Over $700M invested in MENA tech startups
Lebanon has climbed to third place in the MENA ranks in terms of investments in tech.
An ArabNet Business Intelligence Report on “the state of Investments” in the region, said that over $700 million were invested in tech startups in MENA between 2013 and October 2015, with Jordan and Lebanon hovering around 50-60 investment deals each.
Lebanon has climbed the MENA ranks with respect to its number of investments, from fifth to third place behind the UAE and Jordan.
“It has done so in under three years, as cumulative investment in the Lebanese digital space since 2013 nears [$]50M, representing thus 15 percent of total MENA investments,” according to the statement.
It noted that the Central Bank announced Circular 331 in 2014, injecting the potential of over $400 million into the Lebanese digital enterprise market, with the goal to assist Lebanon in growing its knowledge economy.
“The rise in digital innovation in the MENA region has been coupled with a proliferation of new funding institutions in the past six years, with the number of investors increasing five-fold since 2010,” the statement added.
The statement said the Levant is home to strong investor communities with 30 percent of MENA investors located in Lebanon, Jordan and Palestine.
“ArabNet Beirut 2016 seeks to answer such high demand, by bringing together digital communities from across the Levant and North Africa, on March 1,2 and 3, to discuss the latest in digital and showcase rising entrepreneurial talents,” the statement said.
The Daily Star