Saudi Arabia drives the Middle East region

 In 2021, Saudi Arabia will lead the Middle East in attracting $2.6 billion in startup investment: 

CEO of MAGNiTT

In terms of the region's potential, we are simply scratching the surface," MAGNiTT CEO Philip Bahoshy (left) told Daily Fast News (DFN)

RIYADH: According to MAGNiTT, a startup data provider for emerging venture markets, the Middle East will see record investment of $2.6 billion in 2021 as entrepreneurship explodes in Saudi Arabia.

On the margins of the Global Entrepreneurship Congress in Riyadh, MAGNiTT CEO Philip Bahoshy told Arab News, "We are merely scratching the surface in terms of the region's potential."

He believes there has never been a better opportunity to appeal to regional investors as an entrepreneur seeking funding.

Despite the fact that Bahoshy believes that a country's location has no influence on a company's performance, he feels that Saudi Arabia, the United Arab Emirates, and Egypt are quickly becoming great locations for any startup to prosper.

The data demonstrates that each of these areas has seen an increase in investment and deal activity, according to MAGNiTT's CEO. "However, the UAE, Saudi Arabia, and Egypt are the three major hubs, and they are quickly becoming must-visit destinations for any startup looking to succeed in the area."

According to Bahoshy, "scale is the name of the game," and a company must "operate in many geographies."

He emphasized that regional governments at all levels are facilitating access to markets, talent, and investment for startups.

Data transparency is important

MAGNiTT's CEO said the company was founded out of "the necessity for transparency of data and information" in order to collect all venture capital investments across growing venture markets.

According to Bahoshy, the emerging market segment is booming throughout the Middle East, Africa, Pakistan, and Turkey, which the company handles. "It's incredibly encouraging to see how engaged people are on a local level."

He claims that because the company has a strong presence in the MENA area and other nations, they can use a methodology to report on ecosystem growth in emerging venture markets, which they now cover.

MAGNiTT's CEO stated that their goal is to continue to strengthen the product, revenue, and business propositions for their clients, which has grown from five interns to currently 30 staff operating globally.

Bahoshy stated that the company aims to continue to build additional analytical tools, crack the valuation model, enhance the depth of study, and deliver that as a solution for clients.