The Middle East has become the centre of attraction after successfully hosting one of the biggest sporting events in history – the 2022 FIFA World Cup in Qatar.
While the success of the showpiece event propelled the reputation of the region to unprecedented heights, political and economic developments elsewhere have also raised eyebrows.
Tech firms eyeing lucrative Saudi market
Representatives from the United Kingdom (UK) and the United States (US) recently travelled to Saudi Arabia to discuss potential collaborations with Crown Prince Mohammed bin Salam.
The nature of the meetings suggests the Western part of the world now sees the Middle East as a region brimming with opportunities where businesses can thrive, especially in the technology sector.
The Saudis are quickly becoming the face of the new era. The country has invested heavily in its digital infrastructure, laying the foundation for its tech industry to thrive even further.
Advancements like these have sparked interest from tech companies around the world, especially those in the UK. They are more than willing to tap into the exciting opportunities on offer and expand their global footprint across the desert.
One of Saudi’s most eye-catching initiatives is the establishment of four new economic zones in Riyadh, Jazan, Ras Al-Khair and King Abdullah Economic City.
Those areas offer the best corporate tax rates anywhere in the world, along with exemptions from import customs charges and full foreign enterprise ownership.
They are also flexible when it comes to hiring talents from around the world. It’s no wonder why tech companies are licking their lips at the prospect of spreading their tentacles into the heart of the country.
App development companies leverage iGaming growth in the UAE
App development companies stand to make considerable profits from the booming gaming and iGaming sectors in the United Arab Emirates (UAE).
The country’s continuous investment in technology and other digital infrastructure has led to an increase in demand for mobile gaming and online entertainment.
That lays the groundwork for developers who focus on creating such engaging gaming platforms to tap into the tech-savvy population in the Middle East.
The UAE is determined to become a leader in digital innovation, and developers have taken up the mantle of meeting the popular demand for iGaming options.
They have a chance to design gaming apps that cater to the needs of the UAE market without falling foul of the local regulations.
Online casinos in UAE could see a surge in interest as more mobile-first apps make gaming accessible to a wider audience.
This growth could have a massive effect on how people experience online gaming, making it easier and more interactive while also driving economic growth in the tech sector.
App developers who get in early can be at the forefront of this digital wave, and using inclusive features such as additional language support and culturally relevant gaming themes will help developers expand their customer base.
The UAE is one of three countries in the Middle East that first adopted 5G internet when it rolled out last year, and industry giants will leverage the new tech to ramp up game development in the coming years.
The Middle East is committed to economic diversification
Middle Eastern countries have started making commitments to diversify their economies and invest in some of the fastest-growing industries besides energy, and Saudi Arabia is no different.
The Saudis are driven by their Vision 2030 initiative, which is an economic and social reform blueprint designed to open up the country to the world.
The Saudis are not alone in that endeavour. Other nations in the Gulf Cooperation Council (GCC) are also making similar moves, including the UAE, Qatar, Oman, Kuwait and Bahrain.
These countries are quick to adapt and have already started introducing new legal frameworks and authorities to help expedite areas of growth in the non-oil sectors.
Saudi’s Vision 2030 is focused on economic diversification, meaning the country is ready to open its doors for tech businesses across a range of sectors, including renewable energy, healthcare and cybersecurity.
Countries in the Middle East are proactively exploring different avenues to ensure they are at the forefront of innovative creations and are prioritising long-term growth and sustainability.
This is all in a bid to diversify their various economies, and such commitment makes the region an exciting prospect for UK tech firms looking to consider new markets.
The political landscape in the Middle East has become increasingly business-friendly, especially in the GCC region. Governments are now introducing regulatory reforms and encouraging foreign investment by offering incentives for businesses to set up shop in the Middle East.
That will go down well with tech companies in the UK, who are already keeping a close eye on the Middle East market.