RIYADH: According to industry insiders, Saudi Arabia’s venture capital ecosystem experienced impressive growth in 2024, propelled by strong government backing, a surge of foreign investors, and a developing entrepreneurial landscape. The Kingdom has made startups and venture capital investments a top priority as essential elements of its transformation under Vision 2030, in line with its economic diversification policy.
The CEO and creator of MAGNiTT, a prominent regional data platform, Philip Bahoshy, stressed the value of government-supported initiatives in promoting this growth in an interview with Arab News. This will ensure the ecosystem’s continuous expansion in 2025 and beyond.
Throughout 2024, Saudi Arabia kept expanding its venture ecosystem. Training programs and investment structures like the Jada Fund of Funds and SVC, as well as other government efforts and programs led by the Ministry of Communications and Information Technology and the National Technology Development Program, demonstrated this, according to Bahoshy.
Additionally, he noted that the data shows Saudi Arabia is becoming more competitive in terms of funding, particularly when contrasted with other regional economies. These views were mirrored by Mohammed Al-Zubi, founder of Nama Ventures, one of the leading early-stage venture capital firms in Saudi Arabia, who pointed out the connection between Vision 2030 and the Kingdom’s increasing momentum in the industry.
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