Middle East and North Africa Witness Significant Surge in Startup Investments in September 2024
In September 2024, the landscape of startup investments in the Middle East and North Africa experienced a remarkable upswing. According to data published by Forbes Middle East, 63 startups raised a total of $282 million, marking an impressive 234% increase compared to the previous month.
Saudi Arabia emerged as the undisputed leader in investments, attracting $170.8 million. This amount represents a significant share of the total funding, highlighting the country's commitment to supporting innovation and entrepreneurship. The United Arab Emirates closely followed, collecting $73.8 million.
Egypt secured third place with investments of $25 million, testifying to its growing dynamism in the startup sector. Algeria came next, attracting $3.4 million, while Morocco completed the ranking with an investment of $3.2 million.
The financial technology (FinTech) sector was the primary driver of this growth, with investments reaching $102.5 million. This trend underscores the increasing interest in digital solutions and innovative financial services in the region.
For Tunisian entrepreneurs, these figures reveal the opportunities that exist within the Middle East market. The surge in investments, particularly in Saudi Arabia and the UAE, can serve as inspiration for developing similar projects. It is essential to stay attuned to these dynamics, as they can offer new avenues for funding and collaboration.
