The Middle East’s venture capital scene is booming, with notable growth in startup equity investments, excluding venture debt. Saudi Arabia is at the forefront, leading with 50% of the total investments, equating to $348 million. The UAE follows with 41% ($285 million), and Egypt accounts for 6% ($44 million).
One of the largest deals involves Saudi Arabia’s “Tamara,” a “Buy Now, Pay Later” service, securing $160 million, highlighting the Kingdom’s e-commerce expansion. The UAE’s “FLOW48,” providing SME lending solutions, and “AppliedAI,” focusing on banking automation, received $69 million and $55 million, respectively. Additionally, Saudi’s “Rize” acquired $35 million for its “Rent Now, Pay Later” service, and Emirati “Nymcard” achieved $33 million in funding for its digital payment solutions.
These investments underscore Saudi Arabia and the UAE’s roles as innovation hubs, boosting the startup ecosystem and digital economy, and showcasing the region’s ability to attract significant investment in a thriving economic landscape.