Saudi Arabia’s Rise as a Tech Hub in MENA
With its strategic location, thriving economy, and strong government support, Saudi Arabia has become a magnet for a diverse range of funding partners eager to support startups and entrepreneurs.
Technology Spend in the Kingdom
According to Houssem Jemili, partner at management consulting firm Bain and Co., Saudi Arabia boasts one of the highest technology spends in the Middle East and North Africa, approximately 2.5 times that of the next country, and is growing year-on-year.
Diverse Funding Partners
Jemili highlighted the Kingdom’s mature and diverse set of funding partners, including government entities, large investment funds, and venture capitalists, providing access to both direct and indirect funding to startups and entrepreneurs.
Global Innovation Index 2023
Saudi Arabia’s strides in technological innovation are evident in its ranking on the Global Innovation Index 2023, where it holds the 48th position among 132 featured economies, showcasing significant improvements from previous years.
Strategic Investments and Vision 2030
Saudi Arabia’s emergence as a digital powerhouse can be attributed to its strategic investments in research and development, supportive policies, and a thriving startup ecosystem, all aligned with the ambitious Vision 2030 goals.
Regulatory Framework and Innovation
The Kingdom’s efforts to foster innovation extend to the regulatory realm, with initiatives such as regulatory sandboxes and fintech hubs providing a platform for startups to test innovative products and services in a controlled environment.
Saudi Unicorns Program
The Saudi Unicorns Program exemplifies the Kingdom’s commitment to nurturing homegrown talent and fostering entrepreneurship, providing high-growth technology companies with integrated services and offerings to reach the unicorn stage.
Leading the Charge Towards a Digitally Empowered Future
With strategic investments, supportive policies, and a thriving startup ecosystem, Saudi Arabia is poised to lead the charge towards a digitally empowered future by fostering collaboration, nurturing talent, and embracing emerging technologies.
Continued Success and Growth
As Saudi Arabia continues to attract significant venture capital funding and witness the emergence of unicorns, the Kingdom is on track for continued success and global recognition in the technology and innovation landscape.