UAE remains a startups hub as $700 million raised in first half

UAE remains a startups hub as $700 million raised in first half

Emirates continues to reign as the top-funded and most transacted market in Mena accounting for 50 per cent of all the investment accumulated by the region

The UAE continues to reign as the top-funded and most transacted market in Mena accounting for 50 per cent of all the investment accumulated by the region.

Published: Tue 16 Aug 2022, 4:47 PM

The UAE retained its supremacy as the top destination in the Middle East and North Africa (Mena) for startups as it secured almost $700 million in financing through 85 deals during the first half of the year, the latest data shows.

Magnitt, which released the first UAE venture capital report in partnership with the Emirates Development Bank (EDB), said the UAE continues to reign as the top-funded and most transacted market in Mena accounting for 50 per cent of all the investment accumulated by the region.

Saudi Arabia secured the second position with $584 million in financing through 79 deals while Egypt ranked third by attracting $307 million in funds in 78 deals.

In terms of funding, Bahrain climbed three positions to number four by securing $116 million in funds while Tunisia moved one position up to the fifth position with a $36 million investment in