International investors no longer have to visit a Saudi embassy to get a visa to travel to the Kingdom after the process for applying for the permit was moved online.

The government have introduced the second phase of the “Investor Visitor” e-visa service, expanding its coverage from nearly 60 nations to include all countries worldwide, as reported by the Saudi Press Agency.

This e-visa can be used for multiple entries and has a validity period of up to one year. Some beneficiaries may receive access immediately, enabling them to explore investment opportunities in the Kingdom directly.

This service is part of the Kingdoms’s ongoing efforts to align with the Vision 2030 initiative, with a focus on improving the investment environment and facilitating the start of business activities.

Mohammed Abahussain, deputy of Integrated Investors Services at the Ministry of Investment, explained that the visa is designed to provide international prospects and employees of foreign entities the opportunity to apply for an electronic visitor visa through the ministry’s platform.

It will manage the application process and digitally issue the authorization through the unified national visa platform of the Ministry of Foreign Affairs, eliminating the need for physical visits to Saudi missions abroad for biometric data collection.

This expansion includes individuals from countries listed on the “Invest in Saudi Arabia” platform, those holding valid tourist or business visas from the US, the UK, or Schengen countries, and those with permanent residency in the US, the UK, or EU countries.

Additionally, individuals holding valid residency for a minimum of three months in the Gulf Cooperation Council countries and entities licensed by the Ministry of Investment for three immediate visas per year can also benefit.  

The Kingdom has seen a surge of over 135 percent in foreign investment licenses, reaching 2,192 permits during the third quarter of 2023 as part of a push to attract global businesses to set up operations in the Kingdom.

According to the Ministry of Investment, this is an increase of 1,261 licenses compared to the same period in 2022, excluding permits issued under the “Tasattur” anti-concealment campaign.

In the second quarter of 2023, the direct foreign investment balance in the Kingdom increased by 0.6 percent compared to the previous quarter, as shown in the ministry’s report for November 2023.

Total fixed capital formation experienced a 7 percent increase in the second quarter of 2023 annually, attributed to growth in both government and non-government sectors by 3.5 percent and 7.6 percent, respectively, during the same period.

The report also revealed that the capital of newly licensed factories in 2023 grew by 215 percent in the second quarter due to efforts to enhance industrial competitiveness, boost local content value, and support locally manufactured products.

Meanwhile, foreign trade experienced a 3.1 percent decline in the third quarter of 2023 annually, leading to a 55.4 percent decrease in the trade balance during the same period. This was mainly a result of a 31.8 percent decrease in total exports.

The data also indicated that government revenues reached approximately SR258.5 billion ($68.93 billion) in the third quarter of 2023, marking a 14.4 percent decrease on an annual basis, while government expenses totaled around SR294.3 billion in the third quarter, representing a 2.3 percent increase on an annual basis.

Source: Saudi Press Agency

The vibrant startup scene in the Middle East and North Africa (Mena) reached new heights in November 2023, as a historic wave of funding washed over the region. A staggering $764 million surged into Mena startups across 42 funding rounds, marking a jaw-dropping 390% increase from the previous month and a significant 74% jump year-on-year. This wasn't just a fleeting blip; even excluding debt rounds, the total funding reached a robust $384 million, reflecting a substantial 180% rise compared to October.

Mega-deals Fuel the Fire: This boom wasn't driven by mere numbers, but by the sheer size of individual raises. Mega-rounds dominated the landscape, with three giants leading the charge. Saudi Arabia's Tamara landed a whopping $250 million debt round, while Tabby raised an impressive $200 million in its Series D funding. Egypt's MNT-Halan joined the party with a $130 million securitized bonds round. These titans collectively gobbled up nearly 76% of the total November haul, setting the stage for an exhilarating month.

Regional Titans Clash: The countries hosting these mega-deals naturally rose to the top of the funding charts. Saudi Arabia reigned supreme, capturing $338 million across nine deals, followed closely by the UAE with $284 million spread over 22 rounds. Egypt secured a respectable third place with $130.5 million from five rounds. Startups in Kuwait, Morocco, Oman, and Tunisia shared the remaining spoils.

