MENA Startups Hit $143B Enterprise Value in 2024

The Middle East and North Africa (MENA) region has reached a new milestone in the global startup race. As of 2024, VC-backed startups headquartered or founded in MENA have generated a combined enterprise value (EV) of US$143 billion, outpacing Africa’s US$67 billion by more than double. This enterprise value MENA 2024 marks a significant indicator of the region’s accelerating innovation economy, placing it firmly on the global investor map.

Unpacking the Enterprise Value MENA 2024

The growth in enterprise value saw over 11.4x expansion between 2017 and 2024, according to data from Dealroom. This impressive trajectory reflects a decade of focused investments, maturing venture capital ecosystems, and strategic public-sector initiatives designed to boost entrepreneurship.

While MENA leads in aggregate enterprise value MENA 2024, Africa also demonstrated robust performance with a 10.1x EV growth, showing the continent’s vast potential and resilience. Notably, venture capital (VC) investments into MENA startups totaled US$5 billion in 2024, compared to US$1.9 billion across Africa.

Key Players and Influencers in Enterprise Value MENA 2024

A deeper look into MENA’s standout players tells an even more focused story. The United Arab Emirates (UAE) alone contributed US$59 billion in EV, accounting for more than 40% of the region’s total. Within the UAE, Dubai’s metropolitan area (including Sharjah and Ajman) stood out with US$52 billion in combined EV and US$807 million in VC investment last year.

However, the fastest-growing market in relative terms is undeniably Saudi Arabia. The Kingdom’s enterprise value MENA 2024 story is marked by a 54.3x surge in EV from 2017 to 2024, driven by economic diversification efforts under Vision 2030. Riyadh alone clocked a 65x growth or the fastest in the entire region. Although Saudi Arabia’s current EV (US$23 billion) and VC totals (US$662 million) remain smaller than the UAE’s, its growth pace signals a fundamental shift in regional startup dynamics.

Across the broader region, MENA boasts 7,314 VC-backed startups, far ahead of Africa’s 5,859. The UAE accounts for 1,851 of these, with 1,502 in Dubai. Saudi Arabia is home to 857, and Riyadh alone hosts 461. These numbers underscore the density of startup activity in just a few concentrated hubs.

Future Outlook: Sustaining the Momentum

While funding often garners headlines, enterprise value is the more meaningful metric for long-term economic contribution. It reflects not just investor sentiment but the actual creation of scalable, revenue-generating businesses. MENA’s US$143 billion in startup EV is a tangible sign that the region’s tech ecosystem is maturing, and also thriving.

As investors look toward the next wave of emerging markets, the numbers clearly position MENA as a region to watch. With strong government backing, international investor interest, and a maturing pipeline of founders, the enterprise value MENA 2024 narrative is only just getting started.