The New Goldmine for the Middle East
16 Aug 2014For all these years Middle East has solely concentrated on oil as being its gold mine for financial strength in the world of business. Only recently several technology entrepreneurs have emerged from this region and have given a dimension to business in the region. Start-ups are burgeoning in the region and creating attractive investment opportunities for the world. The Middle East has always seen success in its investments be it oil or real estate. They have always been big and headline grabbing investments that are known to the world. The technology space isn’t so large as yet but is definitely catching the eye of keen technology investors.
Companies like Jabbar Internet Group have paved the way for many new entrepreneurs to bravely venture into a space that was largely ignored or under-funded earlier. Today the tide is changing to a view that entrepreneurs who are successful should fund new ideas and innovative entrepreneurs and help that space grow to be more inclusive. This positive eco system is not just being driven by tech geniuses but governments have also slowly warmed up to the idea of relaxing restrictions and offering more opportunities to their businesses. The progress from governments has been slow and sceptical in the past but with the success of a few companies, they have also started to see this area as a new area of economic success.
Middle East wasn’t viewed as a positive emerging market of investment in the past because it was constantly ridden with strife and war. But in between all this there were intrepid groups of people who were constantly working to develop something new and fresh that would benefit the region. The success of these groups is evident from the investment minds that they have attracted from across the world including tech giants like Google, Intel, Cisco, Yahoo, LinkedIn, and PayPal who have been making significant bets, despite the uncertainty in the region.
For people who have watched the Middle East’s technology development, they can point out some of the best innovations that have emerged from the region. These include Instabeat, Recyclobekia, Instabug, Solarist, Wally, Nafham, Goodgate, Jamalon, Ekshelf and many more. The apps are developed based on the regions needs for example, Goodgate helps connect donors to causes to which they can donate because it is inherent in Muslim culture to donate to charity as part of their Zakat, one of the five pillars of Islam. The region has also seen development of apps and platforms that will benefit education and NGO organisations in order to drive a more wholesome approach towards technology development and usage.
This emergence of technology as a strong player for business in the market is a quiet revolution that has caught the attention of the world today
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