RIYADH: The Middle East and North Africa region witnessed a drop in investments in July raising only $105 million in 44 deals.
According to Wamda monthly report, investments in July proved to be the lowest in 2022 so far with funding dropping 84 percent year-on-year and 68 percent month-on-month.
Saudi Arabia witnessed a 55 percent decline as compared to June.
The UAE witnessed a 73 percent drop in investments followed by Saudi Arabia with 55 percent decline. Egypt was the only country to have experiences a rise of 72 percent in startup investments.
The phenomenon is not exclusive to the MENA region, the global venture capital market is seeing a decline as it fell 23 percent in the second quarter due to economic uncertainty, according to CB Insights.