Saudi Arabia topped the Middle East and North Africa (MENA) region for the first time in terms of total value of venture capital in 2023, according to Magnet, a platform specialized in issuing venture capital data in startups in the region.
According to the data, the Kingdom accounted for the largest share, which amounted to 52 percent of the total venture investment in the region, compared to 31 percent in 2022.
Saudi Arabia achieved growth in total venture investment by 33 percent in 2023 compared to 2022, which confirms the attractiveness of the Saudi market, enhances its competitive environment, and consolidates the strength of its economy, being the largest in the Middle East and North Africa.
Source (Al-Sharq Al-Awsat Newspaper, Edited)