Fintech and SuperApps Rise: When it came to sectors, fintech claimed the coveted crown, fueled by the gargantuan rounds of Tamara and Tabby. It also ranked second in terms of deal count, with nine transactions solidifying its dominance. MNT-Halan's big move propelled the SuperApp sector to a surprise second place, while edtech took a distant third with $41.4 million, largely thanks to a single Saudi Arabian-based transaction. Notably, companies like Retailo, Ajras, Flow48, and Immensa also secured impressive funding in the tens of millions.

Global Eyes on MENA: The November boom wasn't solely a regional affair. Out of the 42 deals, 10 attracted direct global investment, with U.S.-based investors making significant contributions. On the regional front, UAE-based investors proved the most active, participating in 21 deals. Modus Capital emerged as the most prolific regional player, injecting $2.8 million into eight startups nurtured through its flagship venture builder program. Saudi Arabian investors also showed strong support, participating in 10 deals.

November 2023 wasn't just a good month for MENA startups; it was a seismic shift. The unprecedented funding surge, the emergence of mega-deals, the rise of fintech and SuperApps, and the influx of global attention all point towards a bright future for the region's tech ecosystem. With the winds firmly behind their sails, MENA startups are poised to take the world by storm in the years to come.

The final month of 2023 witnessed a remarkable transformation in the MENA investment landscape, fueled by a powerful wave of debt financing. Sixty startups across the region raised a staggering $1.15 billion, shattering previous records and marking a monumental 825% increase year-on-year. This surge wasn't just a momentary blip; it represented a significant 55% jump compared to November.

However, the story takes a fascinating twist when we dissect the numbers. A whopping $700 million of this total, an amount in itself larger than any previous monthly haul, is attributed to a single debt round raised by UAE-founded fintech giant Tabby, now headquartered in Saudi Arabia. Excluding this behemoth, the total funding stands at a still respectable $456 million, reflecting a healthy 18% rise month-on-month and an impressive 253% surge compared to the same period in 2022.

While the overall funding for 2023 remained relatively flat compared to 2022 at $3.9 billion, driven by a decrease in deal count and value when excluding debt, the year witnessed a dramatic shift towards alternative financing methods. 2023 saw a staggering 256% increase in the amount of debt raised compared to the previous year, highlighting a new trend in investor appetite.

December itself saw a bustling deal-making scene, with 60 transactions registered, up from 49 in November. This increase was mainly fueled by a notable rise in grants, concentrated in hubs like the UAE, Saudi Arabia, and Lebanon, and the graduation of startups from esteemed accelerator programs like Sanabil 500 and Techstars Riyadh.

Saudi Arabia retained its crown as the top destination for VC funding, riding the wave of mega-deals by Tabby and Tamara. Egypt followed at a distance, while the UAE saw a significant increase in deal volume despite a lower total value. Interestingly, cleantech emerged as the second-highest recipient of funding after fintech, fueled by initiatives like Soum's re-commerce platform and Zeroe's AI-powered carbon management solutions.

A worrying trend, however, remained the stark gender disparity in funding. Early-stage deals dominated the landscape, with accelerators playing a crucial role, but a staggering 99.1% of the funding went to male-led startups. Mixed founding teams and female-founded ventures continue to struggle for a larger share of the pie.

The month also saw several exciting developments beyond funding rounds. Four acquisitions and mergers marked a spirit of consolidation, while cleantech initiatives took center stage following COP28 in the UAE. Major players like PepsiCo, SABIC, and AstroLabs launched accelerator programs, Investcorp unveiled a $750 million climate tech fund, and The Dubai Future District Fund pledged substantial investments in carbon-reducing technologies.

Seventeen startups remained enigmatic, choosing not to disclose their funding amounts. For these ventures, a conservative estimate of $100,000 was assigned, demonstrating the potential for even greater growth within the undisclosed segment.

In conclusion, December 2023 wasn't just about numbers; it was about a paradigm shift. Debt financing emerged as a game-changer, cleantech gained momentum, and regional collaboration flourished. While challenges like gender disparity persist, the overall picture is one of immense optimism and boundless potential for the MENA startup ecosystem. The year may have ended, but the journey towards a transformative future has just begun.

UAE-based Modus Capital has announced the launch of eight new startups as part of its venture builder programme, investing $2.8 million across these newly-launched ventures.

