Forbes Middle East has unveiled its inaugural list of the region’s Top Venture Capitalists for 2024, recognizing the most active and influential venture capital (VC) firms driving innovation, growth, and success within the Middle East’s burgeoning startup landscape.
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This list celebrates the trailblazers who are not just financially backing startups but also shaping the region’s entrepreneurial future.
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To compile the list, Forbes Middle East considered several key factors, including the number, impact, and value of successful deals, as well as each firm’s top five deals and their worth during funding rounds. Additional criteria included assets under management, the number of successful startups within each portfolio, and the number of successful exits. The entrepreneurial experience of each firm’s leader was also taken into account to provide a comprehensive evaluation of their contributions to the region’s growth. The listees are presented in alphabetical order, with firms led by multiple cofounders counted as a single entry.
The list features 30 of the region’s top venture capitalists, with Saudi Arabia and the U.A.E. taking center stage, with 11 and 10 firms, respectively. The list also includes four firms from Egypt, two from Jordan, and one from Kuwait, underscoring the growing entrepreneurial spirit across the region.
Among the firms recognized, Jabbar Internet Group, cofounded by Samih Toukan and Hussam Khoury in 2009, stands out as the oldest venture capital firm on the list. Known for its role in landmark acquisitions like Souq.com (acquired by Amazon for $580 million) and InstaShop (acquired by Delivery Hero for $360 million), Jabbar continues to back high-impact ventures. On the other hand, Egypt’s Beltone Venture Capital, founded in 2023 and led by Ali Mokhtar, represents the newest player in the market, making waves with six successful equity investments in just the first nine months of 2024.
Several firms on the list have played a pivotal role in backing some of the region’s most disruptive startups. Sarwa, a wealth management platform, was backed by 500 Global, MEVP, HALA Ventures and Shorooq Partners, while both Nuwa Capital and Plus VC are key investors in eyewear retailer eyewa. Foodics has been supported by STV, Vision Ventures, Plus VC, and Jabbar Internet Group.
Notably, 24 of the firms on the list are led by entrepreneurs who have successfully transitioned from founders to investors, further driving the region’s growth. Six of the listed VCs are led by non-founding executives.
About Forbes Middle East
Forbes Middle East is a licensed edition of Forbes Media, a global media company with a focus on news and information about business, investing, technology, entrepreneurship, leadership and affluent lifestyles. Forbes Middle East is published once a month in Arabic and English by Arab Publisher House, and includes forbesmiddleeast.com, as well as special editions.
Forbes Middle East extends the Forbes brand of journalism across the Arab world. It sets the pace for preemptive business journalism, by uncovering trends and anticipating business opportunities; and publishes original lists that adhere to methodologies set by Forbes Media. Its journalism attracts a readership of business leaders, investors, and government officials who are united in their belief of free enterprise.
