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MENA Startups Raise $2.3 Billion In 2024, UAE Leads With $1.1 Billion

by THEFUTURE.TEAM

January 31, 2025

The startup ecosystem in the Middle East and North Africa (MENA) region demonstrated notable resilience in 2024, despite a 42% year-on-year decline in overall funding, according to the latest report from Wamda. MENA startups secured $2.3 billion in investments, with the UAE leading the way, raising $1.1 billion across 207 startups. The region also saw an increase in deal volumes and sectoral diversity, highlighting the maturing nature of the ecosystem.

Key Facts

Despite a significant drop in total funding, deal volumes rose by 3.5%, with 610 deals closed in 2024.
Saudi Arabia followed the UAE, raising $700 million across 186 deals, while Egypt secured $334 million in 84 deals.
Oman made a notable leap, climbing from 10th place in 2023 to 4th in 2024 with $41.5 million raised.
GCC countries led the funding with Oman, Bahrain, and Kuwait securing investments in smaller yet growing startup ecosystems.

GCC Leads The Way

The Gulf Cooperation Council (GCC) countries emerged as the highest-funded in the region. Oman saw significant growth, while Bahrain and Kuwait secured $29 million and $22 million, respectively. Smaller ecosystems like Jordan, Qatar, and Lebanon also showed promising development, with Jordan raising $15 million, marking a notable increase from $9 million in 2023.

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Sectoral Insights In The UAE

In the UAE, three sectors dominated funding: fintech, Web 3.0, and proptech. Fintech led with $265 million raised across 47 transactions, followed closely by Web 3.0 startups with $255 million raised in 19 deals. Proptech attracted $197 million across 13 transactions. The UAE’s growing interest in these sectors aligns with the country’s global appeal, diverse population, and wealth.

Fintech Dominates Regionally

Fintech remained the most funded sector in MENA, securing 30% of the total investment, amounting to $700 million. In Egypt and the UAE, fintech led the charge, while in Saudi Arabia, software-as-a-service (SaaS) startups attracted the most attention. Web 3.0 and e-commerce startups followed closely, with $256.8 million and $253 million raised, respectively.

Early-Stage Startups Lead Investments

Early-stage startups dominated investments in 2024, attracting over $1.2 billion across 300 startups from pre-seed to Series A stages. Later-stage startups saw $332 million in funding across 10 deals, while only two startups secured pre-IPO funding, raising $143.3 million.

Investor Shifts To B2B Model

A significant shift in investor appetite was observed, with a preference for B2B models. B2B startups raised $1.2 billion across 325 companies, while B2C startups secured $717 million. Startups operating in both B2B and B2C models, as well as direct-to-consumer (D2C) startups, received the remaining investments.

Challenges And Opportunities

The MENA region’s startup ecosystem faces challenges, particularly with the decline in funding for foodtech and the underrepresentation of female-founded startups, which raised just $27.6 million, although this marked an improvement from 2023. However, the growing diversity in sectors and investor interest in B2B models present opportunities for continued growth.

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Cyprus Hits Historic Tourism Peak As Overtourism Risks Mount

by THEFUTURE.TEAM

February 13, 2026

Record-Breaking Performance In Tourism

Cyprus’ tourism sector achieved unprecedented success in 2025 with record-breaking arrivals and revenues. According to Eurobank analyst Konstantinos Vrachimis, the island’s performance was underpinned by solid real income growth and enhanced market diversification.

Robust Growth In Arrivals And Revenues

Total tourist arrivals reached 4.5 million in 2025, rising 12.2% from 4 million in 2024, with momentum sustained through the final quarter. Tourism receipts for the January–November period climbed to €3.6 billion, marking a 15.3% year-on-year increase that exceeded inflation. The improvement was not driven by volume alone. Average expenditure per visitor increased by 4.6%, while daily spending rose by 9.2%, indicating stronger purchasing power and higher-value tourism activity.

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Economic Impact And Diversification Of Source Markets

The stronger performance translated into tangible gains for the broader services economy, lifting real tourism-related income and overall sector turnover. Demand patterns are also shifting. While the United Kingdom remains Cyprus’ largest source market, its relative share has moderated as arrivals from Israel, Germany, Italy, the Czech Republic, the Netherlands, Austria, and Poland have expanded. This gradual diversification reduces dependency on a single market and strengthens resilience against external shocks.

Enhanced Air Connectivity And Seasonal Dynamics

Air connectivity has improved markedly in 2025, with flight volumes expanding substantially compared to 2019. This expansion is driven by increased airline capacity, enhanced route coverage, and more frequent flights, supporting demand during shoulder seasons and reducing overreliance on peak-month flows. Seasonal patterns remain prominent, with arrivals building through the spring and peaking in summer, thereby bolstering employment, fiscal receipts, and corporate earnings across hospitality, transport, and retail sectors.

Structural Risks And Future Considerations

Despite strong headline figures, structural challenges remain. The European Commission’s EU Tourism Dashboard highlights tourism intensity, seasonality, and market concentration as key risk indicators. Cyprus records a high ratio of overnight stays relative to its resident population, signalling potential overtourism pressures. Continued reliance on a limited group of origin markets also exposes the sector to geopolitical uncertainty and sudden demand swings. Seasonal peaks place additional strain on infrastructure, housing availability, labour supply, and natural resources, particularly water.

Strategic Investment And Market Resilience

Vrachimis concludes that sustained growth will depend on targeted investment, product upgrading, and continued market diversification. Strengthening year-round offerings, improving infrastructure capacity, and promoting higher-value experiences can help balance demand while preserving long-term competitiveness. These measures are essential not only to manage overtourism risks but also to ensure tourism remains a stable pillar of Cyprus’ economic development.