Saudi Arabia: Startups collect USD204M this year

Saudi Arabia: Startups collect USD204M this year

(MENAFN) Saudi Arabia was between the firs nations in the MENA region for fresh project capital agreements in Q3 of the present year with startups in the country collecting USD205 million from 91 pacts. It is a 439 percent climb against the numbers of 2020 during which market performances were highly impacted by the covid-19 outbreak, mentioned the KSA project investment report from startup data platform MAGNiTT. In the Middle East and North Africa, Egypt outdid the list including 96 nations whereas the Emirates additionally received 91 agreements in the same period. "The total VC investment reached $376 million in the first three quarters of 2021, already more than double of what was reported in the entire 2020," said Saud Al-Sabhan, vice governor for communications at the General Authority for Small and Medium Enterprises, Monshaat, to Arab News. Legal Disclaimer: MENAFN provides the information "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.