Saudi Arabia was ranked first, as the top venture capital funded country in MENA, according to the MAGNiTT report which is powered and sponsored by Saudi Venture Capital Company (SVC).

The venture capital funds in Saudi Arabia topped 1.5 Billion SAR ($412 million) in the first half of 2024 which is 54% of the total funds, compared to $225 million in the UAE and $86 million in Egypt. Saudi Arabia had a market share of 38% of the funds in the first half of 2023.

The report recorded 63 deals in the first half of the year e-commerce acquired 52% of the total investments in Saudi Arabia in the first half due to huge rounds of Rewaa and Salla, while fintech won 14% of the deals.

According to the report, the number of investors has raised 16% yoy, and the number of rounds with a value of less than 100 million SAR increased 83%.