UAE and Saudi Arabia overpower VC funding in the MENA province.

The Middle East and North Africa (MENA) region is witnessing a remarkable surge in venture capital funding, with the UAE and Saudi Arabia taking the lead. 

This dynamic growth underscores the region’s growing prominence in the global tech investment landscape.

Q3 2023 MENA Venture Capital Funding Soars

In the third quarter of 2023, MENA witnessed an extraordinary surge in venture capital funding, with an impressive $250 million raised across 78 deals. This figure reflects a substantial 32 percent increase when compared to the preceding quarter.

MAGNiTT’s Q3 2023 MENA Venture Investment Premium Report

These findings are detailed in the Q3 2023 MENA Venture Investment Premium Report, released by the startup data platform, MAGNiTT. 

The report provides a comprehensive snapshot of the current state of venture capital investment in the MENA region, highlighting the growing investor confidence and the expanding entrepreneurial ecosystem.

The UAE and Saudi Arabia’s prominent roles in this venture capital funding boom reaffirm their positions as tech and innovation hubs in the Middle East, contributing significantly to the region’s economic and technological development.