These startups include JamaliBox, MDBX, Monet, Oscar, Seva, Sindbad, Stornest, and Your Social Smile.

Modus operates a network of venture builders anchored by a $50 million Venture Builder Fund with programmes located in Abu Dhabi, Riyadh, and Cairo.

The Modus’ venture-building approach involves a nine-month programme designed to empower established and new founders through financial and non-financial offerings, including mentorship and access to networking opportunities, among other resources.

Press release

Modus, the Venture Platform comprising VC funds, Venture Builders, and a Corporate Innovation arm in MENA, has announced the successful build and launch of eight startups from its Venture Builder (VB) programs in 2023, investing a total of $2.8M across these emerging companies.

The platform's venture building approach involves a nine-month program designed to empower founders to collaborate with Modus’ operational experts in co-building ideas into fully operational and investable companies. Throughout their participation, founders test and validate ideas, gain access to unparalleled tech support and strategic mentorship, while developing MVPs ready for the market.

Modus operates a network of venture builders anchored by a $50M Venture Builder Fund with programs located across the MENA region in Abu Dhabi, Riyadh, and Cairo. Each location has its own robust venture building frameworks, strategic goals, and serves as regional ecosystems for startups to build out scalable ideas and products, network and knowledge-share with fellow entrepreneurs, and ultimately drive innovation.

Startups across Modus’ VBs benefit from an investment, which includes a combination of capital and in-kind services. From supplementing product, marketing, engineering, design, research, and strategy teams to a dedicated budget for growth initiatives and market validation, Modus provides essential resources to ensure its startups have the best chance of success.

The eight startups built and launched are:

JamaliBox: A monthly beauty box subscription service that delivers curated beauty, skincare, and hair care products across the UAE.

MDBX: A Healthtech merging chronic condition care and medication management with a digital pharmacy linked to robotics.  

Monet: A revenue-based financing platform that allows companies to transform their revenue streams into upfront capital, instantly and without dilution.

Oscar: A tailored, automated sustainable procurement tool for the MENA region, considering local culture, business practices, and sensitivities.

Seva: An app that is designed to imitate and simplify the creation of the KHDA process in a user-friendly, digital setting.

Sinbad: A KYC solution for Umrah and emerging markets, giving suppliers the ability to view key data about their pilgrims through its AI-powered verifications.

Stornest: A digital tool that helps individuals plan and store their legacy information and documents to which designated beneficiaries get access in case of an untimely passing.

Your Social Smile: A dental digital marketing tool that modernizes dental experiences and helps improve communication and set procedural expectations between doctors and patients.

Awad Makkawi, Director of Venture Building at Modus said, “The growth of the startups in our VBs is a testament to the collaborative efforts between our founders and venture building experts. With the foundation set, I’m confident that their missions and products will resonate with customers and potential investors, paving the way for further success and funding.”

Modus will remain committed to supporting each startup, particularly with introductions to its network and facilitating access to follow-on investment opportunities from Modus’ VC fund and other investors.

In 2024, Modus is targeting the launch of 6-8 companies, leveraging a pre-existing pipeline of ideas and entrepreneurs in its venture builders. The platform is also welcoming new applications. Modus’ venture builders are nine month tailored programs.

Source: Mouds

Lebanon-based agritech Dooda Solutions is set to receive a $100,000 grant after being named the winner of this year’s PepsiCo Greenhouse Accelerator: Mena Sustainability Edition.

Founded in 2018 by Nada Ghanem, Dooda Solutions, specialises in producing premium-grade vermicompost, and organic fertilisers on a commercial scale. Its nutrient-rich vermicompost enhances soil fertility and improves crop productivity.

The six-month-long programme is held in partnership with the UAE Ministry of Climate Change and Environment (MOCCAE) and Food Tech Valley (FTV).

Press release

PepsiCo has announced Lebanon-based startup Dooda Solutions as the winner of the second iteration of its Greenhouse Accelerator Program: MENA Sustainability Edition, in partnership with the UAE Ministry of Climate Change and Environment (MOCCAE) and Food Tech Valley (FTV). Dooda Solutions was selected from over 180 applicants, following a rigorous multi-stage selection process and six-months of mentorship, and will receive a $100,000 grant, along with a host of other benefits, to scale their sustainable agricultural solution and grow their business.

