MENA tech predictions for 2025

Hi, friends 👋

Today's edition dives into something a little different: Yes, that’s right – if you weren’t already sick of predictions on the MENA tech and VC landscape for the upcoming year, allow us to gently tip you over the edge with today’s edition.

While my predictions may err on the conservative side – my crystal ball evidently has some sort of safe setting enabled – I've sought out the insights of some top regional VCs to make up for my lack of courage.

At the end of this edition, you'll find takes from the much more qualified sages; Hasan Haider (Managing Partner at Plus VC), Khaled Talhouni (Managing Partner at Nuwa Capital), Zach Finkelstein (Managing Partner at Class 5 Global), and Ivo Detelinov (General Partner at Oryx Fund).

Whenever I think of making predictions, 'Nostradamus' invariably springs to mind. Known for his vague and provocative style, this 16th-century astrologer, Michel de Nostradame, penned nearly 6,500 prophecies, often in cryptic verse. He received patronage from notable figures like the Medici family and whilst derided for his prophecies in some quarters, he saw commercial success during his lifetime, so honestly, I respect the hustle. If born today, I get this feeling that it’s likely he’d enjoy X in its current form.

However, it was in the 20th century in particular that Nostradamus’s fame soared when his book, The Prophecies, was translated and introduced to an English-speaking audience. Many believe he has predicted significant historical events such as the French Revolution, the world wars, the rise of Hitler, and even the moon landing.

In the text of his book, each four-line block, called a quatrain, attempts to predict the future. While logic might suggest Nostradamus' claims could apply to almost any event, some of them come eerily close to reality.

Take for example this quatrain, thought to predict the French Revolution:

"Songs, chants, and demands will come from the enslaved,
Held captive by the nobility in their prisons,
At a later date, brainless idiots,
Will take these as divine utterances”

This verse could be interpreted as invoking the storming of the Bastille in 1789 at the height of the French Revolution, with a little contorting and wilful blindness.

With Nostradamus's enigmatic legacy in mind, I've decided to embrace the role of seer myself. Here are my prophecies for the next 12 months…

🔮 Our predictions for 2025:

Jamie’s take

🇸🇦📈 Saudi IPOs on the rise

From ancient sands, wealth's hidden spring shall rise,
New kings of commerce under burning skies.
Power shifts as old realms bring forth gold,
Economic dominance, foretold and bold.

Globally, the pace of tech IPOs has slowed significantly since the heady days of pandemic frenzy. This deceleration is marked by some private giants like SpaceX, OpenAI, and Stripe raising billions to delay, and sometimes entirely bypass, the public market route.

Contrastingly, in the MENA region, public listings continue to be the quintessential liquidity event, despite slowly evolving secondary markets. Although Talabat's debut back on DFM back in December hasn’t quite lived up to its initial excitement from a market performance perspective, it remains a success worth celebrating.

Coincidentally, today, for instance, the beauty e-commerce platform Nice One goes public on the Tadawul. While significant, this event alone may not suffice to secure an A grade for the prediction I’m about to make.

I think it’s a well known secret within the region that there are a number of tech companies gearing up for IPOs. A notable example is the BNPL unicorn, Tabby. As divulged by General Manager Abdulaziz Saja at the 24 Fintech Conference, Tabby is preparing for a potential late 2025 or 2026 IPO in Saudi Arabia, and is already streamlining its governance and financial frameworks in anticipation.

Additionally, the online flower and gifts delivery platform, Floward, led by Abdulaziz Al Loughani, is firmly on the IPO trajectory. Initially slated for a mid-2024 debut on the Tadawul, and having engaged financial powerhouses Goldman Sachs and HSBC Holdings as early as late 2023, an IPO appears to be a question of when, not if.

Nailing my colours to the mast, I predict at least five tech IPOs in Saudi Arabia alone in 2025.

If I was to hazard a guess, I’d go for; Nice One (cheating, I know), Floward, Foodics, TruKKer and Unifonic.

There, I’ve said it. Next.

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