Saudi Arabia has emerged as the leader in venture capital (VC) funding across the MENA region in 2024, accounting for a significant 40% of total investments, according to MAGNiTT’s 2024 Emerging Markets Venture Capital Report.
Record VC Deployment and Deals
The Kingdom achieved a total VC deployment of $750 million (SR 2.8 billion) in 2024, setting a new record with 178 VC deals. This remarkable performance underscores Saudi Arabia’s growing prominence as a hub for entrepreneurship and innovation, aligned with the objectives of Saudi Vision 2030 to diversify and strengthen the national economy.
Driving Factors Behind Saudi Arabia’s Success
Dr. Nabeel Koshak, CEO and Board Member of the Saudi Venture Capital Company (SVC), attributed the Kingdom’s leadership in VC funding to a range of governmental initiatives and ecosystem enhancements under Saudi Vision 2030.
“The Kingdom’s leading position in the VC scene 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,” said Dr. Koshak.
He also highlighted the significant role of private sector investors and innovative entrepreneurs, noting, “SVC’s strategy contributed to the development of the VC ecosystem in the Kingdom. We are committed to stimulating private investors to support startups and SMEs, enabling fast and high growth, which diversifies the national economy and achieves the goals of Saudi Vision 2030.”
Strengthening the Ecosystem
Saudi Arabia’s proactive steps in fostering a competitive investment environment have solidified its position as the largest economy in the MENA region. By supporting startups and SMEs, the Kingdom continues to attract international attention, boosting innovation and entrepreneurship.
