Mubasher: Startup investments in the Middle East and North Africa (MENA) region broke records during 2019, with the number of investment deal reached 564, with a total value of $704 million, according to a report released on Wednesday by MAGNiTT.

Last year, the number and value of startup deals surged at compound annual growth rates of 60% and 47%, respectively, compared to figures in 2009 when startup funding hit $15 million and deals’ number reached 5.

“Over the last few years, we have seen the launch of funds, matching programmes, accelerators, as well as startup & VC licenses [including] the $1.07 billion PIF Fund of Funds and the $250 million funds set up by Abu Dhabi’s Mubadala,” MAGNiTT said.

In 2019, the UAE registered the highest amount of total funding in MENA, accounting for 60% of the value of deals in the region, while Egypt ranked highest by the number of deals for the first time ever at 25%.

“Another quickly growing ecosystem is Saudi Arabia, which now ranks third by both deals and total funding.”