(credit: Hamad I Mohammed | Reuters)
Saudi capital ranks 23rd, backed by AI and venture capital surge.
Riyadh — The Saudi capital has vaulted 60 places in three years to claim the 23rd spot among the world’s top 100 emerging startup ecosystems, as recorded in the Global Startup Ecosystem Report 2025 published by Startup Genome and the Global Entrepreneurship Network. The Saudi Press Agency called the jump a milestone for Vision 2030’s economic diversification push.
According to the Startup Genome report, Saudi Arabia has attracted more than $2.6 billion in venture capital since 2018 through government-backed vehicles such as Saudi Venture Capital Company, Jada, and the Public Investment Fund, and now ranks third in MENA for startup funding. Mordor Intelligence data projects the local ICT market will reach $54.90 billion in 2025 and $82.51 billion by 2030.
Artificial intelligence has become the ecosystem’s sharpest edge. HUMAIN, the full-stack AI firm launched under the Public Investment Fund in May 2025, announced an expanded partnership with NVIDIA in November, according to a company press release. The venture plans to deploy up to 600,000 of NVIDIA’s latest AI infrastructure technologies over three years, including GB300 platforms, and is extending operations to AI data centres in the United States.
On the ground, Monsha’at, the General Authority for Small and Medium Enterprises, is identified as a central growth driver. In Q1 2025, commercial registrations surged 48 per cent quarter-on-quarter to 1.68 million active registrations nationwide, according to Monsha’at data. In June, the authority led five potential unicorns to VivaTech 2025 in Paris.
“Our participation at VivaTech 2025 was a tremendous opportunity to not only showcase several of the best young startups and concepts coming out of the Kingdom,” Saud Alsabhan, Vice Governor of Entrepreneurship at Monsha’at, said in a press release.
The Startup Genome report noted Riyadh’s ecosystem recorded the most significant MENA growth of any Top 100 Emerging ecosystem, with major exits including rasan.co’s $1.1 billion valuation. Confirmed unicorns include Tamara, Tabby, STC Pay, and Foodics. Institutional accelerators spanning fintech, AI, and enterprise tech form the ecosystem’s backbone, providing mentorship, networking, and early-stage investment, according to Grant Thornton.
Samantha Evans, MENA Managing Director at Startup Genome, told Arab News: “The Gulf is one of the few markets in the world where ambition, alignment, and execution converge. This is not a speculative bet – it’s a strategic inflection point.”
References
Saudi Press Agency. “Riyadh Jumps 60 Ranks to 23rd in Global Startup Ecosystem Report 2025.” June 17, 2025. https://spa.gov.sa/en/N2341234
Startup Genome. “Riyadh Ecosystem Profile.” 2025. https://startupgenome.com/ecosystems/riyadh
Mordor Intelligence. “Saudi Arabia ICT Market Size & Share Analysis.” https://www.mordorintelligence.com/industry-reports/saudi-arabia-ict-market
Economy Middle East. “Riyadh jumps 60 places to 23rd emerging startup ecosystem globally.” June 17, 2025. https://economymiddleeast.com/news/riyadh-jumps-60-places-to-23rd-emerging-startup-ecosystem-globally/
PR Newswire. “HUMAIN Expands Strategic Partnership with NVIDIA.” November 19, 2025. https://www.prnewswire.com/news-releases/humain-expands-strategic-partnership-with-nvidia-advancing-global-ai-infrastructure-with-xai-global-ai-and-aws-at-the-us-saudi-investment-forum-302620854.html
Monsha’at. “Saudi Arabia Rises 60 Places Globally.” June 17, 2025. https://www.monshaat.gov.sa/en/node/322293
Yahoo Finance/Globe Newswire. “Saudi Arabia Showcases Potential Unicorns at VivaTech Paris.” June 13, 2025. https://finance.yahoo.com/news/saudi-arabia-showcases-potential-unicorns-133100317.html
Grant Thornton Saudi Arabia. “From Startups to Unicorns.” February 2025. https://www.grantthornton.sa/en/insights/articles-and-publications/from_startups_to_unicorns_how_saudi_arabia_is_creating_the_next_generation_of_global_companies/Arab News. “Why tech startups should choose Riyadh as their MENA launchpad.” June 21, 2025. https://www.arabnews.com/node/2605312/business-economy
