TLDR

• Saudi Arabia captured 52% of total venture capital (VC) funding in the MENA region in 2023, up from 31% in 2022.
• The Kingdom’s VC funding grew by 33% in 2023 compared to the previous year.

Saudi Arabia achieved first rank across MENA for the first time in terms of the amount of Venture Capital (VC) funding in 2023, according to MAGNiTT, the MENA-based venture data platform. 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.

The Kingdom captured the highest share of total VC funding in the MENA region in 2023, accounting for 52% of the total capital deployed, up from 31% in 2022. The funding deployed into Saudi Arabian startups grew by 33% in 2023 versus 2022. 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 and its leading position globally as a G20 country and a member of the “BRICS” group, which represents one of the strongest economic blocs in the world.

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Key Points

• Saudi Arabia achieved first rank across MENA for the first time in terms of VC funding in 2023
• Saudi Arabia captured 52% of total VC funding in the MENA region in 2023, up from 31% in 2022
• The funding deployed into Saudi Arabian startups grew by 33% in 2023 versus 2022
• This confirms the attractiveness of the Saudi market and enhances its competitive environment
• Saudi Arabia has the largest economy in MENA and is a leading G20 country