Saudi Arabia Tops 2023 MENA Venture Capital Rankings

Saudi Arabia has received the highest amount of Venture Capital funding in 2023 across the MENA region according to a study by MAGNiTT, a MENA-based venture data platform.

This is the first time Saudi Arabia has captured the highest share of total VC funding within the region, accounting for 52% of the total capital deployed compared to 31% in 2022. Over the year, funding into Saudi Arabian startups also grew by 33%.

These advances reflect the kingdom's development across various economic and financial sectors to strengthen and diversify its national economy, and work towards the nation's Saudi Vision 2030 goals.