The Kingdom of Saudi Arabia’s flag

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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%