1- Silicon Arabia’s New Frontier: Economy
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.”