By Nilanjan Dey
For new start-ups in 2022, the Middle East and North Africa (MENA) area is proving to be a popular option. In June 2022, startups in the MENA region collected an astounding $323.7 million across 66 deals where US investors were the most active foreign investors.
Here are the best cities in MENA for new start-ups according to a report published by Sortlist:
The capital city of Saudi Arabia seems to be the best in the MENA region for startups. It has a standing literacy rate of 95% and is the highest-ranking city in terms of happiness in the Mena Region. the average broadband speed that someone can get is 94.64 Mbps which is higher than most places provide and the electricity cost is also modest at 4.2 p/kWh.
Dubai has the highest internet download speed of any city in the UK and MENA on this list, with 189.07 Mbps. Fast internet like this would undoubtedly increase productivity during those critical early phases of a firm because it is ideal for hybrid working and collaborating with overseas clients and workers.
Taking the third spot is Kuwait-city which has a decent broadband speed of 149.37 Mbps and very low electricity prices of 2.5 p/kWh along with a good literacy rate of 96% the city is a good opportunity for startups. However, the office rents make a dent as it goes as high as £333.66 per month.
There is a lot that goes on when someone wants to begin a startup or company and a process that needs to be seen through.
Firstly, is the identification of the business ideas that needs to be started, then comes the process of writing a business plan. This allows for guidance in the initial phase of starting a business which is important. From logistics to business name everything should be included in the business plan. This helps in able to prioritize things and following them in an organized manner.
Last, but not least is funding or securing investment for the startup. This can come in many forms like personal savings, investment from friends, and even getting business loans or grants.
