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
11 February, 2026
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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.

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.

















