The value of venture capital (VC) investments made in Saudi Arabia in the first half of 2022 has increased by 244% from the same period in the previous year.
The US$584 million raised in the first six months also exceeds the total value achieved in the whole of 2021.
The figures come from the VC Investment Report published by Magnitt, the Dubai-based data platform for the startup and VC sector in the region.
The number of deals made has also increased by 36%, to 79, which was enough to push Saudi Arabia into second place in the region’s top destinations for VC funding.
There has also been an increase in the number of investors, which has risen by 126% compared to the first half of 2021.
“Saudi Arabia has always been an attractive market for entrepreneurs and investors, whether from inside or outside the Kingdom due to the huge size of this market,” said Nabel Koshak, chief executive of the Saudi Venture Capital Company.
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