In the first half of 2024, Saudi Arabia has established itself as the leading country for venture capital funding in the Middle East and North Africa (MENA) region, securing $412 million in investments. According to data from Magnitt, this impressive figure represents 54% of total VC investments in the region, a substantial increase from the 38% share noted in the same period last year. E-commerce and retail sectors accounted for the majority of these investments, attracting $215 million, while fintech businesses led in the number of deals, capturing 14% of the total transactions. Saudi Arabia’s deal activity represented 30% of the MENA region’s total, rising from 24% in the previous year. Non-mega funding (deals under $100 million) saw a significant 84% year-on-year growth, affirming the foundational growth of the region’s investment ecosystem.

Venture Capital, E-commerce, Fintech,Saudi Arabia, Middle East and North Africa (MENA)