Though the rankings in terms of funding received for the top 4 nation's in MENA have not changed, the VC winter is apparent with noticeably smaller funds raised for each of these startup ecosystems, except Egypt.
Israel still leads with $1.83 billion raised in H1 2023, but is on a crash course, as this is 80% lower than H1 2022's $9.4 billion. It's a troubling figure for Israel, as last year's H1 result was already a 27% drop from H1 2021. UAE fundraised 16% less this H1 2023, with $590 million versus last year's $699 million by this time. Saudi Arabia raised 10% less, with $528 million raised, versus last year's $584 million.
The biggest winner in MENA is Egypt, having raised 40% more this year than last year, having raised $432 million in H1 2023 versus $307 million in H1 2022.