According to Rasmal’s research, Saudi Arabia and the UAE led the way in September for MENA startup funding.
The US data and intelligence platform said that in September 2024, the MENA startup scene saw a total of $328.3m raised across 60 startups
The funding was secured through investments from 36 different investors, signalling growing confidence in the region’s innovative ventures and entrepreneurial talent.
Saudi Arabia led the way, attracting $165.34m in funding that comprises more than half of the total capital raised across 13 startups in MENA.
This surge in investment reflects the Kingdom’s ongoing efforts to diversify its economy under its Vision 2030 strategy, which prioritises growth in sectors like technology and innovation.
Saudi cities, particularly Riyadh and Jeddah, are emerging as key hubs for startups, benefiting from both government initiatives and private investment.
The report also highlighted the UAE as a major player in the region’s startup ecosystem, bringing in $114.32m in total funding.
Dubai, known for its business-friendly policies and strategic global position, continues to draw interest from investors.
In September alone, 28 UAE-based startups secured funding, solidifying the country’s lead in terms of the number of funded ventures. FinTech, e-commerce, and property technology (PropTech) remain top sectors for investors in the UAE.
While Saudi Arabia and the UAE grabbed the lion’s share of the investment, other countries in the region are also beginning to gain traction.
Egypt secured $25.09m, with a strong focus on tech and innovation, while Bahrain, Oman, and Morocco showed potential with smaller but growing investments.
In contrast, countries like Iraq and Kuwait continue to face challenges in attracting significant venture capital, highlighting the uneven distribution of funds across the MENA region.
