Venture capital investments in Saudi Arabia are set to grow ten-fold over the next six years, according to a new report by Saudi Technology Ventures published by The National.
The report says that Venture funding investments are at a “positive inflection point” and are set to grow to $500 million annually by 2025, from $50m last year, according to STV, which is a Riyadh-based venture capital fund anchored by Saudi Telecom Company.
“Appetite is growing … it can reach $2 billion of cumulative VC investment [between 2019 and 2025],” said Abdulrahman Tarabzouni, chief executive of STV.
“Owing to its economic heft, its people’s purchasing power, and the changing entrepreneurial landscape, Saudi Arabia is emerging as the largest market for ventures in Mena… it is the market that can allow companies to scale exponentially,” STV said in its report.
