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.