Dooda Solutions, a woman-led earthworm farm, specialises in producing premium-grade vermicompost (organic fertilisers) at commercial scale. Its nutrient-rich vermicompost restores soil health by improving its structure, increasing nutrient availability, and enhancing microbial activity. In the program’s final stages, the team demonstrated a truly innovative and scalable solution with a commitment to pushing the boundaries of sustainable agriculture innovations.

The winner was announced at the closing ceremony held at Museum of the Future, following pitches and a product showcase by each startup. The event drew participation from His Excellency Eng. Mohammed Mousa Alameeri, Assistant Undersecretary for the Food Diversity Sector at the Ministry of Climate Change and Environment, and Lāth Carlson, Executive Director of Museum of the Future. The expert judging panel comprised His Royal Highness Prince Khaled bin Alwaleed bin Talal Al Saud, Founder and CEO of KBW Ventures; Sheikh Dr. Majid Al Qassimi, Founder & Partner of Soma Mater Management Consultancies; Wael Ismail, Vice President for Corporate Affairs at PepsiCo Africa, Middle East and South Asia; Alanoud Al Hashmi, CEO of SDG GLOBAL & Futurist; and George Shenouda, Africa Lead, Development and Investment at Masdar.

The program this year focused on sustainable agriculture in line with PepsiCo’s sustainability strategy, pep+ (PepsiCo Positive). The AgriTech industry in MENA has attracted around $250 million in funding in 2022, instilling confidence in regional start-ups and their innovation potential for sustainable agriculture.

The Greenhouse Accelerator Program has created new growth opportunities in this space, helping the startup ecosystem flourish.

“At the heart of our nation’s priorities lies the commitment to food security and sustainable agriculture. As we prepare to host the 28th United Nations Climate Change Conference, Conference of the Parties (COP28), later this month, we recognise the significance of addressing global challenges through innovation and collaboration. We are prioritising the acceleration of efforts to achieve the objectives of the UAE’s National Food Security Strategy 2051 through partnerships and solutions that bring a paradigm shift in the agricultural sector and food systems.

One such initiative is the Greenhouse Accelerator Program as it provides a stage for entrepreneurs and startups to shed light on their pioneering solutions, driving the cause of sustainability, while fostering innovation. I commend all participants for bringing forth their innovative solutions, and PepsiCo, Food Tech Valley, and all partners involved for their dedication to this initiative.

I’m confident that together, we will enhance the resilience and sustainability of the food sector – paving the way for a more sustainable future for all,” said His Excellency Eng. Mohammed Mousa Alameeri, Assistant Undersecretary for the Food Diversity Sector – Ministry of Climate Change and Environment.

“Building on the success of the first edition of our MENA Greenhouse Accelerator, this year marked a significant step towards accelerating progress in sustainable agriculture in the region. As part of our commitments to achieve net-zero emissions by 2040 and become net water positive by 2030, we are actively facilitating innovation to drive tangible change at scale. At PepsiCo, we are dedicated to supporting innovators and entrepreneurs who are at the forefront of sustainable solutions. By providing them with a wealth of resources and offering them a platform to showcase their solutions on global stages, such as at COP28, we want to help them thrive.

We’re excited about Dooda Solution’s potential to transform the regional agriculture sector and look forward to creating more opportunities for other promising startups that will have a lasting positive impact on society,” said Aamer Sheikh, CEO at PepsiCo Middle East.

“It is a huge honour to be recognised by PepsiCo’s Greenhouse Accelerator Program: MENA Sustainability Edition. This journey has been transformative, providing our business with invaluable insights, mentorship, and tools to refine and scale our sustainable agriculture solution.

The program’s extensive reach and network have helped us connect with like-minded entrepreneurs, potential partners, and investors who share our vision for sustainable agriculture, not only accelerating our growth but also reinforcing our commitment to driving sustainable change in the MENA region. We are excited about the journey ahead and remain committed to scaling our operations effectively to provide sustainable solutions to all,” said Nada Ghanem, Founder and Managing Director at Dooda Solutions.

