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Saudi Arabia start-up ecosystem supports economic growth

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In the past three years, the Kingdom has seen a surge in start-up accelerators and incubators for technology companies, as many organisations are supporting Saudi entrepreneurs.

Thursday 06, December 2018 BY KUDAKWASHE MUZORIWA

Saudi Arabia’s tech start-up ecosystem is small and nascent compared to its vast oil sector, despite having the largest market in the GCC in terms of population and consumer spending.

In a report, Wamda stated that SMEs make up a small proportion of the economic activity in the Kingdom, contributing about 20 per cent to the GDP.

Fares Ghandour, partner at Wamda, said that the Government’s support has increased, regulatory roadblocks are being stripped away, but much more can still be done to make it easier for the ecosystem to reach its full potential.

Wamda said that Saudi has the potential to build and grow a competitive knowledge economy, given the Kingdom’s abundant resources and inherent market dynamics. The increasing tech entrepreneurship ecosystem can lead Saudi Arabia into the non-oil revolution and become a regional powerhouse.

TAGS : Saudi Arabia, Tech start-ups, GDP, SMEs

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