General Atlantic, a leading global growth investor, today announces the opening of its new office in Riyadh, Kingdom of Saudi Arabia. This strategic expansion will deepen General Atlantic’s commitment to investing in the Kingdom’s dynamic and growing economy and partnering with entrepreneurs scaling in the region’s vibrant innovation ecosystem.
The new office will accelerate General Atlantic’s growth strategy in the Middle East and North Africa (MENAT), building on a successful decade of investing in the region, by bringing key executives into closer proximity with local entrepreneurs and growth companies across the firm’s core investment strategies – Technology, Healthcare, Financial Services, Consumer, and Climate.
General Atlantic has been actively investing in the MENAT region since 2012, deploying nearly $1 billion to date across its investments, including eyewa, a regional direct-to-consumer eyewear retailer; Property Finder, an online real estate platform headquartered in Dubai; Network International, a payments solutions provider; and Trendyol, a regional marketplace and e-commerce platform. The firm previously invested in Yemeksepeti, an online food ordering marketplace sold to Delivery Hero, and Network International, a payments solution provider headquartered in the UAE.
Strategic Rationale for General Atlantic’s Expansion
- The MENAT region is one of the fastest-growing regions. The Middle East is expected to grow around 4 percent in 2025 and 2026 and has the potential to unlock around $1 trillion in additional GDP through greater economic diversification.
- There is a vibrant entrepreneurial ecosystem taking hold. Government transformation programs are playing a pivotal role in supporting a new generation of entrepreneurs, including fluency in data analytics and AI as Saudi Arabia seeks to train 40% of its workforce with these skills. As an emerging digital economy, there is a young, tech-forward working population and high internet and mobile device penetration rates, which are key drivers of the region’s digital transformation.
- The region is experiencing an acceleration of venture capital investment and strengthened capital markets with investor demand. Since 2020, VC funding in Saudi Arabia has charted a nearly 10x rise. There are also significant capital markets undergoing significant reforms, partially due to initiatives aimed at diversifying the economy and leading to 75+ IPOs of $100m+ in MENAT since 2021.
General Atlantic’s Riyadh office is subject to regulatory approvals.
