22 Jumada I 1446 - 23 November 2024
    
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Eye of Riyadh
Business & Money | Monday 15 July, 2024 10:10 am |
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Saudi Arabia tops MENA for venture capital investment in H1 2024

Saudi Arabia has taken the top rank across MENA in terms of the amount of venture capital (VC) funding in H1 2024, with about $412 million, according to venture data platform MAGNiTT.

 

 

 

The Saudi venture investment market began the year in line with its performance in H1 2023, with non-mega deals accounting for 68% of the value of venture investment in H1 2024, up from 35% in H1 2023, according to MAGNiTT.

 

 

 

The value of venture investments in Saudi Arabia was down 7% in H1 2024, driven by a 55% year-on-year decline in the value of mega deals, while the value of non-mega deals increased by 83% year-on-year.

 

 

 

Deals flow activity in Saudi Arabia continued to remain stable, as the number of deals in H1 2024 reached about 63 deals, down 3% year-on-year.

 

 

 

Number of VC Deals and Value Since 2020*
Period

No. of deals

 

Deals Value ($ mln)

 

Change in Value

 

H1 2020

62

 

107

 

--

 

H2 2020

31

 

47

 

--

 

H1 2021

64

 

177

 

65%

 

H2 2021

90

 

421

 

796%

 

H1 2022

99

 

612

 

246%

 

H2 2022

63

 

439

 

4%

 

H1 2023

65

 

443

 

(28%)

 

H2 2023

71

 

923

 

110%

 

H1 2024

63

 

412

 

(7%)

 

*Updated data

 

 

 

 

 

Saudi Arabia maintained its top ranking in the MENA region in terms of the total value of venture investments for the third consecutive half.

 

 

 

Saudi Arabia, the UAE, and Egypt accounted for 94% of the total value of venture investments in the MENA region in H1 2024.

 

 

 

VC Funding in MENA Countries in H1 2024
Country

No. of Deals

 

Value ($ mln)

 

Change in Value YoY

 

Saudi Arabia

63

 

412

 

(7%)

 

UAE

83

 

225

 

(19%)

 

Egypt

28

 

86

 

(75%)

 

Morocco

10

 

17

 

+25%

 

Kuwait

--

 

14

 

+259%

 

E-commerce and retail sales ranked first among sectors in the Kingdom, contributing 52% of the total value of venture investments in Saudi Arabia.

 

 

 

Saudi Arabia’s Top Five Sectors in Terms of VC Value in H1 2024
Sector

Value ($ mln)

 

Change YoY

 

E-Commerce/Retail

215

 

(40%)

 

Fintech

62

 

+360%

 

Transport & Logistics

45

 

+275%

 

Agriculture

16

 

--

 

Food & Beverage

14

 

+67%

 

SOURCE : Argaam

 

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