Saudi Arabia was among the top countries in the Middle East and North Africa for new venture capital deals in the third quarter of 2021 with startups in the Kingdom raising SR769 million ($205 million) from 91 deals. In the MENA region, Egypt topped the list with 96 contracts while the UAE also recorded 91 deals during the same period.

Commenting on the report, Saud Al-Sabhan, vice governor for communications at the General Authority for Small and Medium Enterprises, Monshaat, told Arab News: “The total VC investment reached $376 million in the first three quarters of 2021, already more than double of what was reported in the entire 2020.”

“Entrepreneurs and SMEs alike can access our core funding opportunities by visiting the authority’s website. We offer a funding platform to connect SMEs with commercial and public lenders”. “Monshaat itself, as a government-funded entity, is dedicated to the growth and empowerment of emerging enterprises through many studied initiatives and policies that it offers.”

Source Credit: Zawya