The United Arab Emirates (UAE) continued to account for the largest share of total funding (59%), with large deals including EMPG ($150M), Kitopi ($60M), and SellAnyCar ($35M). Countries such as Egypt and Saudi Arabia, however, saw more than a 100% increase in their total funding from H1 2019 to H1 2020, while the UAE saw a more modest increase of 28%. These three countries make up the top 3 in both total funding and number of deals.
While the UAE, Egypt, and Saudi Arabia accounted for the highest number of deals in MENA in H1 2020 as well, Oman saw a notable change compared to H1 2019. The country increased its rank by 3 places, accounting for 12% of total deals in H1 2020, 11% higher than H1 2019.
A big contributor to this increase in the number of Omani deals are accelerator programs, with Oman Technology Fund (otf) accelerating the majority of the startups in the country through its Techween and Wadi accelerator programs.
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