Saudi Arabia Tops MENA Venture Capital Rankings for 2023

King Abdullah Financial Center in the capital, Riyadh (SPA)
King Abdullah Financial Center in the capital, Riyadh (SPA)
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Saudi Arabia Tops MENA Venture Capital Rankings for 2023

King Abdullah Financial Center in the capital, Riyadh (SPA)
King Abdullah Financial Center in the capital, Riyadh (SPA)

Saudi Arabia achieved first rank across MENA for the first time regarding the amount of Venture Capital (VC) funding in 2023, according to MAGNiTT, the MENA-based venture data platform.
The data confirmed that the Kingdom captured the highest share of total VC funding in the MENA region in 2023, accounting for 52% of the total capital deployed, up from 31% in 2022.
The funding deployed to Saudi Arabian startups grew by 33% in 2023 compared to 2022, confirming the attractiveness of the Saudi market, enhancing its competitive environment, and consolidating the strength of its economy as the largest in the MENA region.
CEO and Board Member at Saudi Venture Capital (SVC) Nabeel Koshak stated that the Kingdom's ascent in the regional VC landscape directly results from various government initiatives aimed at energizing the VC and startup ecosystem, part of Vision 2030 programs.
Koshak explained that the rise is further supported by enhancing the legislative and regulatory environment for the ecosystem, coupled with the emergence of dynamic investors from the private sector and innovative entrepreneurs.
He added that SVC plays a strategic role in advancing the VC ecosystem in the Kingdom, which has risen from being ranked fourth in the region for VC funding in 2018 to the top position in 2023.
The investment in Saudi startups has grown 21-fold in 2023 compared to 2018, the year SVC was established.
At SVC, "we remain committed to spearheading the evolution of the VC ecosystem in Saudi Arabia by encouraging private investors to support startups and SMEs, facilitating rapid and substantial growth," said Koshak.
He noted that the approach is integral to diversifying the national economy and realizing the objectives of Saudi Vision 2030.
SVC, established in 2018, is an investment company and an SME Bank subsidiary affiliated with the National Development Fund.
SVC's mission is to foster and sustain financing for startups and SMEs, from pre-seed to pre-IPO stages, through investments in funds and co-investment in startups and SMEs.



Central Bank Chief: Morocco Preparing Law to Allow Cryptocurrencies

Representations of cryptocurrency Bitcoin are seen in this illustration taken November 25, 2024. REUTERS/Dado Ruvic/Illustration
Representations of cryptocurrency Bitcoin are seen in this illustration taken November 25, 2024. REUTERS/Dado Ruvic/Illustration
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Central Bank Chief: Morocco Preparing Law to Allow Cryptocurrencies

Representations of cryptocurrency Bitcoin are seen in this illustration taken November 25, 2024. REUTERS/Dado Ruvic/Illustration
Representations of cryptocurrency Bitcoin are seen in this illustration taken November 25, 2024. REUTERS/Dado Ruvic/Illustration

A draft law on cryptocurrencies is undergoing the process of adoption in Morocco, the governor of its central bank, Abdellatif Jouahri, said on Tuesday.

The central bank, known as Bank Al Maghrib, "has prepared a draft law regulating crypto assets, which is currently in the adoption process," Jouahri told an international conference in Rabat.

Bank Al Maghrib was also exploring a central bank digital currency (CBDC), Reuters quoted him as saying.
"Regarding central bank digital currencies, and like many countries around the world, we are exploring to what extent this new form of currency could contribute to achieving certain public policy objectives, particularly in terms of financial inclusion," he said.