The MENA region attracted 446 deals during the first nine months of 2022, a 16% increase in EVC investments
Egypt, the UAE and Saudi Arabia were the most attractive countries for deals within Emerging Venture Markets (EVC), with more than 75% of the Middle East and North Africa region’s investments, revealed the cabinet’s Information and Decision Support Center (IDSC), citing MAGNITT.
The IDSC cited MAGNITT’s recent October report, which provided information on the state of startup investments in the MENA region.
The MENA region attracted 446 deals during the first nine months of 2022, a 16% increase in EVC investments.
It also shared that there was a 20% increase in funding value, recording $2.3 billion. Overall, the region’s EVCs received $6 billion by the end of Q3 2022.
The FinTech sector was the industry leader with 94 deals sealed to the tune of $747 million, an annual increase of 74%.
FinTech startups across the Middle East, Africa, Pakistan and Turkey regions saw funding grow by 18% annually during the first nine months of 2022, with total transactions recording a 15% increase, revealed MAGNITT in a release yesterday.
Funding for FinTech stood at 84.1% of total FY 2021 value, while the number of deals reported in the first nine months of 2022 aggregated 80.9% of total deals of the previous year, MAGNITT wrote in its October report.