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Middle EastJune 12 2023

Saudi venture capital investment on the rise

After many years in the shadow of the UAE, Saudi Arabia’s start-up and venture capital ecosystem is growing rapidly, writes John Everington. 
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Saudi venture capital investment on the riseImage: Getty Images

Amid an ongoing crunch in venture capital (VC) investment worldwide, Saudi Arabia stands out as a rare growth market.

After many years in the shadow of the neighbouring UAE, the kingdom’s start-up ecosystem has expanded rapidly in recent years, with Saudi entrepreneurs buoyed by the success of the region’s first tech unicorns and emboldened by the opportunities offered by the country’s pioneering Vision 2030 social and development programme. 

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John Everington is the Middle East and Africa editor. Prior to joining The Banker, John was the deputy business editor of The National in the UAE, and has also worked for Dealreporter, Arab News and The Telegraph. He has also covered the telecom sector in Africa and the Middle East, living and working in Qatar and the UK. John has a BA in Arabic and History and an MA in Middle Eastern Studies from the School of Oriental and African Studies (SOAS) in London.
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