S. Arabia 2nd in ’24 VC rankings

Saudi Arabia has been ranked second in emerging-market venture capital for the first half of 2024, closely following Singapore, reports VC data firm Magnitt.

Boosted by a $130 million fundraising by software startup Salla, the Kingdom raised a total of $412 million, the highest in the Middle East and North Africa. Despite a regional decline in startup funding, Saudi Arabia saw only a 7 per cent decrease, outperforming its peers.

The Saudi Public Investment Fund (PIF) continues to drive tech investments, aiming to diversify the economy and support entrepreneurship.

Attribution: Bloomberg