LinkedIn has announced the best new companies in Saudi Arabia in its annual Top Startups list.
The ranking lists the top 10 new companies based in Saudi Arabia that have established themselves as workplaces that attract top talent.
As Saudi Arabia tops venture capital funding in the MENA region with SR1.5bn ($399m) deployed in the first half of 2024, the startups featured in this list are keeping pace, making an impact in their respective industries and exhibiting innovation that propelled their growth trajectory.
Top 10 Saudi startups
LinkedIn’s Top Startups list is published annually and is designed to be a reliable resource that offers guidance to professionals who could be looking for an exciting opportunity at a startup.
The Top Startups for 2024 in Saudi Arabia are:
- Cipher
- Tamara
- Mawidy
- MR MANDOOB
- SHIFT inc.
- Rewaa
- Soum
- LAWAZEM
- Mozn
- Squadio
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.
“KSA’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.”
Key trends observed from this year’s Top Startups in Saudi Arabia include:
- Digital security services emerge on top: Cipher, a cybersecurity startup, earned the premier spot on the list, signifying the growing importance of IT services in the Kingdom
- Convenience apps on the rise: Day-to-day service providers are on the rise as delivery app MR MANDOOB, appointment-booking app Mawidy and car rental app SHIFT inc. rank among the top five startups in this year’s list
- Growth in the e-commerce marketplace: E-commerce platforms expand their presence on the list as Rewaa, a platform offering integrated solutions to retailers, enters the list for the first time and Soum, an AI-powered retail marketplace, moves up to 7th place from 9th in 2023
- Business operations platforms break new ground: Procurement app LAWAZEM and talent solutions platform Squadio signify the need for business solutions providers as an increasing number of international companies set up base in the Kingdom and startups fortify their presence
LinkedIn Top Startups is an annual global ranking that lists the emerging startups to work for and is produced by LinkedIn’s News team, which has analysed the billions of interactions made by the platform’s members.
The list is compiled by measuring and analysing metrics across four pillars:
- Employment growth
- Engagement with the company and its current employees
- Job interest
- Attraction of top talent
Employment growth is measured as percentage headcount increase, which must be a minimum of 10 per cent, over the methodology time period
Engagement looks at non-employee views and follows of the company’s LinkedIn page, as well as how many non-employees viewed or followed employees at that startup.
Job interest counts the rate at which people are viewing and applying to jobs at the company in Saudi Arabia, including both paid and unpaid postings.
Attraction of top talent measures how many employees the startup has recruited away from LinkedIn Top Companies, as a percentage of the startup’s total workforce.
To be eligible, companies must be fully independent, privately held, have 30 or more full-time employees, be 7 years old or younger and be headquartered in the country on whose list they appear.
Startups which have laid off 10 per cent or more of their workforce based on corporate announcements or public, reliable sources between July 1, 2023 and the list launch, are not eligible.
