Saudi Arabia Tops MENA Venture Capital Rankings for 2023

Saudi Arabia Tops MENA Venture Capital Rankings for 2023

Saudi Arabia achieved first rank across MENA for the first time regarding the amount of Venture Capital (VC) funding in 2023, according to MAGNiTT, the MENA-based venture data platform.

The data confirmed that the Kingdom captured the highest share of total VC funding in the MENA region in 2023, accounting for 52% of the total capital deployed, up from 31% in 2022.

The funding deployed to Saudi Arabian startups grew by 33% in 2023 compared to 2022, confirming the attractiveness of the Saudi market, enhancing its competitive environment, and consolidating the strength of its economy as the largest in the MENA region.

CEO and Board Member at Saudi Venture Capital (SVC) Nabeel Koshak stated that the Kingdom's ascent in the regional VC landscape directly results from various government initiatives aimed at energizing the VC and startup ecosystem, part of Vision 2030 programs.

Koshak explained that the rise is further supported by enhancing the legislative and regulatory environment for the ecosystem, coupled with the emergence of dynamic investors from the private sector and innovative entrepreneurs.

He added that SVC plays a strategic role in advancing the VC ecosystem in the Kingdom, which has risen from being ranked fourth in the region for VC funding in 2018