The kingdom of Saudi Arabia topped the countries of the Middle East and North Africa, for the first time in a new historic achievement, in terms of the total value of bold investment in 2023, according to the “magnet” platform specialized in issuing bold investment data in startups in the region, in a reflection of the kingdom's development in various economic and financial sectors in light of the kingdom's Vision 2030 and its goals to strengthen the national economy.

The data issued by Magnet confirmed that the Kingdom acquired the largest share, which amounted to 52% of the total bold investment in the Middle East and North Africa in 2023 compared to 31% in 2022, and the Kingdom achieved growth in total bold investment by 33% in 2023 compared to 2022, which confirms the attractiveness of the Saudi market, enhances its competitive environment, and consolidates the strength of the kingdom's economy as the largest economy in the Middle East and North Africa, and and a member of the "BRICS" group, which represents one of the most powerful economic groupings in the world.
 

Dr. Nabil bin Abdulkader kushk, CEO and member of the board of Directors of SVC, explained that the kingdom's lead in the bold investment scene in the region comes as a result of the economic and investment mobility witnessed by the kingdom of Saudi Arabia with the support of the custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and His Highness The Crown Prince through the launch of many government initiatives stimulating the bold investment system and startups within the framework of the kingdom's Vision 2030, and the development of the legislative and regulatory environment of the system, in addition to the emergence of increasing numbers of active investors from the private sector and innovative entrepreneurs.

He said: "We are proud that the SVC strategy contributed to the development of the venture investment system in the kingdom, as the Kingdom ranked fourth in the region in terms of the value of venture investment in 2018 , to lead the countries of the region in 2023, and the venture investment system in the Kingdom witnessed the doubling of the total amount invested in startups 21 times in 2023 compared to 2018, in which the SVC business was founded and launched.

He stressed SVC's commitment to continue to lead the stimulation and development of the bold investment sector in the kingdom by motivating private investors to provide support in turn to startups and small and medium enterprises, to become capable of rapid and significant growth, leading to the diversification of the national economy and achieving the goals of Vision 2030.

Svc is an investment company established in 2018 and is a subsidiary of the small and medium enterprises bank, one of the development banks of the National Development Fund. The company aims to stimulate and sustain the financing of startups and SMEs from pre-establishment to pre-IPO by investing in funds and co-investing in startups.