GEC NEWS WIREThe young Saudi population is heavily engaged, tech savvy and determined to solve local problems through technology
BECO Capital predicts that Saudi Arabia will develop the largest number of leading technology companies in the MENA region over the next 10 years.
A youthful population, high-levels of personal consumption, growing internet penetration and engagement will allow Saudi entrepreneurs to build some of the region’s most successful companies in the future. The next boom in the Saudi ecosystem will be in the technology space, an area of particular focus that is attracting many of the government support initiatives and venture capital funding.
Amir Farha, Co-Founder and Managing Partner of BECO Capital, speaking at Arabnet Riyadh said, “We have already seen some great deal flow and success stories with RemalIT (Kammelna), Harraj, UTurn and Unifonic (previously OTS) and this is just the start. It’s the local Saudi who’s building the exciting startups and solving local problems.”
Yousef Hammad, Associate at BECO Capital said: “The Saudi tech ecosystem is emerging with multiple public and private initiatives supporting the Saudi entrepreneurs such as Badir, a KACST incubator and Oqal, an angel investment group which has completed 22 investments to date. The ecosystem is expected to grow with the support of . Additional support and investments in the tech start-ups may produce the next Saudi home-grown tech titans for the region.
