TLDR:
– Saudi Arabia leads the Mena region in venture capital funding with $412 million in the first half of 2024.
– E-commerce and retail are the leading sectors in Saudi Arabia contributing 52% to total venture investments.
The Saudi venture capital market in the Middle East and North Africa (Mena) region has shown significant growth, securing approximately $412 million in the first half of 2024, as reported by venture data platform, MAGNiTT. The performance of the Saudi VC market mirrored that of the first half of 2023, with non-mega deals making up a large portion of the total investment value. E-commerce and retail emerged as the leading sectors in Saudi Arabia, contributing 52% to the total venture investments in the country. Despite a slight decrease in overall venture investment value by 7% in the first half of 2024, Saudi Arabia maintained its dominant position in the Mena region for total venture investment value for the third consecutive half-year.
The report also revealed that the UAE and Egypt collectively accounted for 94% of the Mena region’s venture investment value in the first half of 2024. Non-mega deals saw an 83% increase, while the number of deals decreased by 3% year-on-year. This data indicates a strong and growing venture capital market in Saudi Arabia and the Mena region overall, with e-commerce and retail leading the way in terms of investment value.
