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Saudi Arabia is MENA’s second largest market in VC funding – Report

Saudi Arabia is MENA’s second largest market in VC funding – Report
All of MENA’s top markets saw an absolute positive change in funding

Mubasher: Total venture capital (VC) funding in the MENA region stood at $1.2 billion in the first half (H1) of 2021, with the UAE acquiring the majority of the share at 62%.

Saudi Arabia has been the second largest market in the region with a share of 14%, surpassing Egypt which acquired 13%, according to a recent report by Magnitt.

Jordan and Kuwait followed with shares of 4% and 3%, respectively, of the total funding in MENA.

All of MENA’s top markets saw an absolute positive change in funding during the first six months of 2021, including a 72% in the UAE and 65% in Saudi Arabia. Egypt witnessed an annual growth of 28%, despite losing 5% in total funding share.

Number of VC Deals in MENA

The UAE also dominated the list of MENA’s total number of VC transactions, accounting for 26% of the total 254 deals.

Egypt and Saudi Arabia followed after acquiring 24% and 21%, respectively, of total VC transactions in the region.

Jordan and Tunisia were in the fourth and fifth places, with shares of 11% and 4%, respectively.