Start-up funding in the Middle East and North Africa (MENA) region made a remarkable comeback in July 2024, with investments surging by over 200%. The region’s start-ups raised $355 million during the month, up by 206% from the previous month and 260% from a year ago, according to the latest data from Wamda and Digital Digest.
A total of 38 start-ups attracted investments, with the UAE leading the pack with 12 deals. Egypt and Saudi Arabia followed, each securing seven investments, and Jordan saw six start-ups receiving funding.
In terms of investment value, Egypt topped the charts, with seven deals raking in $185 million. This significant increase surpassed the previous month’s $15 million, which was spread over four deals.
The fintech sector was a clear favourite among investors, raising a total of $180.8 million. Web3 logged $85 million, cleantech recorded $37 million, and deeptech and e-commerce attracted $20 million and $15.7 million, respectively.
This surge in start-up investments highlights the growing confidence in the MENA region’s entrepreneurial ecosystem and the increasing interest in sectors such as fintech, Web3, and cleantech.
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