By Manal Abdel Fattah
The Kingdom of Saudi Arabia topped the countries of the Middle East and North Africa region, for the first time in a new historical achievement, in terms of the total value of venture investment in the year 2023 AD, according to the “MAGNiTT” platform specialized in issuing data on venture investment in emerging companies in the region, in a reflection of what the Kingdom is witnessing. Development in various economic and financial sectors in light of the Kingdom’s Vision 2030 and its goals to strengthen the national economy.
Data issued by MAGNiTT confirmed that the Kingdom acquired the largest share, amounting to 52%, of the total venture investment in the Middle East and North Africa region in 2023 AD, compared to 31% in 2022 AD, and the Kingdom achieved growth in total venture investment by 33% in 2023 AD. Compared to the year 2022 AD, which confirms the attractiveness of the Saudi market, enhances its competitive environment, and consolidates the strength of the Kingdom’s economy as it is the largest economy in the Middle East and North Africa, and its leading position globally as a G20 country, and a member of the “BRICS” group, which represents one of the strongest economic groupings in the world. the world.
The CEO and member of the Board of Directors of SVC, Dr. Nabil bin Abdul Qadir Koshak, explained that the Kingdom’s leadership in the bold investment scene in the region comes as a result of the economic and investment movement witnessed by the Kingdom of Saudi Arabia with the support of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and His Highness the Crown Prince – may God protect them – Through the launch of many government initiatives that stimulate the venture investment system and emerging companies within the framework of the Kingdom’s Vision 2030, and the development of the legislative and regulatory environment for the system, in addition to the emergence of increasing numbers of active investors from the private sector and innovative entrepreneurs.
He said: “We are proud that the SVC strategy contributed to the development of the venture investment system in the Kingdom, as the Kingdom ranked fourth in the region in terms of the value of venture investment in 2018 AD, to lead the countries of the region in 2023 AD, and the venture investment system in the Kingdom witnessed a doubling of the total amounts.” Invested in startup companies 21 times in 2023 AD compared to 2018 AD, in which SVC business was founded and launched.
He stressed SVC’s commitment to continuing to lead the stimulation and development of the venture investment sector in the Kingdom by motivating private sector investors to provide support in turn to emerging companies and small and medium enterprises, so that they become capable of rapid and significant growth, leading to the diversification of the national economy and achieving the goals of Vision 2030.
It is noteworthy that SVC is an investment company established in 2018 AD, and it is affiliated with the Small and Medium Enterprises Bank, one of the development banks affiliated with the National Development Fund. The company aims to stimulate and sustain financing for startups and small and medium enterprises from the pre-establishment stage to the pre-initial public offering by investing in funds and participating in startup companies.
