Saudi Arabia is making significant strides in fostering innovation and driving economic growth, as highlighted by a new report from the National Technology Development Program (NTDP). The Kingdom has seen remarkable progress in venture capital (VC) investment, achieving a 49% compound annual growth rate (CAGR) from 2020 to 2024. This growth far surpasses the regional average of just 4% across the Middle East and North Africa, according to MAGNITT.

Saudi Arabia’s position as a leader in the region was further solidified by securing the top spot in total VC investment value for both 2023 and 2024. This achievement highlights the Kingdom’s ongoing commitment to supporting entrepreneurs and fostering emerging technology companies.

The NTDP plays a pivotal role in this success by offering programs designed to empower startups. These include mentorship, funding access, and facilitating strategic partnerships across multiple sectors. This rapid growth highlights the Kingdom’s success in building a dynamic entrepreneurial ecosystem that fosters innovation and bolsters the competitiveness of its digital economy.

As part of its Vision 2030 objectives, Saudi Arabia is focused on cementing its global technology and innovation hub role. The NTDP is actively collaborating with investors, accelerators, and industry leaders to unlock new opportunities for entrepreneurship, further solidifying Saudi Arabia’s position as a top regional destination for venture capital investment.