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Step co-founder Ray Dargham on the Middle East’s startup shift

Dargham offers a grounded view on what real maturity looks like, where founders often stumble, and how platforms like Step are positioning the region to produce globally competitive companies

Neesha Salian
Neesha Salian

11 February, 2026

Step co-founder Ray Dargham on the Middle East’s startup shift
Image: Supplied

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Over the past decade, Step has tracked the Middle East’s startup evolution closely. What began in 2012 as a modest gathering of early-stage founders has grown into one of the region’s most recognisable tech festivals, reflecting the rapid transformation of MENA’s entrepreneurial landscape. Ray Dargham, co-founder and CEO of Step, has witnessed that shift from experimentation to serious scale firsthand.

As regional hubs like Dubai and Riyadh compete for talent and capital, and as sectors such as AI, fintech, and digital infrastructure gather pace, Dargham offers a grounded view on what real maturity looks like, where founders often stumble, and how platforms like Step (being hosted on February 11-12 at Dubai Internet City) are positioning the region to produce globally competitive companies.

In this conversation, he shares insights on growth discipline, cutting through tech hype, and what it will take for the next wave of regional unicorns to emerge.

From what you’re seeing, how is the Middle East’s startup landscape maturing, and where is momentum accelerating fastest?

In the past decade, the startup scene in the region has moved from being nascent to one of the most dynamic ecosystems globally. When we launched Step back in 2012, there were only a handful of startups that joined us, but 14 years on, hundreds of founders from the UAE and the wider MENA region are showcasing real innovation, which has drawn serious interest from global investors.

We’re witnessing a strong momentum in areas such as AI, fintech and digital infrastructure, with Dubai and Riyadh attracting the largest amount of talent, investors and partnerships. We’re also seeing a lot of potential in markets such as Egypt, Jordan and Turkey.

To support this growth, we designed the 2026 edition of Step Dubai to focus on the role artificial intelligence is playing in business, finance, technology and creative industries.

We’ve welcomed more than 8,000 attendees, including over 400 startups and more than 100 companies and speakers from across the region and internationally, including a plethora of speakers from Silicon Valley. Most importantly, we’re providing access to an active investor community representing more than $12.6bnm in deployable capital.

Founders today are scaling faster than ever, often under intense pressure. What are the most common mistakes startups make as they move from early traction to sustainable growth?

In my experience, one of the most common mistakes founders make is chasing growth without keeping tabs on the fundamentals such as unit economics, product–market fit or strong operational discipline. Secondly, another common one is raising capital before product–market fit is truly proven. Founders must understand that funding does not fix a weak value proposition; it only amplifies existing inefficiencies and can push a company into scaling problems faster than anticipated.

Another area I’ve seen startups fall short is underestimate the importance of building a resilient team and culture. You can have a compelling vision and sufficient funding, but without aligned people who can execute under pressure, growth inevitably stalls.

Image: Supplied

Artificial intelligence (AI), Web3, and emerging technologies dominate conversations today. How can startups cut through the hype and focus on building solutions with real commercial and societal value?

Not all emerging technologies deserve equal attention. AI, in particular, has moved beyond hype and is clearly here to stay, while other trends that once dominated headlines have proven to be more buzzword-driven than impact-led. The real challenge for founders is not adopting technology for its own sake, but using the right technology to solve real, clearly defined problems.

The best way to cut through the hype is by identifying real problems and using AI and other emerging technologies to solve them. They can start by assessing viability, real use-case and measurable value. If at this stage the answers aren’t clear, there’s a good chance the startup is chasing hype rather than building something sustainable.

We always encourage founders to tie technology to tangible outcomes, whether that’s client cost savings, job creation, better financial & health outcomes or inclusion in underserved markets.

What practical steps can ecosystem players (governments, corporates, and investors) take to better support startup success across the region?

Empowering startups is not the responsibility of any single player; it requires the entire ecosystem to move together. Long-term startup success depends on collaboration across policy, capital, talent, and industry. It starts up top with governments creating the right framework for business to set up and providing a regulatory framework that is conducive to doing business.

Beyond funding, investors and corporates have a critical role to play in levelling up the support they provide to founders. This can include stronger mentorship, meaningful post-funding guidance, and a more patient approach to capital that recognises the realities of scaling in emerging and cross-border markets.

Looking ahead, what role do you see Dubai and platforms like STEP playing in shaping the next generation of regional unicorns, and how are you helping startups stay relevant in an increasingly competitive global tech landscape?

