Is Saudi Arabia taking the lead in MENA’s startup scene while the UAE celebrates a new unicorn?

In July, Saudi Arabia maintained its dominance in the startup sector, while the UAE announced a new unicorn. The Saudi-based digital freight platform, TruKKer, secured $15 million in private credit investment to expand its AI-enabled logistics platform across regional markets. Meanwhile, Saudi fintech startup Tarmeez Capital raised funds to innovate sukuk issuance, supporting Saudi Arabia’s Vision 2030. Riyadh-based SaaS company Rekaz received $5 million to enhance its services for SMBs, and Jahez Group acquired a significant stake in Qatar’s e-commerce firm Snoonu for $245 million. Additionally, UAE’s property tech platform Huspy raised $59 million to expand in Europe and Saudi Arabia, while deep tech company XPANCEO achieved unicorn status with $250 million in funding. The UAE-based BlueFive Capital closed a founding round at a $120 million valuation, and business intelligence startup icogz raised $1.4 million to advance its AI-driven platform. BioSapien extended its pre-series A funding to over $8 million for its health tech innovations. Egypt’s Nawy acquired a majority stake in Dubai’s SmartCrowd to enhance its GCC presence. Despite these activities, the MENA region saw an 82% drop in startup funding in June, with the UAE leading in capital raised, followed by Egypt and Tunisia. Fintech remained the top sector, while mixed-gender founding teams captured a significant share of the funding.