RIYADH: Saudi Arabia has achieved landmark success by securing the top position in venture capital funding in the Middle East and North Africa region for 2023. This achievement underscores the nation’s strides in its economic and financial sectors, aligning with the objectives of Vision 2030, according to a report by the Saudi Press Agency citing data from MAGNiTT, the MENA-based venture data platform. In 2023, the Kingdom secured a dominant 52 percent of the total VC funding in the MENA region, a substantial increase from the 31 percent share it held in 2022. The period witnessed a 33 percent growth in funding deployed into regional startups compared to the previous year. Nabeel Koshak, CEO and board member at Saudi Venture Capital, attributed this success to numerous government initiatives launched under Vision 2030 programs and the evolution of the legislative and regulatory environment conducive to investment. The active participation of the private sector and innovative entrepreneurs also played a pivotal role in this ascent. Koshak expressed pride in SVC’s significant contribution to the development of the VC ecosystem in the Kingdom. He noted that Saudi Arabia’s ranking rose from fourth in 2018 to the top position in 2023. Notably, the funding deployed into regional startups in 2023 grew twenty-one-fold compared to 2018. SVC’s strategy focuses on stimulating private investors to support startups and small and medium enterprises, fostering rapid and substantial growth. Established in 2018, SVC operates as a subsidiary of the SME Bank, which is affiliated with the National Development Fund. SVC’s mission is to invigorate and sustain financing for startups and SMEs from pre-seed to pre-initial public offering stages. This involves investing in funds and co-investing in small and medium-sized ventures. The company has backed 43 private capital, including venture capital, private equity, venture debt, and private debt funds, supporting over 700 businesses and managing $2 billion of assets.