Saudi Arabia Drives MENA Funding Growth

Saudi Arabia Emerges as Top Destination for Venture Capital Funding in MENA

Saudi Arabia has solidified its position as a top destination for venture capital funding in the Middle East and North Africa (MENA) region. In December, the region witnessed an unprecedented influx of startup funding, amounting to $1.15 billion. This marks an 825 percent increase year-on-year and a 55 percent rise month-on-month. The UAE-founded and now Saudi-headquartered fintech, Tabby, was responsible for $700 million of this sum through a debt round. Excluding this substantial debt round, MENA startups raised $456 million in December alone, an 18 percent increase on November and a 253 percent rise on the same month of 2022. Overall, in 2023, startups in the region secured $3.98 billion across 498 deals.