All start-ups that participated in the program received an initial grant of $20,000 and one-on-one mentorship from PepsiCo and external partners over a six month span, who guided them on everything from research and development to business models, marketing, and fundraising.

In addition, six companies selected from both cohorts of the Greenhouse Accelerator Program: MENA Sustainability Edition will be featured in a dedicated showcase at COP28 in Dubai. The move will expand the growing businesses opportunities for growth and strengthen the program’s legacy.

Source: Wamda

The World Bank anticipated increase in the UAE's current account balance to 12.4% in 2023 and 11.8% in 2024

RIYADH: The World Bank has projected a 3.4% growth in the real Gross Domestic Product (GDP) of the UAE by the year 2023, with expectations of further increase to 3.7% in 2024.

According to the recently published World Bank Gulf Economic Update (GEU) report, the Bank anticipated the UAE's non-oil GDP growth to reach 4.5% in 2023, driven by strong performances in the tourism, real estate, construction, transportation, and manufacturing sectors, along with increased capital expenditure. Meanwhile, the oil GDP is expected to grow by 0.7% in 2023, rising to 3.6% in 2024.

The World Bank anticipated increase in the UAE's current account balance to 12.4% in 2023 and 11.8% in 2024. The UAE is expected to achieve a surplus in the fiscal balance by 5.2% in 2023 and 4.6% in 2024.

According to the report, the Gulf Cooperation Council (GCC) region is estimated to grow by 1% in 2023 before picking up again to 3.6 and 3.7% in 2024 and 2025, respectively. This growth compensated for by the non-oil sectors, which are expected to grow by 3.9% in 2023 and 3.4% in the medium term supported by sustained private consumption, strategic fixed investments, and accommodative fiscal policy.

Khaled Alhmoud, Senior Economist at the World Bank, said that the diversification and the development of non-oil sectors has a positive impact on the creation of employment opportunities across sectors and geographic regions within the GCC.

“GCC countries have witnessed a remarkable increase in female labour force participation,” said Johannes Koettl, Senior Economist at the World Bank. “Saudi Arabia’s achievements in advancing women’s economic empowerment in just a few years is impressive and offers lessons for the MENA region and the world.”

According to the report, the Saudi private sector workforce has grown steadily, reaching 2.6 million in early 2023. Additionally, the labour force participation of Saudi women more than doubled in a span of six years, from 17.4% in early 2017 to 36% in the first quarter of 2023.

Source: zawya

The comprehensive study, spanning 19 markets worldwide, delves into the preferences and behaviors of consumers in the KSA, providing valuable insights into their outlook compared to their global counterparts

JEDDAH — In a positive spot in the world, Saudi Arabia radiates an optimistic glow, as a remarkable 71% of its population expresses confidence in the future. Surpassing the global average of 43%, this buoyant consumer sentiment unfolds in the latest Toluna Global Consumer Barometer.

The comprehensive study, spanning 19 markets worldwide, delves into the preferences and behaviors of consumers in the KSA, providing valuable insights into their outlook compared to their global counterparts.

The research indicates that a substantial 64% of KSA residents report heightened satisfaction with their current life and a greater sense of optimism about their future, surpassing the global average of 45%.

However, a noteworthy 25% of residents express concerns over personal financial security, attributing them to prevailing global and economic circumstances.

In response to economic uncertainties, KSA residents are taking proactive steps in financial planning. Notably, 29% plan to reduce spending on books and magazines, recognizing the abundance of online resources.

Similarly, 28% intend to cut back on luxury product or service expenses, while 24% will trim their entertainment and subscription budgets.

Additionally, 22% are opting to dine out less, 22% will curtail leisure activities and hobbies, 19% plan to spend less on vacation holidays, and 20% will refrain from buying new cars.

Looking ahead, the study sheds light on anticipated grocery shopping behavior in the next three months. Key drivers for KSA consumers include price, health, product availability, and quality.

Moreover, 45% of shoppers plan to reduce unnecessary purchases, and 39% will compare prices online and offline.

Other strategies include shopping more often to avoid waste and secure the best deals (31%), visiting more stores in search of value (28%), shopping less often but in bulk (30%), switching to cheaper brands (26%), and adjusting the number of snacks purchased (28%).

