Saudi Arabia has achieved the highest amount of venture capital in the MENA region.
- Saudi Arabia accounted for 52% of MENA’s total venture capital spending, solidifying its position as the largest spender in 2023 an increase of 21% of the region’s total in 2022
- Vision2030 is a major reason why Saudi Arabia is looking and investing in startups and SMEs due to its effort to diversify its economy and straying away from petroleum.
- The funding Saudi Arabia invested in startups and SMEs in 2023 is 21 times larger than the funding of 2018.
The Kingdom of Saudi Arabia at the end of 2022 was responsible for 52% of the total capital deployed in the region, an increase of 21% from 2022.
SVC which is a subordinate company of the SME bank, aiming to assist in developing and financing startups and SMEs (Small and Medium Enterprises) announced that Saudi Arabian startups received a 33% increase in funding by the end of 2023.
The Kingdom of Saudi Arabia has been showing increasing interest in VC (Venture capital) with Vision2030 being the focus point, aiming to diversify the Saudi economy with a sustainable future.
CEO of SVC, Dr. Nabeel Koshak said “We are proud that SVC’s strategy contributed to the development of the Venture Capital ecosystem as It was ranked fourth in the region in terms of the amount of Venture Capital funding in 2018, to be the top country in the region last year.
He also stated that the funding invested in 2023 is (x21) the amount of funding for the year 2018 when SVC was launched.
“We, at SVC, are committed to leading the development of the venture capital ecosystem in Saudi Arabia. We aim to stimulate private investors to provide support to startups and SMEs, enabling them to achieve fast and high growth. This will help diversify the national economy and ultimately achieve the goals of the Saudi Vision 2030.” he added.
