Middle East & Africa Markets vs G20 in GDP Growth Rate & VC Growth (In Annual Percent Change)
Middle East & Africa Markets vs G20 in GDP Growth Rate & VC Growth (In Annual Percent Change)
Published date : 06 February 2024

Middle East & Africa Markets vs G20 in GDP Growth Rate & VC Growth (In Annual Percent Change)

Economic Outliers: How KSA and Egypt Stand Out in a Global Downturn

Amid a global "VC Winter" and economic adjustments, Saudi Arabia and Egypt shine as outliers, outpacing many G20 and MEA counterparts. Saudi Arabia impresses with a 2.2% GDP growth and a 68% boom in venture capital funding, fueled by mega-deals in fintech and e-commerce, including standout investments in Tabby, Tamara, Hunger Station, and Floward, amassing over US $1.2 billion. Egypt, facing its economic hurdles, also demonstrates resilience with a 4.2% GDP increase and a steady 1% rise in VC funding. These nations exemplify the dynamism within the MENA start-up ecosystem, thriving against broader economic challenges.

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