MENA startup funding grows in May as Egypt rebounds

RIYADH: Startups across the Middle East and North Africa secured $289 million across 44 deals in May, marking a 25 percent rise from April and a 2 percent increase year-on-year.

While equity dominated the deal flow, debt financing represented just 9 percent of the total.

The UAE followed with $86.7 million from 14 deals, while Saudi Arabia came third with $69 million from 15 transactions.  

Kuwait made a rare appearance in the top four, with two startups securing a combined $6 million. 

Despite the hype around artificial intelligence, fueled by a high-profile visit from US President Trump and Silicon Valley executives, funding in the sector was limited.  

AI startups attracted just $25 million across two deals, underscoring a gap between public narrative and private capital flows. 

Fintech maintained its lead among sectors, drawing $86.5 million through 14 rounds. Property technology followed, lifted by Nawy, while media technology firms raised $32 million.