RIYADH, Jan. 21 (Xinhua) -- Saudi Arabia maintained its top spot for venture capital (VC) investment in the Middle East and North Africa (MENA) region for the third consecutive year in 2025, with total funding reaching a record 1.72 billion U.S. dollars, the state-run Saudi Press Agency (SPA) reported Wednesday.

The SPA, citing a report released Tuesday by data platform MAGNiTT, said the number of VC deals in the kingdom climbed to 257 transactions, the highest level ever recorded, reflecting the rapid growth of the Saudi startup ecosystem and consolidating the country's status as the largest VC market in the region.

The total VC investment in Saudi Arabia reached some 700 million dollars in 2024, indicating that the 2025 funding grew by over 145 percent year-on-year and reflecting rising investor confidence in the Saudi market, it said.

Saudi Venture Capital Company Deputy CEO and Chief Investment Officer Nora Alsarhan attributed the progress to regulatory enhancements, coherent government policies, and greater private sector involvement, adding that the scale and diversity of deals indicate a qualitative shift in the Saudi startups' readiness to grow and compete both regionally and globally.

The strong performance comes as Saudi Arabia marks the 10th year of its Vision 2030 program, which seeks to build a diversified and globally competitive economy, with VC playing an increasingly important role in supporting innovation and private-sector-led growth. ■