Saudi Arabia finished H1 of 2022 with three consecutive half-year periods of growth in venture capital (VC) funding after observing a 244 percent year-on-year increase in funding compared to H1 of 2021.
The venture capital market saw a record funding of $548 million.
A report issued by the MAGNiTT platform, sponsored by Saudi Venture Capital (SVC), stated that Saudi Arabia saw a record half-year in funding, surpassing FY 2021 by eight percent, despite closing only 55 percent of total transactions.
The Kingdom advanced to second place among the Middle East and North African countries in terms of the number of deals, with 79 deals, observing a 36 percent growth compared to the first half of 2021.
Saudi Arabia maintained its position as the second largest market, attracting venture capital among regional countries during the first half.
With a new record of 88 active investors, the Saudi market welcomed 12 percent more investors in H1 2022, as the number of investors increased 126 percent compared to the same period last year when 42 percent of investors were from outside the Kingdom.
SVC CEO and Board Member Nabeel Koshak stated that the establishment of SVC "directly contributed to the development of the VC ecosystem" in Saudi Arabia by stimulating investment in funds and co-investment in start-ups with angel investor groups and fund managers.
"The Kingdom has achieved record growth in venture investment over the past few years, and within the framework of the Kingdom's Vision 2030, many new initiatives have been launched recently to stimulate venture investment," he said.
Meanwhile, the Saudi General Authority for Exhibitions and Conferences revealed that over 4,000 exhibitions and conferences were held in the Kingdom in H1 of 2022.
The Authority developed procedures for issuing licenses to hold exhibitions and conferences out of its role to enable the growth of the business tourism sector in strengthening the national economy and contributing to the non-oil gross domestic product.
The Authority's issuance of licenses to hold exhibitions and conferences in all regions of the Kingdom during the first half of 2022 jumped by 367 percent, with more than 4,000 exhibitions and conferences, compared to the same period last year.
The Authority is constantly working on building strategic partnerships with the relevant authorities to enable the sector's growth through the continuous development of the legislation regulating the industry.
The Authority's acting CEO, Amjad Shaker, underscored the importance of building strategic partnerships.
He said: "We are constantly working with the relevant authorities to develop procedures and legislation to contribute to organizing and motivating the sector to attract exhibitions and conferences, which will contribute to enhancing Saudi Arabia's competitiveness in the business tourism industry, in addition to creating many job opportunities in several fields to support the national economy."