Dubai truly has the right ingredients to build the next set of unicorns with its genuinely open, global ecosystem. Dubai gives founders access to diverse markets, rapid testing across geographies, and proximity to both emerging and mature economies-a combination that makes it an ideal launchpad for startups and other businesses.

What we’re seeing is that founders from the region are no longer building for the region but are building from the region, for the world. Whether it’s fintech, SAAS, AI, commerce or creator tools, founders are designing with global scalability in mind from day one.

And as for Step, we see ourselves as conveners who bring together founders, innovators, investors and mentors under one roof to connect and find synergies. Beyond visibility, we help startups stay relevant by equipping them with the insights, networks and partnerships they need to evolve, compete globally and scale with confidence.

Step Dubai Conference is being held on February 11 and 12 at Dubai Internet City.

GE Aerospace signs key partnership agreement, MoU with Saudi’s GAMI

The two entities will explore building a globally competitive industrial base and accelerating the kngdom’s manufacturing roadmap in the aerospace sector

Gulf Business
Gulf Business

11 February, 2026

GE Aerospace signs key partnership agreement, MoU with Saudi’s GAMI
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GE Aerospace signed an industrial participation agreement (IPA) and a memorandum of understanding (MoU) with Saudi Arabia’s General Authority for Military Industries (GAMI) to enhance engine repair capabilities and advance the kingdom’s aerospace manufacturing sector.

The agreements, signed at the World Defense Show 2026 in Riyadh, aim to strengthen maintenance, repair, and overhaul (MRO) skills using specialised equipment and advanced training.

GE Aerospace said it will support local companies in developing F110 engine capabilities, meeting international standards, and eventually undertaking more complex repair processes previously outsourced.

GE Aerospace collaboration to support Saudi’s military industries sector

“The MoU will contribute to strengthening GAMI’s ongoing efforts to localise and develop the military industries sector, aligning with Saudi Vision 2030 objectives to acquire the knowledge required in specialised processes and the international certifications necessary to develop engine parts manufacturing capabilities,” said Nawaf Albawardi, deputy governor for the Localisation Sector of GAMI.

Albawardi added that GE Aerospace’s participation supports defence sector requirements by providing local entities with technology, knowledge, and expertise to support manufacturing and elevate maintenance capabilities, including engine repair within Saudi Arabia and the region, creating high-value, skilled jobs.

Salim Mousallam, VP Defence & Systems for the Middle East, Africa, and Türkiye at GE Aerospace, said: “Our relationship with GAMI demonstrates GE Aerospace’s commitment to localising advanced strategic industries within the kingdom and cultivating a highly qualified national workforce to advance Saudi Vision 2030 goals.

“This collaboration to share knowledge on engine manufacturing and sustainment goes beyond technology transfer. By supporting Saudi suppliers to develop capabilities in advanced MRO and manufacturing techniques and precision engineering, the agreement will accelerate Saudi Arabia’s industrial know-how and global competitiveness.”

The initial phase will focus on transferring knowledge to enhance F110 capabilities and support local companies in establishing industrial entities for complex repairs.

GE Aerospace will also work with GAMI to explore potential manufacturing opportunities, identify qualified local firms, guide them through certification, and develop processes for specialised defence-related production under US government licencing approvals.

talabat Kitchens raises network to 30+ hubs across MENA

At the heart of talabat Kitchens is Pepper, the platform’s AI-powered engine, which predicts demand and optimises kitchen efficiency

Neesha Salian
Neesha Salian

11 February, 2026

talabat Kitchens raises network to 30+ hubs across MENA
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talabat, the leading delivery platform in the Middle East and North Africa, said in a media briefing that its cloud kitchen network, talabat Kitchens, now operates more than 30 hubs across the UAE, Kuwait, Qatar, Bahrain and Jordan, supporting over 1,000 restaurant partners.

Since its launch in 2020, the network has grown to over 500 kitchen stalls and aims to reach 50 hubs within three years, targeting 10 per cent of all food orders in mature markets through its kitchens.

Launched in 2020, talabat Kitchens operates on an asset-light, partner-first model, enabling both global franchises and homegrown brands to scale into new communities without heavy capital investment.

The network now includes more than 500 kitchen stalls and plans to reach 50 hubs within the next three years, aiming to fulfil 10 per cent of all food orders in mature markets through its kitchens.

