Middle East Startups Double Fundraising to Defy Slowdown (1)

Startups in the Middle East nearly doubled their fundraising in the first half of the year, defying a slowdown in venture capital investment in emerging markets brought on by economic uncertainty and investor caution.

About $1.35 billion in VC funding was funneled to companies in the Middle East from January through June, led by Saudi Arabia and the United Arab Emirates, according to data platform Magnitt.

Middle East activity was anchored by government support, new funds and mega deals for companies including Saudi Arabia’s newest unicorn, quick-delivery firm Ninja. Investors also showed increased interest in Series A and B ...