Saudi Arabia dominates startup investment sector during May

SourceZawya
SectorFinancial Services
CountrySaudi Arabia

Wassim Basrawi, the managing director of Wa’ed, the entrepreneurship arm of Saudi Aramco, told Arab News: “It is not surprising that venture capital deal making is picking up in the Saudi market. We’ve been observing that now for months as the Kingdom emerges from (the coronavirus disease) COVID-19 pandemic.” So far, during the second quarter of this year, Wa’ed has announced venture capital investments in Saudi firms such as blockchain artificial intelligence company IR4LAB, drone maker FalconViz, and hydroponic technology business Red Sea Farms. “Public sector support for Saudi entrepreneurs has actually increased during the pandemic, and many Saudi startups, like Red Sea Farms, are starting to also attract international investors,” Basrawi added.

The B2B e-commerce sector generated the most interest, raising $37.6 million throughout the MENA region. Second-most popular among investors was financial technology (fintech) with $18.5 million, while logistics raised $10 million, education technology $6.9 million, and tourism $6 million. Hussain Al-Alawi, international partner and member of...read more...