Investment activity across the Middle East and North Africa showed early signs of recovery in April 2026, with total funding climbing to $150 million across 27 deals, up 211% month-on-month following March’s sharp slowdown.
Yet the rebound remains uneven. Funding is still down 42% year-on-year, and notably, half of April’s capital came through debt financing, underscoring a cautious market that still prioritises structured capital over equity risk.
While geopolitical tensions remain unresolved, the relative stability carried into early May has provided just enough visibility for investors to step back in. The response has been measured rather than optimistic, with capital concentrating into fewer, larger transactions and sectors that can withstand prolonged uncertainty.
A measured return, not a full recovery
April’s increase in both deal volume and value marks a clear departure from March’s pause, but the underlying dynamics suggest restraint rather than renewed momentum.
