Saudi Arabia maintained its position as the top country in the Middle East and North Africa (MENA) region for capital investments in 2024. The country secured 2.8 billion SAR ($750 million USD) in funding for startups. According to the “MAGNiTT” report, this accounted for 40% of total investments in the region, with a record 178 deals, reflecting the kingdom’s growing economic strength in recent years.

This success is attributed to government initiatives that promoted entrepreneurship and provided supportive infrastructure for startup growth. Programs like the Public Investment Fund (PIF) and the “Shareek” initiative have expanded support for small and medium enterprises (SMEs) and boosted the private sector’s role in driving the economy. Additionally, investment entities like the Saudi Venture Capital (SVC) company have introduced innovative financing solutions and fostered partnerships between investors and entrepreneurs.

The investments spanned various sectors, including fintech, e-commerce, health tech, and sustainable projects. These efforts have not only created more jobs and driven innovation but also strengthened international investor confidence in the kingdom.