Riyadh, January 10, 2024, The US Department of State has recognized the Kingdom of Saudi Arabia's efforts in upgrading criteria and procedures and using the latest technologies and tools in the security field, particularly in combating terrorism and terrorist financing. The Department of State's annual report on countering terrorism for 2022 also commended the Kingdom for upgrading the security and international criteria for the Saudi passport, monitoring border crossings and traveler lists at land, sea, and air crossings, combating terror and hate speech, and drafting laws criminalizing such acts. The report also highlighted the pivotal roles of the Kingdom at the regional and global levels in supporting initiatives in the field of combating terrorism and terrorist financing and extremist narratives through the Kingdom's membership in the G20, the Global Counter-Terrorism Forum, United Nations Office of Counter-Terrorism, and the Islamic Military Counter Terrorism Coalition.
The report also underlined the considerable decrease in terror attacks in the Kingdom. The Kingdom's efforts in combating terrorism and terrorist financing have been recognized globally, and the country has been working tirelessly to promote moderation and tolerance through government and non-government institutions in the Kingdom, including the Global Center for Combating Extremist Ideology (Etidal), the Rehabilitation Center, the Ideological War Center (IWC), and the Muslim World League.
Dr. Nabeel Koshak, CEO and board member at Saudi Venture Capital (SVC), commented on the report, stating that the steady growth of the Saudi VC ecosystem over the past few years has led to a new record of VC funding in 2023 and the title of the most funded market in the MENA region. He highlighted the launch of several initiatives and programs that have contributed to the rapid evolution of the VC ecosystem in Saudi Arabia.
Dr. Koshak emphasized that capturing the highest share of total VC funding in MENA in 2023 confirms the attractiveness of the Saudi market, enhances its competitive environment, and consolidates the strength of the Kingdom's economy as the largest economy in MENA. The growth in VC funding in Saudi Arabia is expected to have a significant impact on the country's economy and society, fostering innovation and entrepreneurship in the years to come.
