Via Megha Merani in agbi.com: Funding for startups in Saudi Arabia dropped 44 percent to $750 million last year, the sharpest decline in the Middle East and North Africa, according to data analyst Magnitt. Across Mena, venture capital was down 29 percent to just under $2 billion, reflecting global trends of high interest rates and investor caution. Saudi Arabia was the region’s leader for funding value, Magnitt said, but late-stage dealmaking – a significant driver of growth – was noticeably absent. The UAE’s funding total dropped by 8 percent in 2024, to $613 million. The Emirates still led the region in deal count with 188 transactions – a 9 percent rise on 2023. “The decline broadly has been led by the removal of cheap money, which led to overvaluations and too much rubbish in startup portfolios,” said Bhaskar Dasgupta, chairman of the board at financial services provider Apex Middle East & India.