How Pepper powers talabat Kitchens

“At the heart of talabat Kitchens is Pepper, our AI-powered engine, which predicts demand, optimises kitchen efficiency, and matches partners to locations before the market does,” said Tarek El Halabi, country lead, Kitchens, talabat UAE.

The platform’s proximity-based model shortens delivery times, increases order volumes, and reduces emissions, reflecting talabat’s focus on sustainability and operational efficiency.

“talabat Kitchens was built to solve two things at once: faster delivery for customers and smarter growth and stronger unit economics for our restaurant partners,” said Awais Malik, general manager, Kitchens, talabat MENA.

Since its first site in Khalifa City, Abu Dhabi, the network has grown into the largest multi-market cloud kitchen ecosystem in the region.

Future expansion will continue to embed AI and sustainability, supporting brand growth from mature to emerging markets.

G42, Vietnamese partners sign $1bn deal to build AI, cloud infrastructure

Under the agreement, the consortium and G42 will deploy significant cloud capacity across three data centre locations in Vietnam

Gulf Business
Gulf Business

11 February, 2026

G42, Vietnamese partners sign $1bn deal to build AI, cloud infrastructure
Image: G42

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Abu Dhabi‑based technology group G42 and a consortium of Vietnamese companies signed a framework cooperation agreement to develop sovereign artificial intelligence and cloud computing infrastructure across Vietnam, the parties said on Monday.

Under the pact, G42 and the consortium, which includes Vietnam’s FPT Corporation and the Viet Thai Group, will invest up to $1bn to deploy AI and cloud capacity at multiple data centre locations, supporting both public and private sector computing needs, according to a statement from the firms.

The partners plan to build and operate large‑scale data centres designed to provide high‑performance AI and cloud services, a step Hanoi hopes will help the country become a leading technology hub in Southeast Asia while safeguarding national data sovereignty.

G42, consortium to set up three data centres

Under the agreement, the consortium and G42 will deploy significant cloud capacity across three data centre locations in Vietnam.

“This framework agreement represents a new model for national AI transformation, one built on sovereignty, partnership and purpose,” Ali Al Amine, chief commercial officer of G42 International, said in the statement.

The FPT Corporation will provide technical expertise and local market knowledge, while Viet Thai Group will contribute strategic capabilities across sectors, including retail and logistics, the release said.

The Abu Dhabi‑based tech giant will supply advanced AI infrastructure capabilities.

Leaders from the consortium said the collaboration will support Vietnam’s ambition to deploy national AI initiatives, digitise services and boost innovation across government, industry and research institutions.

Officials said the next phase will involve finalising public‑private workload distribution, obtaining regulatory approvals and beginning data centre construction.

Vietnam has been pursuing hyperscale digital and AI infrastructure development as part of its broader economic strategy, aiming to strengthen data security, digital resilience and its position as a regional technology hub.

Read: G42 launches framework for sovereign AI deployment

DEWA reports record Dhs32.8bn in revenue for 2025, net profit climbs 25.6%

DEWA invested Dhs11.72bn during the year, primarily to expand renewable energy capacity, desalination plants, and transmission and distribution networks

Gulf Business
Gulf Business

11 February, 2026

DEWA reports record Dhs32.8bn in revenue for 2025, net profit climbs 25.6%
Image: Dubai Media Office

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Dubai Electricity and Water Authority (DEWA) reported record revenue, profit and operating performance for 2025, driven by higher demand for electricity, water and cooling services, according to its preliminary and unaudited full-year results.

DEWA, Dubai’s exclusive electricity and water services provider listed on the Dubai Financial Market under the symbol DEWA, said consolidated revenue rose 6.02 per cent year-on-year to Dhs32.84bn.

Net profit after tax climbed 25.66 per cent to Dhs9.09bn, while operating profit reached Dhs10.99bn and EBITDA stood at a record Dhs17.37bn.

The utility giant said its strategy continued to deliver sustainable growth, supported by rising demand and investments in renewable energy, desalination and network infrastructure.

“For the year 2025, DEWA delivered the strongest financial and operational performance in its history, reflecting the resilience of our business model, disciplined execution of our strategy, and sustained growth in demand across Dubai,” said Saeed Mohammed Al Tayer, MD and CEO of DEWA.

In 2025, DEWA generated 62.21 terawatt hours of power, up 5.10 per cent from a year earlier.

DEWA’s clean power generation rises to 10.10 terawatt hours

Clean power generation rose 52.38 per cent to 10.10 terawatt hours, accounting for 16.23 per cent of total output. Annual peak power demand increased 5.83 per cent to 11.39 gigawatts.

