{"id":74323,"date":"2023-07-18T13:54:19","date_gmt":"2023-07-18T10:54:19","guid":{"rendered":"https:\/\/indexeconomic.com\/?p=74323"},"modified":"2023-07-18T13:54:19","modified_gmt":"2023-07-18T10:54:19","slug":"saudi-arabia-is-the-top-country-in-mena-for-venture-capital-investment-during-the-first-half-of-2023","status":"publish","type":"post","link":"https:\/\/indexeconomic.com\/?p=74323","title":{"rendered":"Saudi Arabia is the top country in MENA for venture capital investment during the first half of 2023"},"content":{"rendered":"\n<p><\/p>\n\n\n\n<p dir=\"ltr\"> The \u201cH1 2023 Saudi Arabia Venture Capital Report\u201d revealed that Saudi Arabia was the most funded country in the MENA region in terms of the amount of VC funding in H1 2023, which witnessed a total VC deployment of $446M (SAR 1.67 billion).<br>According to the report published today by the venture data platform MAGNiTT and sponsored by SVC, the Kingdom captured the highest share of total funding in the MENA region in the first half of 2023. VC funding in Saudi Arabia accounted for 42% of the total capital deployed in the region during H1 2023, increasing from 31% in 2022. The first half of 2023 also achieved a new record for the Kingdom\u2019s MEGA deal (more than $100M) funding, which stood at $289M (SAR 1.08 billion) across 2 deals.<br>E-Commerce\/Retail was the highest sector in the Kingdom by amount of funding and by number of deals in H1 2023, where the sector accounted for 83% of total funding with $368M (SAR 1.38 billion) aggregated across 11 deals.<br>Commenting on the report, Dr. Nabeel Koshak, CEO and Board Member at SVC, said, \u201cThe Kingdom\u2019s leading position in the VC scene in the region comes as a result of the many governmental initiatives launched to stimulate the VC and startups ecosystem within the Saudi Vision 2030 programs, in addition to the emergence of active investors from the private sector as well as innovative entrepreneurs.<br>He further added, \u201cWe at SVC are committed to continue leading the development of the VC ecosystem in Saudi Arabia through stimulating private investors to provide support in turn for startups and SMEs to be capable of fast and high growth, which leads to diversifying the national economy and achieving the goals of the Saudi Vision 2030\u201d.<br>SVC is a government investment company established in 2018 and is a subsidiary of the SME Bank, one of the development banks affiliated with the National Development Fund. SVC aims to stimulate and sustain financing for startups and SMEs from pre-Seed to pre-IPO by investing $1.6 billion through investment in funds and co-investment in startups. SVC invested in 43 funds that have invested in 674 companies through 1,257\u00a0deals.<br>-End-<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The \u201cH1 2023 Saudi Arabia Venture Capital Report\u201d revealed that Saudi Arabia was the most funded country in the MENA region in terms of the amount of VC funding in H1 2023, which witnessed a total VC deployment of $446M (SAR 1.67 billion).According to the report published today by the venture data platform MAGNiTT and &hellip;<\/p>\n","protected":false},"author":2,"featured_media":74321,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[439],"tags":[],"class_list":["post-74323","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-english-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Saudi Arabia is the top country in MENA for venture capital investment during the first half of 2023 - 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