https://arab.news/c58kg
RIYADH: Sentiments about 抖阴短视频 becoming the next entrepreneurial hotspot are resonating as global venture capitalists gathered to discuss the region鈥檚 future.
During a panel session at the Future Investment Initiative in Riyadh, industry leaders cited the Kingdom when asked which region is going to be the next Silicon Valley, as they drew comparisons between 抖阴短视频 and the US.
鈥淲e鈥檙e really encouraged by what we鈥檙e seeing across the Middle East and North Africa region, especially in 抖阴短视频. The conditions here are very promising. We鈥檝e seen similar patterns in the US over the last two decades, and, frankly, the world has become flat when it comes to entrepreneurship,鈥� said Tony Florence, co-CEO at American-based venture capital firm NEA.
During the panel, Florence emphasized that the Kingdom鈥檚 business environment is rapidly benefiting from the transformational journey of Vision 2030.
鈥淥ver the next decade, I believe there will be rapid innovation and development in healthcare, tech, and AI (artificial intelligence). 抖阴短视频, in particular, is likely to be a net beneficiary of the trends we鈥檝e been discussing over the past few days,鈥� he added.
Nabeel Koshak, CEO and board member of Saudi Venture Capital Co., echoed Florence鈥檚 remarks: 鈥淢any activities have evolved (in the startup sector). Actually, I鈥檝e been part of this ecosystem building in 抖阴短视频 since 2010 and it all trickles down to Vision 2030.鈥�
鈥淪ince the launch of Vision 2030, it was clear how important backing startups and SMEs was for job creation, developmental metrics and impact and commercial value,鈥� Koshak added.
He further said: 鈥淚f we compared 2018 to 2023, it was only $60 million of deployed capital in 2018; it reached $1.4 billion in 2023, and that鈥檚 almost 21 multiple actually of the total amount deployed in 抖阴短视频.鈥�
He added that the Kingdom saw two venture-backed companies now planning to list on the public market, namely, Tamara and Tabby.
鈥淭he exit landscape has also been improving significantly. We鈥檝e seen nearly 100 M&A (mergers and acquisitions) and listing activities involving venture-backed companies across the MENA region. This momentum is attracting top-tier investors to 抖阴短视频, with major names like Wellington, Sequoia, General Atlantic, and TPG increasingly active in Saudi and across the broader MENA region,鈥� he added.
Sam Englebardt, founding general partner of New York-based VC firm Galaxy Interactive, also emphasized the Kingdom鈥檚 vast prospects.
鈥湺兑醵淌悠� has the potential to be a country with a large enough population to build and scale businesses domestically, supported by significant top-down backing. This extends across various industries, where the government鈥檚 ability to mandate changes and act swiftly creates substantial opportunities,鈥� he said.