Saudi Arabia Tops MENA in Venture Capital Funding with $750 Million in 2024

Riyadh, January8, 2025 (Saudi Arabia Breaking News) – Saudi Arabia has maintained its position as the leading destination for venture capital (VC) funding in the MENA region, according to the newly published "2024 Emerging Markets Venture Capital Report" by MAGNiTT. The Kingdom achieved a record-breaking VC deployment of $750 million (SAR2.8 billion) in 2024, capturing 40% of the total

capital deployed across MENA.

This milestone underscores the Kingdom’s dynamic economic growth and reflects the success of initiatives aligned with Saudi Vision 2030, aimed at fostering innovation and diversifying the national economy.

Record Number of VC Deals

The report highlights Saudi Arabia’s growing appeal to investors, with a record 178 VC deals concluded in 2024. These figures solidify the Kingdom’s position as the largest economy in the MENA region and an increasingly competitive hub for startups and entrepreneurs.

Government Support Driving Growth

Dr. Nabeel Koshak, CEO and board member of the Saudi Venture Capital Company (SVC), attributed the Kingdom’s leadership in the VC sector to targeted governmental initiatives.

“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 startups ecosystem within the Saudi Vision 2030 programs, and the development of the legislative and regulatory environment for the ecosystem,” Dr. Koshak said in a statement.

He emphasized the role of the private sector, innovative entrepreneurs, and a robust regulatory framework in creating a thriving VC ecosystem.

Commitment to Vision 2030 Goals

Dr. Koshak highlighted SVC’s pivotal role in the development of Saudi Arabia’s VC ecosystem. “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. This contributes to fast and high growth, diversifying the national economy and achieving the goals of Saudi Vision 2030,” he said.

A Thriving VC Ecosystem

Saudi Arabia’s impressive VC performance reflects its commitment to creating a fertile environment for innovation, entrepreneurship, and economic diversification. By fostering a competitive investment climate and supporting startups through government-backed programs and private-sector collaboration, the Kingdom continues to strengthen its position as a leader in the global emerging markets.

With record-breaking VC funding and deal activity, Saudi Arabia remains a beacon for investors, reinforcing its role as a key player in driving the growth of the MENA region’s economy.