Venture capital funding in Saudi Arabia surged more than threefold to $584 million in the first half of 2022, surpassing the total for the whole of 2021, as the kingdom continues to accelerate its digital transformation projects, a new report has indicated.
The 244 per cent jump in total VC funding in the Arab world's biggest economy through the end of June 2022 resulted in investments that were 8 per cent higher compared to 2021's total, backed by a record 88 investors who funded Saudi start-ups, according to start-up data platform Magnitt's Venture Capital Report in collaboration with Saudi Venture Capital (SVC).
The performance allowed the kingdom to maintain its second position in overall funding in the Middle East and North Africa region for the third consecutive half-year, behind only the UAE, which remained on top with $699m. Egypt with $307m, Bahrain ($116m) and Tunisia ($36m) rounded out the top-five markets for funding.
Saudi Arabia also ranked second in the number of deals closed, growing 36 per cent to 79, surpassing Egypt, which fell to third with 78 deals. The UAE topped the charts with 85 deals, a growth of 10 per cent over the first half of 2021.
The recent availability of venture debt and the increasing number of high-quality accelerators are the critical factors contributing to the growing Saudi VC ecosystem, Khaled Alsuraisry, head of co-investment in start-ups at SVC, wrote in the report.
"It is all starting to come together for the Saudi ecosystem" Mr Alsuraisry said. "Exits are being materialised, investors across the globe are flocking to the market and regulations are continuously changing to accommodate disruptive start-ups, all signaling for a breeding ground for start-ups that is Saudi Arabia."
Technology is a strong pillar of Saudi Vision 2030, the national strategy aimed at diversifying the country's economy and steering away from dependence on oil. Riyadh is encouraging entrepreneurship and seeking investment from both local and foreign entities to develop the sector.
The world's top oil exporter is projected to spend about $33bn on ICT development in 2022, the International Data Corporation says. The sector grew 8 per cent between 2019 and 2021.
Saudi Crown Prince Mohammed bin Salman this month unveiled a new programme for the research, development and innovation (RDI) sector, which aims to add 60 billion riyals ($16bn) to the kingdom's gross domestic product by 2040.
The National Aspirations and Priorities for RDI initiative will entail an annual investment equal to 2.5 per cent of the country's GDP in 2040, creating “high-value” jobs in science and technology.
Saudi Arabia is also developing Neom, the $500bn futuristic mega city that is being built around technology and innovation, a critical part of its Vision 2030 strategy.
"The entire business community in the kingdom is embracing the digital revolution. Large corporates and investors alike recognise the critical role of ventures in the development of the digital ecosystem," Yousef AlYousefi, managing partner S3 Ventures, said in the Magnitt report.
"These phenomena, combined with the massive rise in local and global investor interest, a shortage in talent and the strong desire of established corporates to participate call for innovative solutions that are designed to unlock further potential in the Saudi venture capital ecosystem."
The food and beverage sector led the VC funding in the kingdom in the first half of 2022, surging almost sevenfold to $187m compared with the year-ago period. It was driven by the $170m Series C investment in Riyadh-based aggregator Foodics, which was Saudi Arabia's second mega round, or funding with a value of more than $100m.
Other top funding rounds were from e-commerce platform Nana ($50m), logistics provider Trukker ($46m), IT solutions company Master Works ($40m) and finance gateway Hyper Pay ($37m).
Financial technology, the erstwhile No 1 category, slipped to the second spot, but funding still rose 137 per cent to $95m, followed by transport and logistics, which surged more than tenfold to $67m. E-commerce ($66m) and IT solutions ($42m) comprised the rest of the top sectors.
FinTech led in terms of deals, closing 17 deals to grow 31 per cent compared to the first half of 2021. Transport and logistics with 12 deals, and e-commerce and enterprise software sectors with eight deals each, all grew by at least a third, while deals in F&B doubled to six.
A total of 78 Saudi Arabia-based start-ups received funding in the first half of 2022, Magnitt said.
The number of active investors, meanwhile, grew 12 per cent, with global oil major Saudi Aramco, Saudi Venture Capital Company, Riyadh-based Seedra Ventures and Impact 46, and Abu Dhabi's Shorooq Partners the top funding entities with six or more deals.
