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Norshafa Wati17 Oct, 2019
Saudi Technology Ventures (STV), the largest venture capital fund in the Middle East unveiled its “STV Insight Report: How can Saudi Arabia grow their Venture Capital industry by 2025?” which outlines the current VC investment landscape in Saudi Arabia and the factors that could contribute to the country’s VC growth potential.
STV expects venture capital investments in Saudi Arabia alone are set to grow ten-fold over the next six years.
“Appetite is growing … it can reach $2 billion of cumulative VC investment [between 2019 and 2025],” said Abdulrahman Tarabzouni, chief executive of STV.
STV started operations in 2017 with funding from Saudi Telecom Co., and run by ex-Google executive Abdulrahman Tarabzouni.
Venture funding investments are said to be at a "positive inflection point" and are set to grow to $500 million annually by 2025.
“Saudi Arabia has a unique entrepreneurial spirit and Saudi youth have a stronger motivation towards tech entrepreneurship compared to their international peers. We believe that success stories such as Careem are fuelling optimism in the start-up space. With an increase in direct engagement, strong mentorship and acceleration programs being made available, we believe young Saudis can really kick-on and lead the start-up sector across the MENA region for the next decade,” said Abdulrahman.