Saudi Arabia is drawing in a diverse group of funding partners, leading to over 53 percent of investment deals being finalized in the first quarter of 2024. The Ministry of Investment’s latest report reveals that sports deals made up 19 percent of the 64 total deals during this period. Investors from the US and the UK were the most active, with 11 and 5 deals, respectively.
Saudi Arabia’s strategic location and strong economy continue to attract foreign investors, especially in technology and sports. The country leads in technology spending in the Middle East and North Africa, with spending growing every year.
Funding partners in Saudi Arabia include government entities, large investment funds, and venture capitalists. The Kingdom’s Vision 2030 strategy aims to diversify the economy, create private-sector jobs, and ensure a sustainable future. This strategy has made the Saudi market especially attractive for sports investments.
In the first quarter, the number of investment licenses issued reached 3,157, a 93 percent increase from the same period last year. The construction and manufacturing sector led with 47 percent of total permits, followed by vocational and educational activities, ICT, accommodation and food services, and wholesale and retail trade. Real estate saw the most significant growth in investment licenses, increasing by 253.3 percent year-on-year.
Saudi Arabia has topped several global indicators, including the Total Value of Venture Investment and the Trust in Government Index. The Kingdom is also second in the PCSI Consumer Sentiment Index and the World Competitiveness Ranking for Cyber Security.
Entrepreneurs looking to do business in Saudi Arabia can benefit from diverse funding options, including government entities, large investment funds, and venture capitalists. The country’s leading position in technology spending and its significant investments in the sports industry offer lucrative opportunities for tech and sports-related startups. Supportive government initiatives and a rising number of investment licenses indicate a welcoming environment for new businesses.
Starting your company in Saudi Arabia is the first step to tapping into its exciting market opportunities. At TME Services, we’ve been in the Middle East for over 18 years, helping businesses like yours get started.
