S Arabia continues to attract global investors as 64 deals signed in Q1
Friday, 31 May 2024
RIYADH, May 30 (Arab News): Innovation and entrepreneurship attracted diverse funding partners to Saudi Arabia resulting in the finalization of over 53 per cent of investment deals in the first quarter of 2024, official data showed.
The latest report issued by the Ministry of Investment showed that sports deals accounted for 19 per cent of the 64 total deals during this period. Investors from the US and the UK topped the list with 11 and five deals respectively.
The Kingdom's strategic location and robust economy continue to attract foreign investors keen on supporting startups. In an interview with Arab News in April, Houssem Jemili of Bain and Co., said that the Kingdom leads in technology spending in the Middle East and North Africa, with approximately 2.5 times more spending and this expenditure is growing annually.
Saudi Arabia boasts a mature and diverse set of funding partners, including government entities like the Small and Medium Enterprises General Authority, known as Monsha'at, large investment funds, and venture capitalists, providing direct and indirect funding to startups and entrepreneurs.
Additionally, the Kingdom's significant investments in the sports industry align with its comprehensive Vision 2030 strategy, aiming to diversify the economy, foster private sector employment opportunities for citizens, and ensure a sustainable future.
These initiatives collectively enhance the appeal of the Saudi market for sports investments.
The Investment Ministry, working alongside other government bodies, also plays a vital role in fostering the investment climate through numerous initiatives.
These include organizing 13 local and international events in various sectors, such as sports, technology, and mining as well as real estate, and manufacturing, during this quarter.
Additionally, the ministry participated in investment forums between Saudi Arabia and several countries, as well as hosted specialized global events with international participation.