Saudi Arabia & UAE Lead MENA Startup Funding With $328M in September

Saudi Arabia and the UAE dominated MENA startup funding in September, raising a combined total of $328.3 million across 60 startups, according to research by Rasmal.

Startups in Saudi Arabia led the charge, securing $165.34 million from 13 startups, with cities like Riyadh and Jeddah emerging as startup hubs through government initiatives and private investments.

The UAE followed closely, raising $114.32 million, with Dubai being a key player due to its favorable business environment. In September, 28 startups in the UAE received funding, with sectors such as fintech, e-commerce, and proptech leading the way.

While Saudi Arabia and the UAE attracted the majority of investments, Egypt secured $25.09 million, gaining traction despite an international funding drought. However, nations like Iraq and Kuwait face challenges in securing significant venture capital.

The report highlights a persistent gender disparity, with male founders receiving 96.79% of the total funds raised, while female founders accounted for just 3.21%. This gender-based disparity highlights the need for more inclusive investment practices in the region.