• Saudi Arabia marked a significant milestone as government-backed funds intensified their focus on the sector. Startups in Saudi Arabia attracted $1.4 billion, marking a 33% increase from the previous year and constituting over half of all venture capital funding in the Middle East and North Africa in 2023, as reported by Magnitt. The growth in Saudi Arabia's tech sector was fueled by the government's emphasis on innovation, a dedicated unicorn project, and substantial investments from sovereign funds like SVC, Jada, and Sanabil. Notably, the fourth quarter saw impactful deals involving local fintechs Tabby and Tamara, propelling the kingdom into the top 5 for emerging market funding alongside Singapore, Turkey, Indonesia, and Vietnam.

• The year 2023 witnessed a closure with nearly $1.4 billion in funding, welcoming 2 new Unicorns headquartered in Saudi Arabia. The Public Investment Fund played a pivotal role, injecting funds into tech firms and startups, aiming to foster a robust venture capital industry, spur entrepreneurship, diversify the economy, and create job opportunities. The $700 billion entity established a $1 billion fund of funds for venture capital firms and made direct investments through its subsidiary, Sanabil.