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Stripe builds a crib in DubaiMENA

Stripe builds a crib in Dubai

Should we call MTV to check out Stripe’s new digs in Dubai?

The online payments startup opened its first MENA office in Dubai, just weeks after becoming one of the world’s largest private firms. Stripe, which is a direct competitor of PayPal (PYPL), Square (SQ), and Adyen (ADYEN), is valued at $95b based on its most recent funding round.

But, why the move? In the UAE alone, the e-commerce market is expected to be worth $27.1b by 2022. If you’re thinking you may have contributed a little too much to those numbers… don’t worry, we were all in on the shopping spree together. As Stripe’s software enables businesses to process online payments, we hope you see the connection there!

why it matters
The UAE has proved to be a nurturing nest for promising tech firms (case-in-point: Careem and Anghami). The fact that one of Silicon Valley’s most valuable startups (we're back to Stripe, here) picked the country for its MENA launchpad will help cement the country's reputation, thereby influencing other startups to join.