Ghandour knows a thing or two about the tech startup scene. The Dubai-based Jordanian entrepreneur, investor and philanthropist has played a key role in the growth of Middle East and North Africa tech startups. He was one of the early investors in Maktoob.com, the regional online service company acquired by Yahoo in 2009 for $164 million, marking the region’s first high-profile exit.
“I admire those early entrepreneurs,” Ghandour notes. “Funding was so difficult. The ecosystem was very modest,” he said. “Everything was a challenge.” attends the Day 1 of the RISE Conference 2018 at Hong Kong Convention and Exhibition Center on July 10, 2018 in Hong Kong, Hong Kong. Ghandour points to three sovereign wealth funds, in particular, as leading the charge: Mubadala and ADQ in the UAE, and the Public Investment Fund in Saudi Arabia. “These funds have really seeded and built an ecosystem of no less than 60 VC funds in the region. From 2019, there were 10, now there are 60.
“People underestimate the incredible change that has happened in Saudi Arabia,” Ghandour said. “They are attracting their own national talent back home and empowering them and creating a regulatory environment that empowers them, while also attracting foreign talent. It’s a different Saudi Arabia.”also saw strong funding in 2022.
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