Desalinated water demand grew 6.62 per cent year on year to a record 161.505 billion imperial gallons, while daily peak demand rose to 487 million imperial gallons from 455 million previously.

DEWA ended the year with 1,327,182 customer accounts, adding 56,897 accounts, an increase of 4.48 per cent.

In Q4, power generation reached 14.24 terawatt hours, with clean power output up 38.35 per cent year on year to 2.18 terawatt hours.

Quarterly desalinated water demand rose 5.14 per cent to 40.55 billion imperial gallons, while 17,823 new customer accounts were added.

DEWA invested Dhs11.72bn during the year, primarily to expand renewable energy capacity, desalination plants, and transmission and distribution networks.

Installed generation capacity rose 4.66 per cent to 17,979 megawatts by year-end, including 3,860 megawatts from clean energy sources.

By 2030, DEWA plans to exceed 23 gigawatts of installed power capacity and 735 m imperial gallons per day of desalinated water capacity.

Around 8.3 gigawatts of planned power capacity, or 36.1 per cent, will come from renewable sources, while 308 m imperial gallons per day of water production will use seawater reverse osmosis powered by renewable energy.

Under its dividend policy, the utility giant expects to pay a minimum annual dividend of Dhs6.2bn during the first five years from October 2022.

Dividends are paid semi-annually in April and October. For H1 2025, shareholders approved a dividend of Dhs3.1 bn, paid on October 29, 2025.

A dividend for H2 2025 is expected around April 2026, subject to shareholder approval at the annual general assembly.

Read: Dubai Holding sells 24% stake in Empower to DEWA for Dhs5.18bn

How Huawei smartwatches aim to spot early diabetes risk trends

Huawei highlighted recent research pointing to a shared genetic relationship between resting heart rate and diabetes

Rajiv Pillai
Rajiv Pillai

11 February, 2026

How Huawei smartwatches aim to spot early diabetes risk trends
Image: Supplied

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Huawei showcased new wearable-led wellness insights focused on blood sugar management at World Health Expo Dubai 2026, highlighting how non-invasive technology can support early awareness of potential diabetes risks.

The feature leverages Photoplethysmography (PPG) technology and advanced sensors embedded in Huawei smartwatches to analyse changes in PPG signals and generate proactive wellness alerts. Huawei said the function is designed to raise awareness of possible blood sugar-related trends and encourage users to seek early medical consultation, rather than deliver medical diagnoses.

According to the 2024 report by the International Diabetes Federation (IDF), 589 million adults aged between 20 and 79 are living with diabetes globally. An estimated 43 per cent of cases remain undiagnosed, while 81 per cent of people with diabetes live in low- and middle-income countries. In the Middle East and North Africa, 85 million adults currently have diabetes, with the figure projected to rise by 92 per cent to 163 million by 2050. In the UAE, diabetes prevalence among adults stands at 20.7 per cent.

Huawei highlighted recent research pointing to a shared genetic relationship between resting heart rate and diabetes, as well as findings that diabetes-related microvascular arteriosclerosis and neuropathy can influence PPG signals. Based on these mechanisms, the company developed a wellness feature that identifies potential blood sugar fluctuations by analysing PPG data collected through smartwatch usage.

To activate the feature, users are required to wear the smartwatch consistently for a period ranging from three to 14 days. Once sufficient data is gathered, the Diabetes Risk app categorises wellness patterns into Low, Medium, or High. Huawei recommends that users flagged under Medium or High patterns seek professional medical evaluation for further assessment, positioning the feature as a preventative awareness tool rather than a diagnostic solution.

Professor Jiguang Wang, director of the Shanghai Institute of Hypertension, addressed the event, highlighting the growing role of wearable-based PPG technology in proactive health trend awareness. Professor Wang has worked closely with Huawei on advancing wearable health management and contributed to the development of the HUAWEI WATCH D and HUAWEI WATCH D2, the company’s blood pressure monitoring smartwatches.

Huawei confirmed that the feature is already available via an over-the-air update on the HUAWEI WATCH GT 6 Pro, with plans to expand compatibility across additional smartwatch models. While the feature is safe for general use and carries no known side effects or contraindications, Huawei emphasised that it does not replace professional diabetes diagnostics or clinical testing.

Read: From policy to patients: How the UAE is scaling healthcare innovation at WHX 2026

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