196
Saudi Arabia accounted for 40% of the VC capital in MENA in 2024
The Kingdom had a 16% year-on-year increase in deal flow
Saudi Arabia retained its position as the top destination for venture capital funding in the Middle East and North Africa region, raising $750 million in 2024, according to a new report.
This marks the second consecutive year the Kingdom has topped the regional VC rankings.
Data from regional venture platform MAGNiTT showed that Saudi Arabia accounted for 40% of the total VC capital deployed in MENA in 2024, with a 16% year-on-year increase in deal flow.
The Kingdom closed 178 deals, the most of any MENA nation, reflecting strong investor confidence and a thriving startup ecosystem.
The largest deal in the region was secured by Saudi-based e-commerce enablement platform Salla, which raised $130 million.
The UAE ranked second in regional funding with $613 million raised, while leading in deal volume with 188 transactions and 12 exits.
More From “Investments”
UAE economy grew 3.6% in the first half of 2024
197
Kuwait equities lead GCC Markets on banking gains and energy deals
191
Emirati billionaire sees more Gulf investments into US under Trump
168
Dubai real estate smashed records in 2024 with sales worth $142.4bln
205
UAE’s DAMAC Properties to invest $20bln in US data centers
202
Mastercard brings Crypto Credential solution to UAE
207
Fitch: GCC debt capital market hits $1 trillion
235
Aramco and Ma’aden are to mine lithium in Saudi Arabia
221
Saudi Arabia, Qatar’s and Oman among investors in Musk’s xAI
482
UK invests $5 Billion in Oman over 12 Months
203
GCC: Investors are less attracted by oil and gas and more by future growth
188
Qatar wants to invest in Syrian sectors including energy
222