Between 2022 and 2023, the past two years have been particularly hard for startups in the Middle East and North African (MENA) region due to the devastating impact of ongoing geopolitical tensions and a challenging macroeconomic environment.
With the US federal reserve raising interest rates several times in 2023, many of the region’s central banks were prompted to follow suit, resulting in less liquidity circulating in the market. In line with global trends, funding in MENA fell by 23% in 2023 compared to 2022, raising only $2.6 billion, according to data by Magnitt.
On a national level, Saudi Arabia was ranked first in terms of investments, receiving 52% of all MENA funding. The UAE was the most transacted geography in the region, while Egypt maintained its position as the third most funded country in MENA despite witnessing a decrease in funding... more
(thestartupscene.me)
