Network International enters Saudi Arabia with $10m investment, aims for 100% Saudization

Network International enters Saudi Arabia with $10m investment, aims for 100% Saudization

RIYADH: Network International, an enabler of digital payments in the UAE, has entered the thriving Saudi market with an initial $10 million investment and hopes to generate close to $50 million annually in revenues. “We expect to deploy an initial capital investment of around $10 million,” Network International Managing Director in Saudi Arabia Abdulaziz Al-Dahmash told Arab News. “We have invested over half of that already. This investment funds the deployment of our technology platform and on-boarding of customers using cloud-based software services recently made available in the Kingdom. "The availability of cloud-based software services has also significantly accelerated our time to market and will enable rapid future scalability.” He added that the medium-term revenue target of the company is $50 million per annum. “We already generate some revenues in the Kingdom and are also on-boarding a new customer, so we expect revenue generation this year in the single-digit million range, rising to double-digit in 2023.” Network International has recently opened an office in the Kingdom and plans are afoot to hire more people in the country. “We expect to hire initially 30 people in the Kingdom over a six-to-12 month period and foresee this becoming a significant leading hub