Mubasher: The UAE’s startups raised $625 million in 2018, dominating the biggest share of funding directed to entrepreneurs in the Middle East and North Africa (MENA) region.
In 2017, total startup funding rose 31% in the MENA region, excluding the $200 million funding attracted by Dubai-based ride hailing app Careem, Arabian Business reported, citing a report conducted by investment data platform Magnitt.
A record number of 366 startup transactions were conducted in MENA in 2018, with a total investment of $893 million, according to the Magnitt 2018 MENA Venture Investment Report.
The UAE drew 30% of deals, followed by Egypt, the fastest growing ecosystem, and Lebanon with 22% and 10%, respectively.
“We see a strong push from governments to support the innovation space along with a significant rise in the quality and speed of growth of start-ups from the region,” venture capital investment officer at the International Finance Corporation (IFC) Issa Aghabi said
