Saudi Arabia maintains its first rank across MENA for venture capital investment in 2024

The “2024 Emerging Markets Venture Capital Report” revealed that Saudi Arabia maintained its first rank across MENA in terms of Venture Capital (VC) funding in 2024, witnessing a total VC deployment of $750 Million (SAR 2.8 billion). This achievement reflects the development the Kingdom is witnessing in various economic and financial sectors in light of the Saudi Vision 2030 and its goals to strengthen the national economy.

According to the report published today by the venture data platform MAGNiTT, the Kingdom captured the highest share of total VC funding in the MENA region in 2024, which accounted for 40% of the total capital deployed in the region. The report also revealed that Saudi Arabia achieved a record number of 178 VC deals in 2024. This confirms the attractiveness of the Saudi market, enhances its competitive environment, and consolidates the strength of the Kingdom’s economy as the largest economy in MENA

Dr. Nabeel Koshak, CEO and Board Member at SVC, commented: “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, in addition to the emergence of active investors from the private sector as well as innovative entrepreneurs.”

He further added, “We are proud that SVC’s strategy contributed to the development of the VC ecosystem in the Kingdom. 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.”

SVC is an investment company established in 2018. It is a subsidiary of the SME Bank, part of the National Development Fund (NDF). SVC aims to stimulate and sustain financing for Startups and SMEs from pre-Seed to pre-IPO through investment in funds and direct investment in startups and SMEs.