UAE Leads MENA in VC Funding in H1

Companies in the UAE raised $699 million in the first half of 2022, making the Emirates the leading country for venture capital financing in MENA, according to Magnitt.

The UAE was also the leader in terms of deals, which grew 10 per cent in the six-month period from a year ago. The UAE also led the list of MENA countries in terms of the biggest deal — a $181m convertible note mega-round for Abu Dhabi-based Pure Harvest in June. This the 10th straight year that the UAE has hosted a mega-round, which is funding worth $100m or more. The UAE attracted more than $1.47 billion in venture capital in 2021.

Saudi Arabia and Egypt were second and third, respectively, in both funding and deals closed. The kingdom attracted $584m, a more than threefold rise from the first half of 2022, on 79 deals, while Egypt funding more than doubled to $307m on 78 deals.

Bahrain,surprisingly, came fourth with an eightfold rise in investment, achieveing stunning $116m.