middle East’s startup scene.
Venture capitalists are also convinced that both Egypt and Saudi Arabia’s progression in the market, exhibits a positive future in the region’s start-up scene. During the London Business School Middle East Conference, Mr. Omar AlMajoudie, stated that whilst the UAE has an entrenched strong position in the region’s present entrepreneurial ecosystem, Egypt and Saudi Arabia will have a vibrant entrance in the next wave of startups in the region.
“Egypt and Saudi Arabia will be the biggest inception point of the next wave of startups in the region. Not medium or small-scale startups, the big startups like Careem,” said Mr. AlMajoudie, referring to Cairo-based Swvl as a model.
