This report, commissioned by Jada Fund of Funds, examines the valuation of private companies in the Middle East and North Africa (MENA) region. Focusing on early-stage venture capital investments, it explores the challenges of valuing startups with limited financial history. The report discusses various valuation methodologies, including checklists, scorecards, venture valuation, comparables, last round and precedent transactions, and discounted cash flow (DCF), highlighting the importance of selecting the appropriate method based on the company's stage of development. The report emphasises the significance of understanding a company's capital structure and the impact of SAFE notes, convertible securities, and liquidation preferences on ownership and returns. It also addresses the growing role of third-party valuation firms in providing greater transparency and consistency in the MENA region's evolving private capital market.