RIYADH: Startups operating in the Middle East and North Africa region raised $172.6 million across 45 deals in July, a monthly increase of 16 percent.
According to Wamda data, Saudi Arabia regained the top spot in July after ranking outside the lead for the entire first half of the year, with startups operating in the Kingdom raising $106.6 million through 16 deals, representing almost 62 percent of the total funding in the month.
The UAE also witnessed 16 transactions in July, but ranked second by value after attracting $46.6 million.
In Syria, startup investments amounted to $10.6 million, followed by Egypt at $7.25 million and Morocco at $2 million.
“Saudi Arabia and the UAE together accounted for almost 89 percent of all capital raised during the month, leaving the rest of the region with just over $19 million.,” said Wamda in the report.
