MENA startups raise $258m in November in 92% monthly rise: Wamda
Analysis revealed a 66% rise in startup funding compared to the same month in the previous year
UAE was the leading destination for startup investments in November, securing $146 million across 11 transactions
Updated 09 December 2024
Nirmal Narayanan
RIYADH: Startups in the Middle East and North Africa region raised $258 million in November, a 92 percent month-on-month increase driven by investment activities in Saudi Arabia and the UAE, according to a report.
The latest analysis from venture news platform Wamda also revealed a 66 percent rise in startup funding compared to the same month in the previous year.
This surge in funding reflects the economic diversification efforts in countries such as the UAE and Saudi Arabia, which aim to reduce their dependence on oil revenues.
The report highlighted the UAE as the leading destination for startup investments in November, securing $146 million across 11 transactions.
“UAE-based eyewa and Lean Technologies led the way by securing the largest ticket sizes, raising $100 million and $67.5 million, respectively, helping to push the UAE to the best-funded ecosystem in MENA the second month in a row with $146 million raises across 11 transactions,” said Wamda.
Saudi Arabia ranked second, raising $94 million in startup funding, an 88 percent increase from October’s $50 million.
The Kingdom’s efforts to build a robust entrepreneurial ecosystem through Vision 2030 reforms and venture capital funding have made it a regional leader in startup support.
Egypt came third, with eight startups collectively raising nearly $16 million — a 900 percent rise compared to the previous month.
“This growth (in Egypt) is noteworthy, considering the ongoing geopolitical tensions at the borders of the North African nation, in addition to the persistent decline of its currency,” added Wamda.
In terms of sectors, e-commerce dominated November’s funding landscape, securing $104 million across seven deals. Fintech followed with $80 million raised by four startups, while Software-as-a-Service firms attracted $21 million across seven transactions.
Business-to-business startups were the largest recipients, accounting for 48 percent of the total investment. Meanwhile, business-to-consumer firms received $11.5 million, with the remaining funds allocated to eight startups operating across both models.
The report also highlighted a gender gap in funding, with male-founded startups securing 90 percent of the investment. Female-led companies received just $583,000, while ventures co-founded by men and women raised $22.5 million.
The November funding surge underscores the MENA region’s growing appeal as a hub for innovation and entrepreneurship, driven by strategic investments in key industries and ecosystems.
Building bridges: Saudi Arabia leads Gulf-Asia tech leap
Updated 01 January 2026
Waad Hussain
ALKHOBAR: Saudi Arabia is forging new academic connections with Asia as the Kingdom’s Vision 2030 accelerates reforms in education and innovation.
Two academics — Prof. Eman AbuKhousa, a data science professor at the University of Europe for Applied Sciences in Dubai, and Prof. Hui Kai-Lung, acting dean of the HKUST Business School in Hong Kong —emphasize that the Kingdom’s transformation is reshaping the development of artificial intelligence and fintech talent across the region.
For AbuKhousa, responsible AI is not just about technology; it is fundamentally about intention. “It is about aligning technology with human values: ensuring fairness, transparency, and accountability in every system we build.”
She highlighted that the Middle East’s heritage of trust and ethics gives the region a competitive advantage. “Institutions should embed ethics and cultural context into AI education and create multidisciplinary labs where engineers collaborate with social scientists and ethicists,” she said.
At the University of Europe for Applied Sciences in Dubai, AbuKhousa trains students to question data, identify bias, and integrate integrity into innovation.
Asian universities like HKUST play a growing role in cross-border education partnerships with Saudi institutions.
“Educators must model responsible use by explaining how data is sourced and decisions are made,” she explained. “Ultimately, responsible AI is less about algorithms than about intention; teaching future innovators to ask not only ‘Can we?’ but ‘Should we?’”
She further noted:“Saudi Arabia’s Vision 2030 has turned digital education into a national movement placing technology and innovation at the heart of human development.”
AbuKhousa emphasized the transformative opportunities for women in the Kingdom: “Today, Saudi female students are designing models, leading AI startups, and redefining what digital leadership looks like.”
Prof. Hui views this transformation through the lens of fintech. “Fintech is deeply embedded in Vision 2030, serving as a key enabler of its three pillars: a vibrant society, a thriving economy, and an ambitious nation,” he said.
Hui stressed that Saudi Arabia’s investment capacity and modern regulatory framework “create a conducive environment for innovation.” Having collaborated with Aramco, The Financial Academy, and Prince Mohammed Bin Salman College of Business and Entrepreneurship, he highlighted the strategic potential of the Kingdom’s young population. “The Kingdom has one of the youngest populations in the world, with a median age below 30,” he said.
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“This demographic presents a tremendous opportunity for higher education to shape future leaders, and our collaborations in Saudi Arabia are highly targeted to support this goal.”
AbuKhousa argued that universities must lead innovation rather than follow it. “Universities must evolve from teaching institutions into innovation ecosystems,” she said. “The real bridge between research and industry lies in applied collaboration: joint labs, shared data projects, and co-supervised capstones where students solve live industry challenges.”
“At UE Dubai, we’ve introduced an Honorary Senate of Business Leaders to strengthen that bridge, bringing decision-makers directly into the learning process,” she added.
DID YOU KNOW?
Vision 2030 has made digital education central to Saudi Arabia’s development strategy.
Women in Saudi Arabia are now designing AI models and leading startups.
Universities are transforming into innovation ecosystems bridging research and industry.
Cross-border collaborations with Hong Kong and Dubai are accelerating fintech and AI growth.
Hui noted that cross-border cooperation between Hong Kong and Saudi Arabia is growing rapidly. “Saudi Arabia’s scale, strategic location, and leadership in the Arab world offer Hong Kong an ideal partner,” he said. “Hong Kong’s academic and regulatory experience can help the Kingdom fast-track its digital transformation.”
He highlighted lessons from Hong Kong’s fintech journey. “Hong Kong’s fintech journey offers critical lessons for Saudi Arabia, particularly in creating a balanced ecosystem for innovation,” he said. “Education and regulation are both important. We need education at all levels and beyond schools to expose people to these ideas; having diverse and rich experiences also helps, as the education needs to be supplemented by real-life implementation and usage experience. That is what Hong Kong can offer.”
AbuKhousa emphasized that women’s participation in technology must extend beyond access to influence. “Empowering women in technology begins with reimagining representation: from inclusion to influence,” she said. “We need more women not only learning tech, but leading teams, designing systems, and shaping AI policy. Institutions must normalize women’s presence in decision-making spaces and provide visible mentorship networks to counter imposter syndrome.”
Both experts agreed that innovation must remain human-centered and accountable. “As AI becomes integral to financial systems, governments must strike a careful balance between innovation, data ethics, and compliance,” Hui said. “Establishing clear regulatory frameworks and transparency standards is crucial.”
AbuKhousa concurred, emphasizing the role of education in AI adoption: “Educators must position generative AI as a thinking partner, not a shortcut. The goal is to teach students how to use AI critically, not merely that they can.”
Hui predicts that “AI, blockchain, and cybersecurity will be transformative forces in the region’s financial sector.” AbuKhousa sees a similar momentum in education: “The Gulf is entering a defining phase where AI becomes the backbone of education and workforce development.”
The experts concluded that the Kingdom’s digital transformation, anchored in Vision 2030, is connecting classrooms, industries, and continents through human-centered innovation.
