The MENA region is quietly nurturing a unique breed of companies, “the Rhinos,” which are set to create over $50 billion in market capitalization over the next five years. These Rhinos, characterized by $100 million+ valuations, a path to profitability, and steady 15%+ growth, are challenging two prevalent myths about the region: a scarcity of scaled, successful startups and limited access to growth capital. While the global focus has been on elusive unicorns, MENA Rhinos have emerged as the backbone of the region’s digital economy, powering approximately 70% of it.

Contrary to perceptions of limited growth, MENA Rhinos are demonstrating remarkable efficiency in their journey to public markets. These companies are IPOing faster than their global counterparts, with an average of 8 years compared to 11 years for the rest of the world. This trend is expected to continue, with Digital Rhinos projected to account for over 30% of IPOs in the region over the next five years. Furthermore, consolidation is playing a crucial role in accelerating the path to IPO for many Rhinos. Sectors such as Retail, Logistics, and FoodTech are primed for M&A activity, with companies leveraging acquisitions to enhance Scale, Sustainability, and Stability. As a result of these dynamics, we expect that over 60 Rhinos will go public in the next five years, collectively contributing to $50 billion+ market cap growth, further cementing their position as a significant force in the MENA economy