ALBAWABA - The Middle East and North Africa (MENA) startup scene is growing quickly, with Saudi Arabia leading the way in investment activities. In September, 60 firms in the area raised $328.3 million in funding, with 13 companies in Saudi Arabia garnering $165.34 million in investments, according to a recent study by Rasmal.
The Kingdom of Saudi Arabia's ability to draw in foreign investment is consistent with its Vision 2030 plan, which aims to lessen the nation's dependency on oil by encouraging diversification in important industries including financial services, transportation, and technology.
With $134.84 million in revenue, fintech was the best-performing industry in the MENA area. This expansion is in line with the drive for financial inclusion and the growing need for digital financial solutions, Arab News reports.
Additionally, Startup centers are quickly emerging in cities like Riyadh and Jeddah thanks to governmental and private sector efforts that foster a vibrant entrepreneurial climate.
The UAE performed firmly as well, generating $114.32 million for 28 different businesses. Dubai continues to draw investors owing to its business-friendly laws, initiatives like the Dubai International Financial Centre Innovation Hub, and the city’s advantageous location, especially in fields like fintech, e-commerce, and real estate technology.
Although the UAE and Saudi Arabia set the pace, other MENA nations are catching up as well. Financing of $25.09 million was secured by Egypt, mostly for technology and innovation. However, there remains issues in the area, as political unrest and regulatory obstacles make it difficult for nations like Kuwait and Iraq to draw in foreign investment.
