The sudden rise of Arab startups

  • Over the past year more than $3 billion has been raised from Middle Easterners for technology investments in the region, according to Bloomberg calculations based on public announcements.
  • Careem Networks FZ, a regional Uber Technologies Inc. rival, became the Middle East’s only Unicorn — a tech startup with the valuation over $1 billion — drawing backing from Daimler AG and Saudi billionaire Prince Alwaleed bin Talal.
  • After Amazon and other outsiders invested, locals waking up.
  • The availability of funding closer to home will mark a significant change for regional startups.

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