UAE & Saudi-Based Startups Led MENA Funding in 2024

The MENA region’s startup ecosystem raised $2 billion across 542 investment deals in 2024. According to a report from Digital Digest, the UAE led the region, accounting for 44.3% of the total funding value and 35.6% of the deal volume. Saudi Arabia followed, with startups securing 33.4% of the funding value and 30.4% of the deals.

Of the significant deals, UAE-based eyewear retailer Eyewa raised the nation’s largest funding round in 2024, securing $100 million from American growth equity firm General Atlantic. Following closely behind, Lean Technologies raised $67.5 million to advance its financial services integration platform.

In Saudi Arabia, SHIFT, a logistics and transportation technology company, secured $82.8 million from Merak Capital, a Riyadh-based technology-focused investment firm. Right behind SHIFT, Syarah, an online car marketplace, raised $40 million to expand its platform, connecting buyers and sellers of vehicles.