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Global economic crisis takes fizz out of MENA startups

By TRENDS Desk
November 28, 2022 7:02 am
  • The startups in the region have raised more than $2.5 billion this year and made more than 500 deals, according to estimates
  • The UAE raised $460 million in 24 deals in October, a huge boost compared to the country’s $27 million raised in September

Dubai, UAE— Startups in the MENA region have been raising a sizeable amount of funding during the course of the ongoing year, but the fear of global economy going into a recession weighs heavily across the region as many startups rue the decline in investments.

The startups in the region have raised more than $2.5 billion this year and made more than 500 deals, according to a few estimates.

The UAE raised $460 million in 24 deals in October, a huge boost compared to the country’s $27 million raised in September. Egyptian and Saudi companies also performed well during the last month,

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