Saudi Arabia Tops 2023 MENA Venture Capital Rankings
Saudi Venture Capital Dominance
With a remarkable 33% increase in VC funding for Saudi startups in 2023 compared to the previous year, the Kingdom claimed a staggering 52% share of total VC funding in the MENA region, up from 31% in 2022.
This surge in funding not only underscores the attractiveness of the Saudi market but also bolsters its competitive environment, solidifying the Kingdom’s position as the largest economy in MENA and a prominent G20 member. Additionally, being part of the “BRICS” group highlights Saudi Arabia’s role in one of the most robust economic blocs globally.
“The Kingdom’s leading position in the VC scene is a result of governmental initiatives under Saudi Vision 2030, fostering a conducive environment for startups. SVC’s strategy played a crucial role, contributing to a 21-fold growth in funding for Saudi Arabian startups since 2018,” stated Dr. Nabeel Koshak, CEO and Board Member at SVC.
Dr. Koshak emphasized that SVC remains committed to leading the development of the VC ecosystem in Saudi Arabia, encouraging private investors to support startups and SMEs, thereby diversifying the national economy and aligning with the goals of Saudi Vision 2030.
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