Saudi Arabia has maintained its first rank across MENA in terms of venture capital (VC) funding in 2024, according to MAGNiTT’s 2024 Emerging Markets Venture Capital Report.
The report shows that Saudi Arabia saw a total VC deployment of $750m (SR2.8bn) last year.
This achievement underscores the remarkable development the Kingdom is experiencing across various economic and financial sectors, aligned with the objectives of Saudi Vision 2030 aimed at strengthening the national economy.
Venture capital in Saudi Arabia
According to the report, the Kingdom secured the highest share of total VC funding in the MENA region in 2024, comprising 40 per cent of the total capital deployed in the region.
The report also revealed that KSA set a new record with 178 VC deals in the same year.
This highlights the attractiveness of the country, boost its competitive environment, and solidifies the Kingdom’s position as the largest economy in MENA.
Saudi Venture Capital Company (SVC) CEO and board member Dr. Nabeel Koshak said: “The Kingdom’s leading position in the VC scene in the region comes as a result of the many governmental initiatives launched to stimulate the VC and startups ecosystem within the Saudi Vision 2030 programs, and the development of the legislative and regulatory environment for the ecosystem, in addition to the emergence of active investors from the private sector as well as innovative entrepreneurs.
“We are proud that SV’’s strategy contributed to the development of the VC ecosystem in the Kingdom. We at SVC are committed to continuing to lead the development of the ecosystem by stimulating private investors to provide support for startups and SMEs to be capable of fast and high growth, leading to diversifying the national economy and achieving the goals of the Saudi Vision 2030.”
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