Saudi Arabia, UAE, and Egypt Dominate MENA's VC Funding in 2023

KSA, 7 June, 2024 :  Saudi Arabia, the UAE, and Egypt captured 92% of the MENA region's venture capital (VC) funding in 2023, according to a report by MAGNiTT.

Saudi startups raised $400 million, a 602% increase year-on-year. The UAE’s startups secured $353 million, up 222% from the previous year. Conversely, Egyptian startups saw an 86% decline, raising only $4 million.

Venture debt lending in MENA reached a record high of $757 million in 2023, a 262% increase from the previous year.

Source : www.zawya.com