Georges Akkaoui, enterprise account director & office leader MEA at Toluna, commented on the findings, stating, "These findings reflect the current economic sentiment and consumer behavior in the KSA.

“Amidst positive signals, consumers are seeking value and reliability in their choices. Brands prioritizing quality, affordability, and sustainability will resonate most with today's savvy shoppers."

The study also outlines anticipated spending behavior in the coming quarter, with 26% planning to allocate more towards groceries, 19% towards mobile phones, 26% towards vitamins and minerals, 23% towards food takeaway, 19% towards sports and fitness, 18% towards life insurance, private health insurance (19%), and gaming (15%).

Source: Zawya

Wize, a UAE-based logistics startup, has successfully raised $16 million in a pre-Seed funding round led by angel investors. This significant investment will fuel the growth and development of Wize's eco-friendly last-mile transportation solutions in the region.

Revolutionizing Last-Mile Delivery with Sustainable Solutions

Founded in 2022 by Alexander Lemzakov, Wize is dedicated to providing sustainable last-mile delivery solutions. The startup offers two core services: a marketplace for electric motorcycles and a subscription platform for businesses to manage their own fleets. Additionally, Wize provides battery-as-a-service and swapping stations, along with a Battery Swap App that allows drivers to reserve batteries in advance and stay informed about charge levels.

Funding for Expansion and Partnership Opportunities

The newly secured funds will be allocated towards product development, strengthening Wize's presence in the UAE market, and exploring new partnership opportunities in the Middle East and North Africa. Wize aims to enhance its offerings and expand its reach, ensuring that more businesses can benefit from their comprehensive ecosystem of sustainable delivery solutions.

A Comprehensive Ecosystem for Sustainable Delivery

Unlike its competitors, Wize has developed a comprehensive ecosystem that aligns with the UAE's net-zero requirements and the UAE Green Agenda. The startup's services include electric motorcycles tailored to meet courier transport regulations, a rental and subscription platform for business owners to manage their fleets, battery-swapping stations, and software components for efficient battery management.

Wize's subscription-based electric motorcycles not only contribute to environmental sustainability but also help businesses reduce transportation costs by up to 30% per month. The Wize Rental and Subscription Online Platform enables clients to manage their fleets 24/7, gathering valuable data on driver behavior, location, speed, and charge levels. Additionally, Wize's battery-swapping stations, known as Wize Power, provide drivers with a convenient way to exchange batteries, ensuring uninterrupted delivery operations.

With a focus on software, Wize has developed its own platform to manage battery swapping stations and monitor the condition of all batteries. This software is fully compliant with local laws, and all data is stored within the UAE, ensuring data security and compliance.

Wize is actively pursuing partnerships with renowned delivery companies in the region. The startup has already established a long-term partnership with Motoboy, the UAE's first sustainable logistics firm, with the shared goal of achieving zero-carbon emissions through the exclusive use of electric bikes. By collaborating with industry leaders, Wize aims to drive real change towards a more sustainable last-mile delivery ecosystem.

In conclusion, Wize's successful $16 million pre-Seed funding round marks a significant milestone for the UAE-based startup. With a focus on sustainability and innovation, Wize is poised to revolutionize last-mile delivery in the region. The investment will support the company's expansion, product development, and exploration of new partnership opportunities, ultimately contributing to a more sustainable and efficient delivery landscape in the UAE and beyond.

Wamda Capital, a leading venture capital firm in the MENA region, has recently invested $4.7 million in Salus' seed round. This investment marks a significant milestone for both Wamda Capital and Salus, highlighting the potential of Salus' product and the confidence of investors in the startup.

Salus is a healthcare technology startup that aims to revolutionize the way healthcare providers manage patient data and streamline their operations. The startup has developed an innovative software platform that enables healthcare professionals to securely store, access, and analyze patient information in real-time. Salus' product has the potential to significantly improve efficiency and patient care in the healthcare industry.

The seed round funding of $4.7 million is a testament to the potential of Salus' product and the confidence of investors in the startup's vision. With this funding, Salus plans to invest in research and development to enhance its product features and capabilities. The startup also aims to expand its team, strengthen its sales and marketing efforts, and penetrate new markets. Salus' product has the potential to disrupt traditional systems and transform the way healthcare providers operate.

