As part of its commitment to driving innovation and empowering startups, the National Technology Development Program (NTDP) has released a report highlighting the remarkable progress Saudi Arabia has made in fostering entrepreneurship and accelerating venture capital (VC) investment growth
According to the report, the Kingdom recorded an impressive 49% compound annual growth rate (CAGR) in VC investment between 2020 and 2024, significantly surpassing the 4% regional average across the Middle East and North Africa, as reported by MAGNITT. Saudi Arabia also secured the top position in the region in total VC investment value for 2023 and 2024, demonstrating its continued commitment to supporting entrepreneurs and emerging tech companies
The National Technology Development Program (NTDP) contributes through its diverse products by empowering startups, providing mentorship, facilitating access to funding, and fostering strategic partnerships across various sectors. This rapid growth reflects the Kingdom’s success in creating a thriving entrepreneurial ecosystem that fuels innovation and enhances the competitiveness of the digital economy.
As Saudi Arabia continues its journey to becoming a global hub for technology and innovation, NTDP remains dedicated to collaborating with investors, accelerators, and industry leaders to unlock new opportunities for entrepreneurship. This aligns with Vision 2030, reinforcing Saudi Arabia’s position as a leading regional destination for technology and venture capital investment
