Cars drive past the King Abdullah Financial District in Riyadh, Saudi Arabia. File/AFP

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.

According to the Saudi Press Agency (SPA), 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.

WAM