Mubasher: Saudi Arabia, the UAE, and Egypt accounted for 92% of total venture capital (VC) funding in the MENA region, according to a report by MAGNiTT.

Saudi startups raised $400 million in VC funding in 2023, up 602% year-on-year (YoY), the report showed.

The UAE’s startups secured 222% YoY more VC funding last year, totaling $353 million.

Conversely, Egyptian startups collected 86% less YoY VC funding in 2023, raising only $4 million.

Venture debt lending in MENA hit an all-time high of $757 million in 2023, up 262% from the prior year.