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“MAGNiTT,” which specializes in emerging companies’ data analytics on venture investment in the region, says Saudi Arabia led in venture funding for the first time in 2023.
Data issued by MAGNiTT confirmed that Saudi Arabia accounted for the largest share, which amounted to 52% of the total venture investment in the region in 2023, compared to 31% in 2022.
It achieved a growth in total venture investment by 33% in 2023 compared to 2022, which confirms the attractiveness of the Saudi market and enhances its competitive environment.
Nabeel Koshak, CEO and Board Member of the Saudi Venture Capital Co., attributed the Kingdom’s leadership in the bold investment scene in the region to the economic and investment movement it is witnessing.