Saudi Arabia tops MENA for venture capital investment in H1 2024

The Kingdom of Saudi Arabia's flag

Saudi Arabia has taken the top rank across MENA in terms of the amount of venture capital (VC) funding in H1 2024, with about $412 million, according to venture data platform MAGNiTT.

The Saudi venture investment market began the year in line with its performance in H1 2023, with non-mega deals accounting for 68% of the value of venture investment in H1 2024, up from 35% in H1 2023, according to MAGNiTT.

The value of venture investments in Saudi Arabia was down 7% in H1 2024, driven by a 55% year-on-year decline in the value of mega deals, while the value of non-mega deals increased by 83% year-on-year.

Deals flow activity in Saudi Arabia continued to remain stable, as the number of deals in H1 2024 reached about 63 deals, down 3% year-on-year.

*Updated data

Saudi Arabia maintained its top ranking in the MENA region in terms of the total value of venture investments for the third consecutive half.

Saudi Arabia, the UAE, and Egypt accounted for 94% of the total value of venture investments in the MENA region in H1 2024.

E-commerce and retail sales ranked first among sectors in the Kingdom, contributing 52% of the total value of venture investments in Saudi Arabia.