Riyadh - Sharikat Mubasher: The Saudi startup ecosystem is experiencing unprecedented growth, driven by ambitious government initiatives like Vision 2030, which aims to diversify the economy and foster innovation. The emergence of unicorn startups, companies valued at over $1 billion, is a significant indicator of the ecosystem's success.

Five Saudi startups recently joined the unicorn club, with an additional 35 startups poised to become unicorns soon, officials at the Saudi Small and Medium Enterprises General Authority (Monsha’at) told Al Eqtisadiah newspaper.

The startups span various key sectors, including artificial intelligence (AI), financial technology (fintech), tourism, logistics, and other high-potential sectors supported by government policies that promote the regulatory environment and foster the culture of innovation and entrepreneurs.  

It should be noted that Monsha’at supported over 100,000 SMEs in 2024 through comprehensive training, upskilling, networking, and funding opportunities.