In a landmark achievement for 2023, Saudi Arabia has for the first time led the Middle East and North Africa (MENA) region in total venture investment, according to data from the venture data platform MAGNiTT. This reflects the nation’s developmental strides across various economic and financial sectors under the ambitious Vision 2030, aimed at bolstering the national economy.
The Saudi Press Agency relayed MAGNiTT’s findings, highlighting that Saudi Arabia captured 52% of the entire MENA region’s venture investment for 2023, a significant jump from 31% in the previous year. The kingdom saw a 33% surge in its venture investment totals compared to 2022, reinforcing the attractiveness of the Saudi market, its competitive environment, and solidifying its position as the largest economy in the MENA region, a G20 member, and a participant in the influential BRICS economic bloc.
Dr. Nabil Koshak, CEO and Board Member of Saudi Venture Capital (SVC), explained that Saudi Arabia’s prominence in the region’s venture investment landscape is a result of dynamic economic and investment activities. The country has launched numerous government initiatives stimulating the venture investment system and startups, in line with Vision 2030. These efforts, combined with evolving legislative and regulatory environments, have attracted a growing number of active private sector investors and innovative entrepreneurs.
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From ranking fourth in the region for venture investment in 2018, Saudi Arabia has now risen to the forefront in 2023. The kingdom’s venture investment system has multiplied its startup investment by 21 times in 2023 compared to 2018, the year SVC was established. SVC reaffirms its commitment to continue leading the stimulation and development of the kingdom’s venture investment sector by encouraging private investors to support startups and small and medium-sized enterprises (SMEs), facilitating rapid and substantial growth, diversifying the national economy, and achieving the goals of Vision 2030.
SVC, an investment firm established in 2018, is affiliated with the Small and Medium Enterprises Bank, a developmental bank under the National Development Fund. SVC is dedicated to stimulating and sustaining the financing of startups and SMEs from pre-establishment to pre-initial public offering stages through investments in funds and direct participation in emerging companies.
