Venture capital in Saudi Arabia shows its strength

I was in Riyadh recently for the Private Capital Forum, speaking on a panel about secondaries, specifically how liquidity can accelerate growth once an ecosystem hits scale. Saudi Arabia feels right on that edge: ambition, capital and execution starting to compound.

Saudi venture is scaling fast

In the first half of 2025, Saudi startups raised US $860 million across 114 deals, already surpassing the full-year 2024 total and accounting for more than half of all venture funding in the Middle East and North Africa (MENA) region.

That pace is not happenstance – it is the product of aligned policy, confident founders and increasingly sophisticated investors. The energy in Riyadh right now feels like an ecosystem that’s crossed the “proof” stage and is ready to go global.

Unicorns are emerging and they’re building for scale

The local founder class is operating with global intent. Tamara hit unicorn status in 2024, Ninja’s recent round valued it near US $1.5 billion, and others like Lean Technologies and Mozn are fast approaching that threshold.

These companies are not following trends – they are setting them – and they are supported by a strong capital base, where groups like SVC and local funds have helped activate private investors and built lasting infrastructure.

Liquidity is becoming a growth driver

As companies scale, secondaries are starting to play a defining role. They give early investors and employees a way to realize gains while keeping the best businesses private longer. It’s the next layer of market maturity – and a signal that real institutional depth is forming.

Citi Ventures’ perspective

From a venture perspective, we see Saudi Arabia as one of the most dynamic innovation economies. Its focus on fintech, AI and digital infrastructure mirror our strategic investment priorities.

Citi understands the importance of this market and recently established its regional headquarters in Riyadh. The firm’s goal is to put down deep roots in the country and support long-term growth.

We are excited to continue working with founders, investors and policymakers building the region’s next generation of leading startups.