Saudi Arabia tops MENA region in venture capital investment

Saudi Arabia tops MENA region in venture capital investment

Saudi Arabia has secured the first rank across Middle East and North Africa (Mena) region in terms of the amount of venture capital (VC) funding in 2023, according to MAGNiTT, the Mena-based venture data platform. This historic achievement reflects the development the kingdom is witnessing in various economic and financial sectors in light of the Saudi Vision 2030 and its goals to strengthen the national economy. The kingdom captured the highest share of total VC funding in the region in 2023, accounting for 52% of the total capital deployed in the region, up from 31% in 2022. The funding deployed into Saudi Arabian startups grew by 33% in 2023 versus 2022, according to key Saudi investment company SVC. SVC is a subsidiary of the SME Bank, one of the development banks affiliated with the National Development Fund. It aims to stimulate and sustain financing for startups and SMEs from pre-Seed to pre-IPO through investment in funds and co-investment in startups and SMEs. This confirms the attractiveness of the Saudi market, enhances its competitive environment, and consolidates the strength of the kingdom’s economy as the largest economy in Mena, and its leading position globally as a G20 country, and a member