UAE start-ups dominated funding rounds in the Middle East and North Africa (MENA) region last month, raising $47 million in investments.

The value of investments raised in the UAE represent more than half (54%) of the total fundings secured across MENA in January, according to the figures compiled by Wamda and Digital Digest.

Overall, MENA start-ups raised $86.5 million across 33 deals, posting a 34% decline year on year, the report said. The first month of the year is traditionally considered a slow period for fundraising.

Start-ups in Egypt bagged the second-biggest value of investments, amounting to $23 million, followed by Saudi Arabia with $10.7 million, Qatar with $2 million and Morocco with $1.4 million.

Iraq saw total investments of $1 million, while Oman logged $500,000 in investments. Lebanon and Tunisia each raised $100,000.

(Writing by Cleofe Maceda; editing by Seban Scaria) (