According to MAGNiTT report, in the first half of 2023, the number of start-up venture capital funding transactions in the Middle East and North Africa decreased by 41% and amounted to $1.1 billion.
The lack of funding most affected the 5 leading start-up sectors: fintech, e-commerce, transport and logistics, software, food and beverages. The average decline in each of the sectors was about 50%.
The global indicators are even more anxious to record a 52% drop in startup funding worldwide.
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Arabian Business, August 17, 2023