Investors bank on Middle East super apps, from Algeria to the UAE
"Super apps" are starting to attract super-sized investments in the region.
Al-Monitor Pro Members
Samuel Wendel
Senior Market Research Analyst, Al-Monitor
Feb. 13, 2023
Super apps — mobile platforms that blend together everything from ride-hailing to remittances — are starting to attract super-sized investments in the MENA region. Case in point: Egypt’s MNT-Halan, which offers numerous financial products alongside e-commerce options, announced $400 million in new funding in February 2023 at a $1 billion valuation, pushing it into rarified air in the Middle East’s tech sector. That comes after North Africa-focused super app Yassir raised $150 million in late 2022, among other developments. That includes ride-hailing giant Careem actively expanding its super app platform via acquisitions. The super app business model has grown quickly across emerging economies in recent years and could now proliferate in the MENA region as global and local investors line up.