RIYADH: Saudi Arabia’s advantageous location, robust economy, and supportive government have attracted a wide variety of financial partners eager to promote startups and entrepreneurs.
The Kingdom has one of the biggest technological expenditures in the Middle East and North Africa, around 2.5 times that of the next nation. According to Houssem Jemili, a partner at the management consulting firm Bain and Co, it is increasing yearly.
“Saudi Arabia has a mature and diverse set of funding partners,” stated Jemili in an interview with Arab News. These partners include significant investment funds, venture capitalists, government agencies and initiatives like Monsha’at. These organizations give startups and entrepreneurs access to both direct and indirect finance.
According to Saudi economist Talat Zaki Hafiz, who works for Arab News, the Kingdom’s emergence as a tech hub in the Middle East and North Africa (MENA) is largely because it is the largest economy in the area, making up over thirty percent of its GDP and coming in at number sixteen out of the G20.
“In order to enable the Kingdom to develop mega tech projects, Saudi Arabia’s technology strategy includes ambitious targets and action plans based on attracting leading international companies primarily specialized in advanced and emerging technologies,” the speaker stated.
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