Over the first 9 months of 2019, the startups operating in the Middle East and North Africa region raised $517 million, 30% more than the amount in the same period in 2018, Magnitt announced in a recent report.

According to the document, the resources were mobilized through 354 operations and Egypt accounted for 27% of them. The top 5 also includes the United Arab Emirates, Lebanon, Saudi Arabia and Tunisia, respectively.

Real estate startups raised the lion’s share of financing, obtaining 19% of the $517 million. They are followed by e-commerce, transport and logistics, renewable energy and fintech companies. The number of investors also increased, reaching 163 over the period reviewed compared to full-year 2018’s 159.

Chamberline Moko