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Aside from a record year for funding and number of deals, Saudi Arabia-based startups also attracted more investors than any previous year. As shown by the chart below, this increase in investors is mainly fueled by local, Saudi Arabia-based investors – entities in the Kingdom are increasingly warming up to venture as an asset class. Moreover, other regional investors, from the Middle East and North Africa, have also increasingly started investing in Saudi Arabia-based startups. Over the last 5 years, the number of investors has increased more than ten-fold. 

Local government initiatives such as VENTURE by Invest Saudi, launched by the Ministry of Investment (previously SAGIA), aim to attract foreign venture capital firms to support the local ecosystem. While the platform has only been launched in 2019, there have been many regional and international investors that have signed up with the entity, strenghtening their presence in the Kingdom. This, and much more, is covered in the full report.