Saudi Arabia to Rank among World’s Top Localizers of Tech Startups

Saudi Arabia to Rank among World’s Top Localizers of Tech Startups

Experts are predicting that Saudi Arabia will rank among the world's top sources for tech startups by 2022, basing their projection on a recent report that ranked Riyadh as second in terms of number of investors and startups in the sector.

The Kingdom is exerting continuous efforts to localize tech industries and enhance startup incubators for Saudi innovation. For mega projects in Saudi Arabia, like "The Line,“ technology, artificial intelligence and the internet of things are vital.

According to the report, startups in the Middle East and North Africa (MENA) region registered a record number of 256 active investors during 2020, a year that was heavily challenged by the coronavirus pandemic. The figure reflects a 19% year-on-year increase compared to 2019.

In 2020, the investments in startups totaled around one billion dollars.

Saudi Arabia is implementing its plans in a thoughtful manner and with the support of its leaders, Abdullah Al-Melehi, an investor in technology, told Asharq Al-Awsat.

Apart from nurturing the partnership between the public and private sectors, the Kingdom is working greatly on developing and increasing the number of startups focused on innovation, he added.

This works to promote technological industries in line with the Kingdom's shift towards smart cities.

Al-Melehi asserted that Saudi efforts