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HM The Sultan Arrives in Kuwait

Kuwaiti diplomat: Omani Sultan’s Kuwait visit indicative of strong ties

UAE President holds dinner banquet at Qasr Al Watan in honour of Sultan Haitham bin Tariq

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UAE Space Agency launches National Space Academy to develop national cadres

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HM The Sultan Issues 2 Royal Decrees

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NHS scientist awarded £58,000 after being named ‘Paininarse’ on spreadsheet

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HM The Sultan Receives Ambassadors’ Credentials

“Empowering Omani Women: A Message of Hope and Progress”

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HH Sayyid Bilarab Chairs Meeting of Omani Startups’ Supervisory Committee

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MAWARED annual book

Transformational Leadership: Inspiring Change and Achieving Excellence

“al sulaam Program (Episode four) with Dr. Aamal al bussaidi .”

“al sullam Program (Episode Two) with Dr. Ahmed Al-Ghusani.”

Nama Group and Omani Society for Human Resource Management (OSHRM) announce strategic partnership in Human Resources development

Saudi Oil Giant Aramco Announces $121 Billion Profit in 2023

Tender Board Signs Agreements with Karwa Motors on Government Procurement, School Bus Purchase

Najahi Business Banking from Bank Muscat: Empowering Small Businesses

His Majesty Exchanges Ramadan Greetings With Arab, Islamic Leaders

A’Rustaq Hospital Diagnoses Child with Gastric Wall Vein Bleeding

QCB Launches ‘FAWRAN’ Instant Payment Service

National Development Fund Partners with World Economic Forum

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Saudi Arabia’s Air Connectivity Program Signs Deal with Eurowings to Enhance Air Connectivity between Saudi Arabia and the EU

HM King presented unique development model: Omani Ambassador

July 14, 2024

Saudi Venture Capital Ecosystem Aggregates $412 Million in H1 of 2024, Saudi Arabia Maintains First Rank Across MENA

Riyadh,

The Saudi Venture Capital Company (SVC) said in a press release issued today that the “2024-H1 Saudi Arabia Venture Capital Report” revealed that Saudi Arabia has maintained its first rank across MENA in terms of the amount of Venture Capital (VC) funding in the first half of 2024, which witnessed a total VC deployment of $412 million (SAR 1.5 billion).
According to the report published today by the venture data platform MAGNiTT and sponsored by SVC, the Kingdom captured the highest share of total VC funding in the MENA region in the first half of 2024, which accounted for 54% of the total capital deployed in the region, up from 38% in the first half of 2023.
E-commerce/retail was the highest sector in the Kingdom in terms of VC funding, accounting for 52% of total funding, amounting to $215 million (SAR806 million). FinTech continued to lead the Kingdom’s total number of deals, capturing 14% of deals in the first half of 2024.
In the release, SVC CEO and Board Member Dr. Nabeel Koshak said: “We are proud that SVC’s strategy contributed to the development of the Kingdom’s Venture Capital ecosystem. Through unwavering efforts, the Kingdom maintained its leading position in the region, which comes as a result of the economic development witnessed by the Kingdom with the support of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud and His Royal Highness the Crown Prince, through the launch of many governmental initiatives to stimulate the VC and startups ecosystem within the Saudi Vision 2030 programs”.
The CEO of MAGNiTT also commented that Saudi Arabia continues to make significant strides in fostering innovation and supporting a robust startup ecosystem.
He added that this progress is evident in the Kingdom’s deal flow, which accounted for 30% of H1 MENA deal activity, up from 24% in H1 2023.
MAGNiTT’s data shows that KSA led H1 VC funding in MENA, while non-mega funding (deals less than $100 Million) saw an impressive 84% YoY growth. This positive trend underscores the growth of investment in the foundational ecosystem, building a strong pipeline for future late-stage investments.
SVC is an investment company established in 2018. It is a subsidiary of the SME Bank, part of the National Development Fund (NDF). Through investments in funds and direct investments in startups and SMEs, it aims to stimulate and sustain financing for startups and SMEs from pre-Seed to pre-IPO.
–SPA

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