BDO LLP | INTERNATIONAL TECH HUBS THIRD EDITION
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THE TECH ECO-SYSTEM The flourishing SA start-up ecosystem is the fastest-growing in the Gulf region. This is a direct result of reforms implemented under Vision 2030 as supported by government agencies and participating companies, including the Business Incubators and Accelerators Company (BIAC), a unit of Saudi Technology Development and Investment Company (TAQNIA), which in turn is fully owned by the Public Investment Fund (PIF). The SA government has been investing heavily in the digital transformation efforts outlined in its Vision 2030 strategy to diversify its economy from oil, with venture capital money fuelling the development of IT resources and talent. Since its implementation, a series of government measures have been put in place to encourage start-ups and facilitate access to funding. The Saudi Venture Capital Company (SVC) is one such example – a government venture capital entity established in 2018, with the aim to minimise funding gaps for start-ups through an additional $750m investment over the 12-year period. One notable vote of confidence in the SA start-up ecosystem is the recent stellar success of STC Pay, which last year achieved a billion-dollar valuation, making it the first fintech unicorn in the Middle East. The best known of SA’s numerous tech hotspots is the Digital City complex in Riyadh. Here you’ll find high-investment companies such as Cisco, providing an interesting example of how a multinational company has successfully partnered with the SA government to secure capital growth and fuel the future of digital transformation in the region. Today, SA is one of just 15 countries Cisco has chosen for its Country Digitisation
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