According to recent research, Riyadh, the capital of Saudi Arabia, is one of the top five startup ecosystems in the Middle East and North Africa.
In partnership with the Global Entrepreneurship Network, the worldwide policy advisory and research group Startup Genome disclosed that three of the Kingdom’s cities were among the top-ranked startup ecosystems in the area.
In the most recent Global Startup Ecosystem report from Startup Genome, Riyadh came in at number four, followed by Jeddah and Alkhobar.
Ecosystems had to meet certain requirements in order to be listed: they had to be valued at more than $200 million, be listed among the top 200 developing environments, or be among the top 40 global leaders.
In addition, Riyadh and Dubai were the only two MENA ecosystems to appear on the worldwide list of cities with four or more unicorns in the last ten years.
When a business achieves a $1 billion valuation without going public, it is referred to as a unicorn.
The capital was ranked between 51 and 60 globally, according to the survey, and its funding performance received a seven out of ten rating.
The report highlighted the Kingdom’s $40 billion commitment to advancing artificial intelligence, and it was commended for its proactive approach to adopting the technology.
With a global rank between 61 and 70, Abu Dhabi, the capital of the United Arab Emirates, was found to have the fastest-growing startup ecosystem in the area.
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