Killing of Qassem Suleimani
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
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On the menu
First course
▶ Emirati sea bass tartare Yuzu and labneh mayo, avocado, green herbs, fermented tomato water
▶ The Tale of the Oyster Oyster tartare, Bahraini gum berry pickle
Second course
▶ Local mackerel Sourdough crouton, baharat oil, red radish, zaatar mayo
▶ One Flew Over the Cuckoo’s Nest Quail, smoked freekeh, cinnamon cocoa
Third course
▶ Bahraini bouillabaisse Venus clams, local prawns, fishfarm seabream, farro
▶ Lamb 2 ways Braised lamb, crispy lamb chop, bulgur, physalis
Dessert
▶ Lumi Black lemon ice cream, pistachio, pomegranate
▶ Black chocolate bar Dark chocolate, dates, caramel, camel milk ice cream
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The story of Edge
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, established Edge in 2019.
It brought together 25 state-owned and independent companies specialising in weapons systems, cyber protection and electronic warfare.
Edge has an annual revenue of $5 billion and employs more than 12,000 people.
Some of the companies include Nimr, a maker of armoured vehicles, Caracal, which manufactures guns and ammunitions company, Lahab
KILLING OF QASSEM SULEIMANI
The Bio
Favourite place in UAE: Al Rams pearling village
What one book should everyone read: Any book written before electricity was invented. When a writer willingly worked under candlelight, you know he/she had a real passion for their craft
Your favourite type of pearl: All of them. No pearl looks the same and each carries its own unique characteristics, like humans
Best time to swim in the sea: When there is enough light to see beneath the surface
The specs: 2018 Opel Mokka X
Price, as tested: Dh84,000
Engine: 1.4L, four-cylinder turbo
Transmission: Six-speed auto
Power: 142hp at 4,900rpm
Torque: 200Nm at 1,850rpm
Fuel economy, combined: 6.5L / 100km
Mohammed bin Zayed Majlis
Dr Amal Khalid Alias revealed a recent case of a woman with daughters, who specifically wanted a boy.
A semen analysis of the father showed abnormal sperm so the couple required IVF.
Out of 21 eggs collected, six were unused leaving 15 suitable for IVF.
A specific procedure was used, called intracytoplasmic sperm injection where a single sperm cell is inserted into the egg.
On day three of the process, 14 embryos were biopsied for gender selection.
The next day, a pre-implantation genetic report revealed four normal male embryos, three female and seven abnormal samples.
Day five of the treatment saw two male embryos transferred to the patient.
The woman recorded a positive pregnancy test two weeks later.
Mohammed bin Zayed Majlis
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
THE SPECS
Touareg Highline
Engine: 3.0-litre, V6
Transmission: 8-speed automatic
Power: 340hp
Torque: 450Nm
Price: Dh239,312
The specs: 2018 Jeep Compass
Price, base: Dh100,000 (estimate)
Engine: 2.4L four-cylinder
Transmission: Nine-speed automatic
Power: 184bhp at 6,400rpm
Torque: 237Nm at 3,900rpm
Fuel economy, combined: 9.4L / 100km
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
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%3Cp%3EAriana%E2%80%99s%20Persian%20Kitchen%3Cbr%3EDinner%20by%20Heston%20Blumenthal%3Cbr%3EEstiatorio%20Milos%3Cbr%3EHouse%20of%20Desserts%3Cbr%3EJaleo%20by%20Jose%20Andres%3Cbr%3ELa%20Mar%3Cbr%3ELing%20Ling%3Cbr%3ELittle%20Venice%20Cake%20Company%3Cbr%3EMalibu%2090265%3Cbr%3ENobu%20by%20the%20Beach%3Cbr%3EResonance%20by%20Heston%20Blumenthal%3Cbr%3EThe%20Royal%20Tearoom%C2%A0%3C%2Fp%3E%0A
The specs: 2017 Porsche 718 Cayman
Price, base / as tested Dh222,500 / Dh296,870
Engine 2.0L, flat four-cylinder
Transmission Seven-speed PDK
Power 300hp @ 6,500rpm
Torque 380hp @ 1,950rpm
Fuel economy, combined 6.9L / 100km
Score
Third Test, Day 2
New Zealand 274
Pakistan 139-3 (61 ov)
Pakistan trail by 135 runs with 7 wickets remaining in the innings
