Tuesday, July 16, 2024
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A Report lists Riyadh as One of the Top 5 MENA Startup Ecosystems.

RIYADH: According to recent data, Riyadh, the capital of Saudi Arabia, is one of the top five startup ecosystems in the Middle East and North Africa. In partnership with the Global Entrepreneurship Network, the international policy advisory and research organization Startup Genome disclosed that three of the Kingdom’s cities were among the top-ranked startup ecosystems in the area.

In the most recent Global Startup Ecosystem report from Startup Genome, Riyadh ranked fourth, followed by Jeddah and Alkhobar. When a business achieves a $1 billion valuation without going public, it is called a unicorn. According to the report, the capital was ranked between 51 and 60 globally, and its funding performance received a seven out of ten rating.

The report highlighted the Kingdom’s $40 billion commitment to advancing artificial intelligence and commended its proactive approach to adopting the technology. With a global rank between 61 and 70, Abu Dhabi, the capital of the United Arab Emirates, was found to have the fastest-growing startup ecosystem in the area.

Between 2021 and 2023, Abu Dhabi’s ecosystem was estimated to be worth $4.2 billion, with one unicorn. Additionally, the city saw seed rounds with a median funding of $825,000. Between 2019 and 2023, $1.1 billion in venture capital funding was raised; during that time, 16 exits occurred.

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Tuesday, July 16, 2024

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