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RIYADH: Startups in the Middle East and North Africa region raised $258 million in November, a 92 percent month-on-month increase driven by investment activities in ����ֱ�� and the UAE, according to a report. 

The latest analysis from venture news platform Wamda also revealed a 66 percent rise in startup funding compared to the same month in the previous year. 

This surge in funding reflects the economic diversification efforts in countries such as the UAE and ����ֱ��, which aim to reduce their dependence on oil revenues. 

The report highlighted the UAE as the leading destination for startup investments in November, securing $146 million across 11 transactions. 

“UAE-based eyewa and Lean Technologies led the way by securing the largest ticket sizes, raising $100 million and $67.5 million, respectively, helping to push the UAE to the best-funded ecosystem in MENA the second month in a row with $146 million raises across 11 transactions,” said Wamda. 

����ֱ�� ranked second, raising $94 million in startup funding, an 88 percent increase from October’s $50 million. 

The Kingdom’s efforts to build a robust entrepreneurial ecosystem through Vision 2030 reforms and venture capital funding have made it a regional leader in startup support. 

Egypt came third, with eight startups collectively raising nearly $16 million — a 900 percent rise compared to the previous month. 

“This growth (in Egypt) is noteworthy, considering the ongoing geopolitical tensions at the borders of the North African nation, in addition to the persistent decline of its currency,” added Wamda. 

In terms of sectors, e-commerce dominated November’s funding landscape, securing $104 million across seven deals. Fintech followed with $80 million raised by four startups, while Software-as-a-Service firms attracted $21 million across seven transactions. 

Business-to-business startups were the largest recipients, accounting for 48 percent of the total investment. Meanwhile, business-to-consumer firms received $11.5 million, with the remaining funds allocated to eight startups operating across both models. 

The report also highlighted a gender gap in funding, with male-founded startups securing 90 percent of the investment. Female-led companies received just $583,000, while ventures co-founded by men and women raised $22.5 million. 

The November funding surge underscores the MENA region’s growing appeal as a hub for innovation and entrepreneurship, driven by strategic investments in key industries and ecosystems.