UAE megadeals drive MENA startup funding to $375 million

Startup funding in the Middle East and North Africa (MENA) region reached $375 million in August, marking a 117% increase from July. However, this growth was heavily concentrated in the United Arab Emirates, which secured $362 million, or approximately 97% of the total regional funding.

Two major UAE-based transactions drove the majority of the capital: mobility company Moove raised $250 million in a Series C round led by Mubadala Investment Company, valuing the firm at $2.1 billion, and fintech company Fasset secured $68 million at a $1 billion valuation. Together, these two deals accounted for nearly 85% of all capital raised in the region during the month.

While the total funding amount rose, the number of deals fell by 40% compared to the previous month. Saudi Arabia recorded $10.25 million across six startups, Jordan attracted $2 million, and Egypt reported no disclosed funding rounds. The shift in financing also showed a move toward equity, with debt accounting for only 2% of August financing compared to 56% in July.