244
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”
Saudi Arabia raised $12bln in international bonds amid strong demand
317
Fitch: GCC debt capital market hits $1 trillion
354
How Abu Dhabi Global Market shapes the UAE as a global crypto hub
306
Saudi Arabia has a major role in Syria’s future: Ahmad Al-Sharaa
307
Dubai’s Majid Al Futtaim closed Carrefour in Oman
299
UAE’s Phoenix Group launches US crypto mining facility
279
UAE economy grew 3.6% in the first half of 2024
253
Saudi Arabia to enrich and sell uranium
254
Saudi Arabia raised $3.09bln in sukuk issuances for December
344
Saudi Arabia commited $500mln aid to stabilize Yemen’s economy
345
Mastercard brings Crypto Credential solution to UAE
253
Kuwait moves toward potential $65 billion bond issuance
264