30-01-20
Local firms increase Saudi Arabia start-up investment by 35 percent
(MENAFN)Local factories contributed to a rise by 92 percent from 2018 in Saudi start-ups with 71 new investments.
Based on new release from start-up data platform Magnitt, Saudi Arabia-based start-ups' investments reached to USD 67 million by 35-percent rise in 2019.I
n terms of funding, Saudi Arabia occupied the third rank among its MENA peers, behind only the UAE and Egypt, the report added.
Philip Bahoshy, Magnitt's co-founder and CEO, said "Saudi Arabia is one of the fastest growing ecosystems in the region," adding that "With the government clearly identifying innovation and entrepreneurship a one of their key focuses in line with Vision 2030, many new initiatives have been launched in 2018 and 2019".
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