The Saudi Venture Investment Company has remarkably increased its investment in startups by 21 times, reaching a total of 5.2 billion Saudi Riyals (1.4 billion USD) in 2023, compared to the year 2018.
In its recent ‘Impact Report,’ the company disclosed that since its inception in 2018, it has poured investments totaling 2.6 billion Saudi Riyals (693 million USD). The cumulative impact of the committed investments, including partner commitments, is estimated at around 13.6 billion Saudi Riyals (3.6 billion USD).
The company has put capital into 40 different investment funds and has spread its investments across more than 700 startups and small to medium-sized enterprises (SMEs). These businesses operate in various sectors, with the most significant being e-commerce, fintech, healthcare, educational tech, transportation, and logistics services.
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The report highlighted that the company’s strategy contributed significantly to Saudi Arabia achieving the top spot for the first time in the Middle East and North Africa region in terms of total venture investment value in 2023. This reflects the country’s overall economic and financial sector development as part of ‘Saudi Vision 2030’ and its objectives to strengthen the national economy.
Over the past five years, the company’s strategy has successfully increased the number of investors in Saudi startups and SMEs. It has also encouraged financial market institutions to establish specialized funds in venture capital and private equity, as well as stimulated regional and global funds to invest in national companies.
