SVC Celebrates with its Partners Saudi Arabia’s Achievement of 1st Rank in VC Funding Across MENA
(MENAFN- JUMMAR PR) Riyadh, Saudi Arabia – 05 February 2024: The Saudi Venture Capital Company (SVC) celebrated its 5th anniversary and the Kingdom’s achievement of 1st rank across MENA for the first time in terms of the amount of Venture Capital (VC) funding in 2023. The ceremony was held in the presence of SVC’s partners, including leadership of related government entities, investment fund managers, entrepreneurs, and SVC’s team.
The ceremony witnessed a presentation by Nora Alsarhan, Chief Investment Officer at SVC, in which she showcased SVC’s achievements since its inception and outlined the company’s future directions. Meanwhile, Vice President of Investment at SVC, Haifa Almoqbil, presented regional and global VC market insights and trends, and compared it to the Kingdom’s VC market positive position.
Dr. Nabeel Koshak, CEO and Board Member at SVC, pointed out SVC’s strategic role in developing the VC ecosystem in the Kingdom. He stressed that the Kingdom’s leading position in the VC scene across the region comes as a result of the economic and investment evolution witnessed by the Kingdom of Saudi Arabia as a result of government support led by the Custodian of the Two Holy Mosques and His Royal Highness the Crown Prince, in line with the objectives of the Saudi Vision 2030 to strengthen and diversify the national economy.
Koshak added: “Because success is the effort of an integrated ecosystem, I extend my sincere thanks to the government entities that launched unique programs and initiatives to support the VC ecosystem, developed the legislative and regulatory environment and created an environment that helps startups to innovate and launch with greater flexibility and support. Also, we would not have achieved this without the active investors and fund managers who backed startups during their various growth stages. Certainly, all these efforts would not have achieved results without the innovative entrepreneurs who worked diligently to launch companies capable of fast growth inside and outside the Kingdom.”
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