A new report by Doha-based strategic communications agency BLJ Worldwide reveals that the MENA region is expected to witness a significant surge in information technology spending, reaching $178.1 billion in 2023.
The report, titled "MENA Tech 2023: Mapping the Technology Landscape," analyzed various aspects of the MENA technology sector, covering areas such as FinTech, gaming, and overall technological trends.
Egypt stands out as a leading player as one of the MENA region’s top tech hotspots, emphasized by its inclusion as one of the top five countries for startups. These countries were selected based on several factors, including substantial investment in future technologies, thriving startup ecosystems, and world-leading internet connectivity.
The United Arab Emirates (UAE) was named as the tech startup capital of the region, with local companies raising $1.85 billion in 2022. Saudi Arabia (KSA) follows closely behind with $907 million, while Egypt secured $736 million in startup funding.
In terms of funding for startups, the FinTech sector emerged as the most funded in the region during 2022, gathering $1.1 billion. CleanTech secured the second spot with $409 million, followed by logistics at $362 million.
The report also identifies KSA, the UAE, Egypt, Qatar, and Bahrain as the top locations for research and development within the MENA region.