Saudi Arabia has maintained its status as the leading destination for venture capital funding in the Middle East and North Africa (MENA) region, raising $750 million in 2024, according to a report by regional venture platform MAGNiTT.
This achievement marks the second consecutive year that the Kingdom has topped the regional VC rankings, underscoring its growing influence in the startup and innovation landscape.
Saudi Arabia captured 40 percent of the total VC capital deployed across the MENA region in 2024, demonstrating a robust 16 percent year-on-year increase in deal flow. The Kingdom closed 178 deals during the year, the highest of any nation in the region, reflecting strong investor confidence and the flourishing development of its startup ecosystem under the framework of Vision 2030.
Among the standout achievements, Saudi-based e-commerce enablement platform Salla secured the largest deal in the region, raising $130 million in funding.
The United Arab Emirates ranked second in the region, raising $613 million in venture capital. However, the UAE led in deal volume, closing 188 transactions, including 12 exits, showcasing its vibrant and competitive startup environment.
Saudi Arabia and the UAE continue to position themselves as innovation hubs in the MENA region, attracting significant international and regional investment into their burgeoning startup ecosystems.
Startups in the Middle East and North Africa (MENA) region collectively raised $1.9 billion in 2024, marking a 29 percent drop compared to 2023.
Despite the drop, MAGNiTT noted that “funding levels in 2024 were still higher than 2020 levels, before the 2021 and 2022 boom years, signaling continued growth in the venture space.”
