Riyadh: Saudi Arabia ranked first in MENA in terms of the value of venture capital (VC) investments during the first half (H1) of 2024, attracting $412 million, down 7% year-on-year (YoY), according to a report by MAGNiTT.

Around 32% of this figure, or $130 million, was secured by Salla, the report highlighted.

Saudi Arabia's contribution to MENA's total funding surged to 54% in H1-24 from 38% in H1-23. The country accounted for 30% of the region's total deals in the six months ending 30 June 2024, up from 25% a year earlier.

The UAE ranked second, receiving $225 million in VC funding during H1-24, down 19% YoY. Egypt ranked third with $86 million, experiencing a 75% YoY decline.

VC funding in Morocco and Kuwait, which secured the fourth and fifth places regionally in H1-24, surged by 25% YoY to $17 million and by 259% YoY to $14 million, respectively.

In 2023, Saudi Arabia, the UAE, and Egypt made up 92% of total VC funding in MENA.

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