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Saudi Arabia maintained its position as the most funded country in MENA in 9M 2024, according to venture data platform Magnitt’s report. Saudi also remained the second most funded country — excluding debt funding — in emerging venture markets. The Kingdom attracted USD 509 mn in investments during the nine-month period, marking an 8% y-o-y decline in funding value. The report covers Southeast Asia, the Middle East, Africa, Turkey, and Pakistan.
The Kingdom came in fourth place in terms of the number of investment transactions which totalled 104 transactions (7% y-o-y) in 9M 2024. Singapore was first, followed by the UAE and Turkey.
THE REGIONAL ANGLE-
Fintech maintained its position as the most funded sector with the highest number of transactions, drawing USD 1.8 bn in investments across the covered regions, though 20% less than last year. Ecommerce and retail followed at USD 640 mn (-70%), IT solutions at USD 454 mn (+52%), manufacturing at USD 304 mn (+37%), and transport and logistics at USD 262 mn (-79%).
Sanabil Investments is MENA’s most active investor contributing USD 59 mn, while Egypt’s Flat6Labs led by transaction count, closing 37 agreements.
MENA recorded the smallest contraction in the covered regions in 9M 2024, with total funding declining by 13% y-o-y to USD 1.3 bn, and transaction count dipping 6% y-o-y.
