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Investment in Saudi Arabia startups in 2022 nears $1 billion

Saudi Arabia is the second-largest venture capital market in the Middle East, after the UAE.
Guests attend the Global AI 2020 Summit, Riyadh, Saudi Arabia, Oct. 21, 2020.

Venture capital continues to grow in Saudi Arabia, according to a report released Wednesday. 

The data analytics platform MAGNiTT said there was $987 million invested in Saudi startups in 2022. This was the most ever and constituted a 72% increase from 2021.The number of newly registered investors in Saudi Arabia last year was 104, which was an increase of 30% from 2021, the official Saudi Press Agency reported Thursday. 

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