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Startups in the MENA region are experiencing a surge in funding, particularly in fintech, cybersecurity, and AI. Notable investments include CQR's $3 million for AI-driven cybersecurity solutions, Flow48's $69 million for SME financing, and Fawry's $1.6 million in three Egyptian fintech firms. The region's economic growth is further supported by initiatives like Al Madinah Angels and Disrupt.com's $100 million commitment to AI-first startups.
In December 2024, Saudi Arabia's overall merchandise exports fell by 2.8% to SR94.29 billion, influenced by OPEC-mandated oil production cuts, with oil exports dropping from 74.3% to 68.8% of total goods. Non-oil exports surged 18.1% to SR29.45 billion, driven by a 70% increase in shipments to China, while imports rose 27.1% to SR79.03 billion, leading to a trade balance surplus decrease of 56.1% to SR15.26 billion. The UAE remained the top destination for non-oil goods, despite a 9.9% decline in exports to the region.
Arab stock markets showed positive performance in January, with a composite index increase of 0.97%, driven by strong corporate earnings and supportive monetary policies. The Bourse de Casablanca led gains at 9.98%, while the Tunisian market faced a significant decline of 71.7%. Despite mixed trading values, investor sentiment improved, reflecting a broader global market rebound.
At BNP Paribas' 50th anniversary in Bahrain, Finance Minister Shaikh Salman bin Khalifa Al Khalifa highlighted the financial sector's vital role in economic development and its significant contribution to the GDP. He praised the long-standing partnership with BNP Paribas and emphasized the importance of digital transformation and innovation in enhancing Bahrain's position as a regional financial hub. Khalid bin Ibrahim Humaidan, Governor of the Central Bank, also acknowledged the bank's contributions to job creation and corporate social responsibility.
MENA recorded 701 M&A deals in 2024, a 3% increase from the previous year, with a total value of $92.3 billion, up 7%. The GCC region led with 580 deals worth $90 billion, driven by cross-border transactions, particularly in technology and consumer products sectors. Notable deals included Truist Insurance's $12.4 billion acquisition and Saudi Aramco's $8.9 billion stake in Rabigh Refining.
Basata Holding has increased its stake in Jordan's MadfoatCom to 25%, enhancing its role in the region's digital payments landscape. This strategic investment, made in collaboration with Jordanian financial institutions, aims to improve financial inclusion and digital infrastructure, particularly for SMEs. The partnership is expected to drive innovation and expand access to financial services in Jordan.
Omnispay, a UAE-based fintech startup, has secured $1.5 million in seed funding to enhance digital payments for SMEs, addressing the significant gap in the GCC's $1.5 trillion B2B payments market. The platform integrates invoice management, flexible payment disbursements, and micro-lending solutions, aiming to democratize access to financial tools for underserved businesses. Since its launch in 2022, Omnispay has onboarded over 1,600 businesses and achieved rapid growth, with a 40% month-on-month increase in transaction volume.
Silkhaus, a Dubai-based short-term rental startup, has secured significant growth funding to expand into Saudi Arabia, enhancing its booking platform to meet rising demand for premium accommodations. With a managed property value of $200 million annually, the company aims to dominate the GCC market, leveraging technology to optimize guest experiences and streamline rental management. Key leadership appointments support its ambitious regional strategy, aligning with Saudi Arabia's Vision 2030 tourism goals.
Bahrain and Egypt are set to more than double their bilateral trade to $1 billion by 2025, up from $500 million in 2024, as announced by Finance Minister Shaikh Salman bin Khalifa Al Khalifa. Key initiatives include expanding direct flights, enhancing academic partnerships, and establishing joint customs facilities to streamline trade. The focus will also be on tourism development, fintech collaboration, and a business forum in Cairo to attract investments and strengthen economic ties.
HSBC has agreed to sell its retail banking operations in Bahrain to Bank of Bahrain and Kuwait, transferring around 76,000 customer accounts, loans, and deposits. This move is part of HSBC's broader strategy to restructure and reduce its global presence, particularly in low-return consumer banking sectors.
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mena startups attract record funding in fintech and technology sectors
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23:30 26.02.2025
mena merger and acquisition activity rises to 701 deals in 2024
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