1- Sil­i­con Ara­bia’s New Fron­tier: Econ­omy

ArabAd - - TRENDS -

to­taled $175 mil­lion, com­pared with $29m raised in 2013.

With the re­gion's e-com­merce mar­ket es­ti­mated to reach $15 bil­lion this year, pay­ment in­fra­struc­tures are a top pri­or­ity, along with Ara­bic web con­tent, to drive ef­fi­ciency in an un­der­de­vel­oped Mid­dle East. Ex­am­ples of po­ten­tial big win­ners of the re­gion's tech gene pool in­clude e-re­tailer souq. com, the jobs site Bayt.com, the on­line chauf­feur ser­vice Ca­reem, the on­line food or­der­ing ser­vice Tal­a­bat, the car sales site Sel­lany­car.com, the clas­si­fieds site Du­biz­zle, the in­ter­net es­tate agent Prop­er­tyfinder and a raft of oth­ers that also have the po­ten­tial to break the $1bn bar­rier.

Driv­ing this growth, is the sheer num­ber of peo­ple on­line, high smart­phone pen­e­tra­tion, and the mag­ni­tude of con­sumer spend­ing on tele­coms. Says

founder and CEO of Arab­net, one of the largest fo­rums

Ca­reem car-book­ing app

for the Mid­dle East’s bur­geon­ing tech startup in­dus­try, “The dig­i­tal sec­tor in the Mid­dle East has gone from be­ing the fo­cus of a few geeks to be­ing a trans­for­ma­tive force at the top of the agen­das of the re­gion’s lead­ing CEOS and gov­ern­ment lead­ers.”

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