Ashraf AboArafe
A report on venture capital investment in the region revealed that the Kingdom of Saudi Arabia maintained its leadership in the Middle East and North Africa region as the highest in terms of the value of venture capital investment in 2024, which witnessed the implementation of investments amounting to 2.8 billion riyals ($750 million) in Saudi startups, reflecting the development witnessed by the Kingdom in various economic and financial sectors in light of the Kingdomโs Vision 2030 and its goals to enhance the national economy.
The report issued today by MAGNiTT, the venture capital data platform for startups, confirmed that the Kingdom acquired the largest share, amounting to 40% of the total venture capital investment in the Middle East and North Africa region in 2024, and achieved a record number in the number of venture capital deals in 2024, which witnessed the implementation of 178 deals, which confirms the attractiveness of the Saudi market, enhances its competitive environment, and consolidates the strength of the Kingdomโs economy as the largest economy in the Middle East and North Africa.
His Excellency Dr. Nabil bin Abdul Qader Koshak, CEO and Board Member of SVC, explained that the Kingdomโs continued leadership in the regionโs venture capital scene comes as a result of the economic and investment momentum it is witnessing, supported by the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and His Royal Highness the Crown Prince – may God protect them – through the launch of several government initiatives that stimulate the venture capital system and emerging companies within the framework of the Kingdomโs Vision 2030, and the development of the legislative and regulatory environment for the system, in addition to the emergence of an increasing number of active investors from the private sector and innovative entrepreneurs. His Excellency expressed his pride that the SVC strategy contributed to the development of the venture capital system in the Kingdom, stressing its commitment to continue leading the stimulation and development of the sector by encouraging private sector investors to provide support to start-ups and small and medium enterprises to enable them to grow rapidly and significantly, leading to the diversification of the national economy and achieving the goals of Vision 2030.
