Saudi Arabia hit a new milestone in 2024 with a record 178 venture capital (VC) deals, making up 31 percent of all VC transactions in the MENA region, according to a report by MAGNiTT, sponsored by Saudi Venture Capital Company (SVC). According to Economy Middle East, the Kingdom also retained its top position in MENA for VC funding for the second consecutive year.

The report highlighted a 34 percent rise in funding for early-stage VC deals under $100 million (SAR375 million) compared to 2023. This growth points to increasing support for startups and a stronger foundation for the Kingdom’s VC sector to expand into advanced stages.

E-commerce emerged as the leading sector in Saudi Arabia, drawing 33 percent of the total funding with $247 million (SAR926 million). Meanwhile, fintech dominated in the number of deals, making up 18 percent of all VC transactions in the country.

Dr. Nabeel Koshak, CEO of SVC, emphasized that this progress aligns with the Saudi Vision 2030 plan, which prioritizes entrepreneurship and investment in startups. He credited initiatives and programs launched under this vision for driving the rapid development of the VC ecosystem.

Saudi Arabia’s continued focus on fostering innovation and entrepreneurship cements its leadership in the MENA region’s venture capital landscape.