Logo Design of Saudi Venture Capital
The Kingdom of Saudi Arabia has actually taken the leading rank throughout MENA for the very first time in regards to the quantity of Venture Capital (VC) financing in 2023, according to a report by MAGNiTT, the MENA-based endeavor information platform.
This historical accomplishment shows the advancement the Kingdom is seeing in different financial and monetary sectors because of the Saudi Vision 2030 and its objectives to reinforce the nationwide economy, state-run SPA reported.
The Kingdom recorded the greatest share of overall VC financing in the MENA area in 2023, representing 52% of the overall capital released in the area, up from 31% in 2022. The financing released into Saudi Arabian start-ups grew by 33% in 2023 versus 2022.
This validates the appearance of the Saudi market, improves its competitive environment, and combines the strength of the Kingdom’s economy as the biggest economy in MENA, and its prominent position internationally as a G20 nation, and a member of the “BRICS” group, which represents among the greatest financial blocs worldwide, the report included.
Nabil Koshak, CEO of SVC, commented: “The Kingdom’s leading position in the VC scene in the area comes as an outcome of the numerous governmental efforts released to promote the VC and start-ups environment within the Saudi Vision 2030 programs, and the advancement of the legal and regulative environment for the community, in addition to the development of active financiers from the economic sector in addition to ingenious business owners”.
He even more stated: “We are happy that SVC’s method added to the advancement of the VC environment in the Kingdom, as it was ranked 4th in the area in regards to the quantity of VC financing in 2018, to be the leading nation in the area in 2023. The financing released into Saudi Arabian start-ups grew 21 times in 2023 versus 2018, the year SVC was introduced”.
“We at SVC are dedicated to continuing to lead the advancement of the VC environment in Saudi Arabia through promoting personal financiers to supply assistance in turn for start-ups and SMEs to be efficient in quick and high development, causing diversifying the nationwide economy and attaining the objectives of the Saudi Vision 2030,” he included.
SVC is an investment firm developed in 2018. It is a subsidiary of the SME Bank, among the advancement banks connected with the National Development Fund. SVC intends to promote and sustain funding for start-ups and SMEs from pre-Seed to pre-IPO through financial investment in funds and co-investment in start-ups and SMEs.