“It has been quite remarkable to witness the growth of the Saudi VC ecosystem. Relative to other countries across MENA, the kingdom was late to the VC space. 2023 closed the year at almost $1.4 billion with 2 new Unicorns headquartered in the kingdom. It will be exciting to see how this will further develop heading into 2024 and beyond.”

Philip Bahoshy, Magnitt founder and Chief Executive Officer,  Saudi Arabia Overtakes the UAE in Middle East VC Fund Raising [Bloomberg]