A record month caps an exceptional quarter as Saudi Arabia leads the regional investment scene The startup ecosystem in the Middle East and North Africa (MENA) witnessed an unprecedented jump in September 2025, raising $3.5 billion across 74 deals, according to Wamda data. This represents a whopping 914% year-on-year growth and 1105% year-on-year, reflecting a huge recovery from August, when funding did not exceed $337.5 million.

Even excluding $2.6 billion in debt financing deals, September remains one of the strongest months on the region's investment record, with equity financing alone growing by 147% year-on-month and 194% year-on-year.

Saudi Arabia leads the scene

This jump was driven by a wave of huge deals led by Saudi fintechs, led by a $2.4 billion debt financing deal for Tamara, a $157 million Series B financing round for Hala, in addition to a $50 million debt financing for Lindo and $33 million for Erad.

Saudi Arabia once again maintained its position at the forefront of the regional scene, with 25 startups successfully raising a total of $2.7 billion. Much of this momentum was driven by the Money20/20 conference, the fintech's premier event, which saw 15 deals announced.

UAE retains second

place The UAE came in second, with 26 startups raising $704.3 million, reflecting investors' continued appetite for the more mature ecosystem in Dubai and Abu Dhabi.

The Sultanate of Oman came in third place by a wide margin, as only 3 companies raised $7.7 million, while 6 Moroccan companies raised about $6.8 million. On the other hand, Egyptian companies continued their poor performance, attracting only $3.2 million through 7 deals, in light of the continued economic challenges and currency fluctuations that negatively affect investor confidence.

FinTech Leads and Real Estate Sector FinTech

dominates investment activity in September, acquiring $2.8 billion across 25 deals, driven by huge deals in the Saudi market. The real estate technology sector came in second place with a total of $528.6 million, mostly from Property Finder's $525 million funding round.

Outside of these two sectors, AI companies raised $34.3 million across 7 deals, while HRtech companies raised $24.2 million.

Early-stage companies lead the number of

deals Although the record numbers were driven by early-stage deals and debt financing, early-stage startups accounted for the majority in terms of the number of deals, with 55 companies raising $129.4 million.

In contrast, companies in advanced stages closed only 4 rounds, but attracted a total of $699 million, reflecting growing investor interest in mature companies capable of expanding or establishing a presence in their key sectors.