Saudi Arabia Tops 2023 MENA Venture Capital Rankings

9 January 2024

Saudi Arabia Tops 2023 MENA Venture Capital Rankings

Saudi Arabia Tops 2023 MENA Venture Capital Rankings

Saudi Arabia secured the top spot in the MENA region for venture capital (VC) funding in 2023, marking a significant milestone according to MAGNiTT analysis.This achievement is a testament to the ongoing development across various economic and financial sectors, driven by the goals of Saudi Vision 2030 to fortify the national economy.

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.

Guildhall’s Executive Search and Recruitment Services

As Saudi Arabia continues to thrive in the venture capital landscape, Guildhall stands ready to support businesses in building high-performing teams. Our executive search and recruitment services are tailored to meet the evolving needs of your growing organization. Partner with Guildhall to secure top-tier talent and drive success in this dynamic market.

 

 

9 January 2024

Saudi Arabia Tops 2023 MENA Venture Capital Rankings

venture capital

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