Israel’s tech sector continues to grow, despite significant layoffs in the past year and amid the judicial reform controversy in the country, according to a report released this week. 

The Amsterdam-based Dealroom.co data firm and Tel Aviv Tech, an initiative from the Tel Aviv mayor’s office, released a report on Tuesday about the tech ecosystem in Tel Aviv and the surrounding areas. According to the report, Tel Aviv ranked third in the Europe-Middle East-Africa (EMEA) region for venture capital investment in 2022 with $6.9 billion. This was behind London with $20.5 billion and Paris with $11.1 billion. Dubai came in ninth with $1.9 billion. 

Tel Aviv’s tech ecosystem has grown considerably over the past five years, according to the report. In 2022, the total value of companies in the sector reached $393 billion, up from $113 billion in 2018.

As such, Tel Aviv is one of the most valuable tech ecosystems in the world. In the EMEA region, the $393 billion figure was second only to London with $649 billion. Compared to Asian cities, Tel Aviv is behind Beijing’s whopping $1.9 trillion and other Chinese cities, but ahead of Singapore with $340 billion.