The Impulso Podcast E60: Omar Kassim on Middle East venture & investment ecosystem trends
Feb 16, 2024
Omar Kassim, a Dubai‑raised founder who exited a marketplace to Noon and built B2B payments solutions, discusses Middle East venture dynamics. He compares Saudi and UAE strategies. He covers sovereign capital flows, fintech acceleration like BNPL, regulatory sandboxes, and structural challenges for founders. He highlights where regional opportunities and competition are shaping policy and growth.
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Founder Journey From Marketplace To B2B
- Omar Kassim built an early marketplace in Dubai, ran it for six to seven years and exited to Noon.
- He later did YC in 2021 and is now building a B2B revenue capture platform.
Ecosystem Waves And Rapid Acceleration
- The Middle East VC ecosystem is young and went through e-commerce then ride-hailing waves before a current fintech surge.
- Rapid acceleration in the last 2–3 years created momentum but the market remains early-stage and evolving.
State Capital Reallocating To Domestic Tech
- Sovereign wealth and state-owned capital shifted from external trophy assets to domestic VC and infrastructure.
- Large local capital (eg. Aramco profits) is being deliberately allocated to build regional tech and infra ecosystems.