VC Funding Sources by Country from 2021 to 2024

Over the last four years, global AI funding has remained a powerhouse of investment, peaking at US $133 billion in 2021. The United States has solidified its position as the leader in AI venture capital, contributing 64% of total investments over this period—amounting to an impressive US $260 billion. By comparison, China has seen slower momentum, losing ground. It raised US $6.5 billion in AI funding so far in 2024 (to November 12, 2024), while the Middle East lags behind but shows significant promise for transformation.

A groundbreaking US $100 billion AI fund announced in Abu Dhabi in October 2024 is poised to shift the dynamics of global AI investment. With this move, the Middle East aims to close the gap and position itself as a serious contender in the global AI landscape. This development highlights how the region is evolving from a follower to a potential leader in AI innovation, ready to compete with established powerhouses like the U.S. and China.

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Dubai's Venture Capital Ecosystem

There are 749 scale-ups that have raised over US $1 million in fundraising in the Middle East and North Africa region; collectively raising over US $19.5 billion, cumulatively, as of December 2022. Over 40% of these scale-ups call Dubai home.

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