Marc Banoub 🙌🏼

There are over 15 tech (or VC backed) companies in the Middle East & North Africa that are doing over $100 million in annual revenue (or run rate). This list only includes companies with publicly available financial data (in some form) or where I have been able to confirm. There may be other companies generating $100 million or more in revenue, but their numbers haven't been disclosed. Delivery Hero MENA (not an independent company) did nearly $3 billion last year. These numbers also include Turkey. Jahez did $475 million in 2023. Halan should've done a little over $400 million in 2023. Its founders claim that it should close 2024 with $500 to $600 million. Kitopi did over $330 million* in 2023. STC Pay did $283 million in 2023. Careem Technologies (the spinoff majority acquired by e&) should have an annual run rate of nearly $200 million. Maxab does $200 million+. Tasheel (which is currently part of eXtra but is going public soon) did $140 million in 2023. Unifonic, Tabby, Floward, Mrsool, Trukker, and Nana should have an annual run rate between $140 million to $220 million. At least three of these companies should have a run rate of over $200 million. Property Finder did over $100 million in 2023.* Breadfast has an annual run rate of over $100 million. Kavak MENA also has an annual run rate of $100 million+. Salla also does over $100 million. Haven't been able to confirm this though. Even if they're not there yet, they're super close.* The numbers for Tamara and Dubizzle Group (formerly EMPG) are not public, but it's likely that they are also doing over $100 million annually. Fawry was also doing $100 million+ but with the recent devaluation of EGP, it is no longer there. Rasan and Foodics should also get there within 12-24 months. Eyewa and Calo are also super close. (Jumia North Africa was at ~$77 million in 2023. Noon and Amazon MENA, however, should be easily beyond the $100 million number). It is important to remember here that not all revenue is created equal. This obv. applies not only when comparing different companies but also the different revenue streams of a single company. A quick example to explain this further. Jahez made four times the revenue of Tasheel, but its (net) profits were just over half of what Tasheel made. Jahez operates with a 23 percent gross margin, compared to Tasheel's 88 percent margin. In other words, for every $10 in revenue, Jahez made $2.3 in gross profit, and Tasheel made $8.8. Most of the companies I've listed here are private so we have no visibility on their financials, revenue mix, or (in most cases) even growth rates. So make what you want of this. But to get a good read on a company's performance, you might want to wait a year or two, as many here that aren't listed are set to go public soon. A quick insight: Ten of these companies are headquartered in Saudi. Three each in Egypt & UAE. One final (and obv.) thought: long Saudi. *Updated.

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