RIYADH: Startups in the Middle East and North Africa region raised $1.8 billion in the first half of 2022 — hitting an all-time high of $974 million in the first quarter alone, said a MAGNiTT report.

The region saw three startups in the top-10 investment rounds across the MENA region, Pakistan, Turkey, and Sub-Saharan Africa, thanks to Saudi Arabia’s Foodics, UAE’s Pure Harvest Smart Farms, and Bahrain’s Rain.

The report also indicated that 33 mergers and acquisitions were recorded in the MENA region.

The fintech sector remained the most capital attracting sector, raising nearly $1.7 billion and accounting for 34 percent of the total funding secured across all markets. Transport and logistics and e-commerce came in second and third, each raising respectively $1 billion and $501 million.