Saudi Arabia has achieved a record-breaking 178 venture capital deals in 2024, solidifying its position as the leading hub for VC funding in the MENA region. The Kingdom accounted for 31% of all deals in the region, according to the newly-released 2024 Saudi Arabia Venture Capital Report.
Marking a 16% year-on-year increase in deal activity, the Kingdom’s startup ecosystem continues to attract significant investment, particularly in early-stage ventures. E-commerce and retail emerged as the standout sectors in 2024, securing $247m across 17 deals. In addition to local capital, international investors played a prominent role, accounting for 29% of total funding.
The record number of transactions and increased funding reflect the success of Vision 2030 initiatives aimed at diversifying the economy and encouraging innovation. Saudi Arabia’s continued focus on nurturing startups and attracting global investors signals a strong future for the nation’s innovation economy.
Gulf Economist Staff Writer