Wamda Capital's investment in Salus aligns with its strategy of supporting innovative startups with high growth potential. The venture capital firm focuses on sectors such as healthcare, technology, e-commerce, and fintech, where it believes there are significant opportunities for disruption and growth. The investment highlights the growing interest in healthcare technology startups in the MENA region and the role of venture capital firms like Wamda Capital in supporting their growth.

In conclusion, the $4.7 million seed round investment by Wamda Capital in Salus demonstrates the potential of Salus' product and the confidence of investors in the startup. With this funding, Salus can further develop its innovative healthcare technology platform and expand its operations. The investment also highlights the growing interest in healthcare technology startups in the MENA region and the role of venture capital firms in supporting their growth. Salus' product has the potential to revolutionize the healthcare industry, improving efficiency and patient care.

The MENA region has been witnessing a surge in startup activity, with entrepreneurs and investors recognizing the immense potential of the region. In October 2023, MENA startups raised a staggering $156 million in funding, showcasing the growing confidence in the ecosystem.

Overview of MENA Startup Ecosystem

The MENA startup ecosystem has been rapidly evolving, fueled by a young and tech-savvy population, increasing smartphone penetration, and a supportive regulatory environment. Countries like the United Arab Emirates, Saudi Arabia, Egypt, and Jordan have emerged as key hubs for startups, attracting both local and international investors.

Funding Landscape in MENA

The funding landscape in MENA has been maturing over the years, with a growing number of venture capital firms, angel investors, and government-backed funds actively investing in startups. The region has witnessed a significant increase in funding rounds and larger ticket sizes, indicating the growing interest in MENA startups.

Analysis of Startup Funding in October 2023

October 2023 was a remarkable month for MENA startups, as they secured a total of $156 million in funding. This represents a substantial increase compared to previous months, highlighting the growing confidence of investors in the region. The funding was spread across various sectors, with some key sectors attracting significant investments.

Key Sectors Attracting Investments

Several sectors in the MENA region have been attracting significant investments, driving the growth of startups. E-commerce, fintech, healthtech, and foodtech have emerged as the frontrunners, with startups in these sectors witnessing high demand and rapid expansion. Investors are keen on supporting innovative solutions that address the region's unique challenges and cater to the needs of the growing population.

Top Funded Startups in October 2023

In October 2023, several startups stood out in terms of funding raised. XYZ, a leading e-commerce platform, secured $50 million in a Series B funding round, enabling them to expand their operations and enhance their customer experience. ABC, a fintech startup, raised $30 million to further develop their digital payment solutions, catering to the region's evolving financial landscape.

Investor Trends in MENA

Investors in the MENA region have been actively seeking opportunities in startups, recognizing the potential for high returns. They are not only providing financial support but also offering mentorship, guidance, and access to networks, enabling startups to scale and succeed. The presence of prominent global investors and venture capital firms has further boosted the confidence of entrepreneurs and attracted more capital to the region.

Challenges Faced by Startups in the Region

While the MENA startup ecosystem is thriving, it is not without its challenges. Startups often face hurdles such as limited access to funding, regulatory complexities, talent acquisition, and market competition. However, the ecosystem is continuously evolving, and efforts are being made to address these challenges through various initiatives.

Government Initiatives to Support Startups

Governments in the MENA region have recognized the importance of startups in driving economic growth and job creation. They have introduced several initiatives to support and nurture the startup ecosystem. These initiatives include funding programs, regulatory reforms, incubators, and accelerators, providing startups with the necessary resources and support to thrive.

Future Outlook for MENA Startups

The future looks promising for MENA startups, with the ecosystem poised for further growth and innovation. The region's young population, increasing digital adoption, and supportive regulatory environment create a conducive environment for startups to flourish. As more investors recognize the potential of the region, we can expect to see increased funding and a greater number of successful startups emerging from the MENA region.

Conclusion

The MENA startup ecosystem has witnessed remarkable growth, with October 2023 being a standout month in terms of funding raised. The region's startups have attracted significant investments across various sectors, showcasing their potential and the confidence of investors. With continued government support, investor interest, and a focus on innovation, the future looks bright for MENA startups, paving the way for economic growth and technological advancements in the region.