Saudi, UAE lead AI startup funding in MENA
Saudi Arabia and the UAE have emerged as top destinations for AI startup funding across the Middle East and North Africa (MENA), as both nations look to scale their investments in frontier technologies.
Enterprises across the UAE and Saudi Arabia raised $519 million and $235 million, respectively, making up 60% and 27% of the MENA’s AI funding last year, according to data platform Magnitt.
The reported attributed strong financial services sectors as a key driver, with most VC investors hosting offices in either Riyadh or Dubai.
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