With a collective GDP of $2.85 trillion, and a growing young, globally connected population, the Arab world ranks among the top ten largest economies and one of the most fruitful ones to invest in today. Consider this: in six years, internet penetration spiked 294% while mobile data traffic grew 107%. The experts agree: Middle Eastern citizens are more and more connected, entrepreneurial, and ready to set up in the technology scene.
“ The rise of the digital economy has turned the region into the site of a remarkable market opportunity that, if tapped, would take it on an entirely new economic trajectory,” says Fadi Ghandour, founder and chairman of Aramex in a recent article. The region is booming with entrepreneurial ecosystems evolving from Dubai, to Cairo, to even war-torn Gaza, where Gaza Sky Geeks recently held their largest ever Startup Weekend event, amid Israel’s air strikes. The new generation of Arab entrepreneurs, extremely tech-savvy and avid to innovate, have provided ingenious creations in globally trending fields such as digital content and e-commerce, but also rockier fields such as health, green energy, and education.
Take Neftham, Tahrir Academy or SkillAcademy, the new MOOCS expanding opportunities for Arab youth to access education. Souq.com is a clear example of how patient capital can fuel a thriving market. Founded in 2005, the company raised $150 million in financing, with the latest round valuing the company at over $500 million.
