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Riyadh Rockets into Top 5 MENA Startup Hubs!

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Riyadh, the capital of Saudi Arabia, has climbed the ranks to become one of the top 5 startup ecosystems in the entire Middle East and North Africa (MENA) region according to the latest Global Startup Ecosystem Report 2024 by Startup Genome.

Riyadh: A Global Powerhouse

Riyadh isn’t just a regional leader. The report also recognizes it as a top emerging ecosystem globally, boasting an impressive four unicorns (startups valued at over $1 billion) in the last decade. This achievement puts Riyadh in the top 51-60 startup ecosystems worldwide!

MENA on the Rise

The MENA region as a whole is experiencing a startup boom. Notably, Dubai ranked second in the region and 18th globally on the emerging ecosystem list. Abu Dhabi also made a strong showing, placing in the top 61-70 globally.

Saudi Arabia’s Startup Surge

Saudi Arabia is a frontrunner in this regional growth. The kingdom’s proactive approach to AI development, with a recent pledge of $40 billion for AI tech and startups, is attracting attention. Additionally, enticing incentives are luring startups to relocate to Saudi Arabia. The result? A booming ecosystem with a value exceeding $11 billion by 2023.

Beyond Riyadh: A Thriving MENA Ecosystem

Other MENA countries are also making waves. Abu Dhabi, the region’s fastest-growing startup hub, pledged a whopping $100 billion for investments in technology and startups, and its ecosystem value reached $4.2 billion by 2023. Bahrain and Oman also boast growing ecosystems valued at $1.2 billion and $343 million respectively in 2023.

Funding Frenzy in MENA

Investors are taking notice! MENA startups secured over $429 million in funding during the first quarter of 2024, with Saudi Arabia leading the pack. Riyadh itself saw a surge in investments, reaching a staggering $198 million across 25 transactions in March alone!

The future is bright for MENA’s startup scene, and Saudi Arabia is at the forefront of this exciting growth. Riyadh is the perfect place to start your company in Saudi Arabia. If you would like to know more about setting up a company in Saudi Arabia, you can reach out to our team, and we will gladly assist you to set up and grow. Stay tuned for more updates on this thriving region!

Source: https://economysaudiarabia.com/news/riyadh-among-top-5-startup-ecosystems-in-mena-region-report/

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