RIYADH: Saudi Arabia topped the Middle East and North Africa region for venture investment in 2023, venture data platform MAGNiTT has revealed. It is the first time the Kingdom has achieved the ranking, reflecting significant economic and financial growth in line with Vision 2030, Saudi Press Agency reported. Dubai-based MAGNiTT confirmed the Kingdom secured a commanding 52 percent share of total venture investment in MENA last year, a substantial increase on 31 percent in 2022. Saudi Venture Capital CEO Dr. Nabeel Koshak attributed this to the dynamic economic and investment climate fostered by the support of King Salman bin Abdulaziz Al-Saud and Crown Prince Mohammad bin Salman. Their initiatives have stimulated the venture investment system and emerging companies, he said. Koshak added the development of a supportive legislative and regulatory environment, coupled with an increasing number of active private sector investors and innovative entrepreneurs, were also instrumental in the growth.