https://arab.news/rkm2v
RIYADH: Saudi Arabia’s top 10 startups are showing rapid growth and strong innovation across key sectors, including digital security, convenience apps, and business solutions, according to a new report.
LinkedIn’s annual Top Startups list, which ranks the most influential emerging companies, showcases those making a significant impact while attracting top talent.
Cybersecurity startup Cipher topped the list, reflecting the growing demand for digital security services in Saudi Arabia.
As the leader in venture capital funding in the Middle East and North Africa, with $412 million invested in the first half of 2024, Saudi startups are gaining traction thanks to the continuing evolution of the Kingdom’s entrepreneurial ecosystem.
Nabila Rahal, MENA news editor at LinkedIn, said: “This year’s list demonstrates that startups in the Kingdom are continuing to make their presence felt as they break into new industries and contribute to the country’s economic diversification. There is a clear focus on technological and innovative solutions within emerging companies in the country.”
She added: “Saudi Arabia’s Top Startups List 2024 is a snapshot of the startups and VC landscape in the Kingdom that also offers insights into the latest economic trends. The startups featured on this list have excelled in meeting their clients’ needs and are attracting the top talent in the Kingdom.”
Convenience-focused companies like MR MANDOOB, a delivery services app, and Mawidy, an appointment-booking platform, secured third and fourth places, respectively.
Car rental app SHIFT inc. rounded out the top five, reflecting the growing demand for practical, service-oriented apps in the Kingdom.
The e-commerce sector continues to expand, as evidenced by Rewaa, a retail solutions platform debuting in sixth place.
Soum, an AI-powered retail marketplace, climbed two spots to seventh, signaling steady growth in the sector.
Business solutions are also on the rise. LAWAZEM, a procurement platform, and Squadio, a talent solutions provider, ranked eighth and tenth, highlighting the increasing need for operational support as more international companies establish a presence in Saudi Arabia.
Buy now, pay later fintech Tamara ranked second, maintaining its spot in the top five. AI-solutions company Mozn also made the list.
LinkedIn’s Top Startups list is developed by analyzing interactions among its more than 1 billion global members.
Startups are ranked based on four pillars: employment growth, engagement with the company and its employees, job interest, and attraction of top talent. Companies must be privately held, independent, and headquartered in the country where they are ranked.