General Atlantic announces Riyadh office opening as firm expands in the Middle East

General Atlantic, a leading global growth investor, announced 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 within the region’s vibrant innovation ecosystem.

The new office aims to accelerate General Atlantic’s growth strategy in the Middle East and North Africa (MENAT), building on a successful decade of investing in the region. It will allow key executives to be in closer proximity to local entrepreneurs and growth companies, furthering the firm’s core investment strategies across Technology, Healthcare, Financial Services, Consumer, and Climate sectors.

General Atlantic has been actively investing in the MENAT region since 2012, deploying nearly $1 billion to date across its investments. Key portfolio companies include 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. Previously, the firm invested in Yemeksepeti, an online food ordering marketplace later acquired by Delivery Hero, and Network International, a payments solutions provider headquartered in the UAE.

Strategic rationale for General Atlantic’s expansion

– Rapid growth in MENAT: The MENAT region is among the fastest-growing globally. The Middle East is expected to grow around 4 percent in 2025 and 2026 and could unlock an additional $1 trillion in GDP through economic diversification.

– Emerging entrepreneurial ecosystem: Government transformation programs play a key role in nurturing a new generation of entrepreneurs, emphasizing skills like data analytics and AI as Saudi Arabia works to train 40% of its workforce in these areas. A young, tech-savvy population and high internet and mobile penetration rates drive digital transformation.

– Growing venture capital and capital markets: The region is experiencing an acceleration of venture capital investment and strengthened capital markets. Since 2020, venture capital funding in Saudi Arabia has surged nearly tenfold. Capital market reforms have led to more than 75 IPOs of $100 million or more in MENAT since 2021, meeting investor demand and supporting economic diversification.