Dubai, UAE—During the first half of 2022 alone, startups in the Middle East raised around $1.8 billion, according to a MAGNiTT report. The fintech sector remained the most capital attracting sector, raising nearly $1.7 billion and accounting for 34 percent of the total funding secured across all markets. TRENDS takes a look at the startup sector in some major economies of the Middle East and North Africa region:
TAQA Q1 net income $571m
Net income fell $2.58bn due to one-off items recognized in 2023.
QatarEnergy buys stake in Egypt blocks
It did not disclose the cost of the agreement.
TSMC’s April revenue up 60%
It capitalized on huge wave of demand for chips used in AI hardware.
Etihad reports record Q1 profit
Total revenue increased by $269 million in the same period.
Aramco Q1 profit down 14.5%
Despite lower profit, it will pay $31bn in dividends to Saudi government.