Saudi Arabia could be the next epicenter of a tech boom, analysts at the venture capital firm BECO Capital, which specializes in the GCC region’s technology market, said.
Saudi Arabia’s coming tech boom will be fueled by a growing consumer population,
BECO Capital Co-Founder and Managing Partner Amir Farha said this week at the Arabnet Conference in the Saudi capital of Riyadh. Add to that Saudi Arabia’s rising entrepreneurial culture and a mass of cash available for investment, and it’s the perfect conditions for tech industry growth, Farha said.
BECO Capital is predicting the next decade will see Saudi Arabia developing more technology companies than anywhere else in the Middle East and North Africa region. Alongside the United Arab Emirates, Saudi Arabia will continue investing liquid cash assets into diversifying the nation’s economy, Farha said.
“We see that the kingdom is focusing on becoming more efficient in energy consumption and in diversifying the economy,” Farha said. “This is great news for tech, leading to a growth in the Saudi ecosystem. Through product and service diversification, localizing technologies and expanding the pool of Saudi entrepreneurs, we can generate promising deals. The young Saudi population is heavily engaged, tech savvy and determined to solve local problems through technology.”
