With US$750 Million Deployed, Saudi Arabia Led The MENA In Venture Capital Investment In 2024

Venture data platform MAGNiTT’s 2024 Emerging Markets Venture Capital Report has placed Saudi Arabia at the top of MENA’s venture capital (VC) funding rankings for the second consecutive year, with total investments reaching a staggering $750 million. 

The accomplishment has been noted to be a reflection of the Kingdom’s impressive growth across various economic and financial sectors, in alignment with the ambitions of Saudi Arabia’s Vision 2030 to reinforce the national economy. The MAGNiTT report, which was sponsored by Saudi Venture Capital Company (SVC), noted that Saudi Arabia also set a record by making 178 VC deals in 2024, which accounted for 40% of total VC funding in the MENA for the year. 

Commenting on the development, Dr. Nabeel Koshak, CEO and board member at SVC, said in a statement, “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 startup 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 SVC’s strategy contributed to the development of the VC ecosystem in the Kingdom,” he added. “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.”