Saudi Arabia Leads MENA’s Venture Capital Funding with $1.38bn

Saudi Arabia Surges Ahead as Top Market for Venture Capital Funding in the Middle East and North Africa

Saudi Arabia has cemented its position as the leading market for venture capital funding in the Middle East and North Africa, attracting over $1.38 billion in investment in 2023, according to a report by start-up platform Magnitt. This marks the first time the country has clinched the top spot, driven by a surge in venture capital investments for the third consecutive year. The report revealed that the Kingdom’s success was largely propelled by mega deals in the financial technology and e-commerce sectors, with four investments worth at least $100 million. In contrast, the United Arab Emirates, the previous front-runner, experienced a decline of 45 percent in funding, amounting to $691 million.