The economic models of many Middle Eastern countries have been changing in recent years. What business opportunities in the Middle East are emerging nowadays? Primarily, these economies have based their wealth on oil, but technology, transportation, e-commerce, education are new emerging branches. Consequently, they could remake the entire future modern economies in the Middle East. Across the Middle East, foreign ownership has traditionally been very hard to establish. However, governments in Saudi Arabia, Jordan, Egypt, Bahrain, and the UAE have started to change this, making their economies progressively accessible to foreign investors and startups, especially in technology and fintech.
For instance, the Saudi Arabian Vision 2030 agenda is proactively opening up the economy to foreign investment and other countries in the region. If the business opportunities in Kuwait best suit you and you decide to move for the business you can count on storage in Kuwait and other excellent moving services that EasyMove has to offer.
As an illustration, there is Bahrain’s Al Waha Funds of Funds, which creates a capital community in the MENA, giving support to fund managers that invest in tech ventures across the region. Furthermore, the Public Investment Fund (PIF) in Saudi Arabia, has also secured $1 billion to provide access to capital for SMEs and growing businesses. Access to funding is becoming more open. Direct access to finance is an important starting point. That way one nurtures the growth of business opportunities. In recent years, the growth of MENA-funded startups has been evident. You can find more on MENA global funds and the Middle East’s 50 most-funded startups here.
Business Opportunities in the Middle East – startups
Investor’s paradise, the Middle East is changing its direction from petrodollars to startups. What are the examples of good practice so far? Here are some of the many outstanding startups in the Middle East and North Africa worth mentioning. Since their formation, these startups not only survived the pandemic but flourished and grew quickly. It is needless to say, that the startups met and exceeded customers’ expectations. Those startups appeared in the following industries:
- e-commerce and delivery
- financial services
The delivery and logistics sector came to first place in terms of the amount of money earned in the last year. If you are considering move and shipping to Saudi Arabia several startup options are waiting for you there.
Carriage is a Kuwait-based online delivery platform. Its delivery system is most efficient and it handles all the logistics which include groceries, electronics, games, pharmaceuticals, pet supplies, optics, cosmetics, and more. Moreover, Carriage offers the fastest delivery service in the Middle East with an average delivery time of 25 minutes. GPS live tracking allows you to view your order on its way to your desired location. The company was acquired by Delivery Hero in May 2017 for $100 million.
Dubai, logistics startup Fetchr was founded in 2012. The company helps local and global brands build, launch, and grow lucrative eCommerce businesses with easy-to-use shipping and logistics solutions. Fetchr app locates your exact location thus delivering packages to your phone more efficiently. Furthermore, Fetchr solves the problem of no physical addresses in emerging markets.
Swvl, Egypt aims to both ease traffic jams and provide a cheap, and reliable means to get around Cairo and Alexandria. As a matter of fact, Swvl, is similar in concept to Uber. Users can book rides on private buses and mini-vans via Swvl app. You have to submit where you want to go, select the time and route, and book your trip. It currently operates more than 200 routes in Cairo and Alexandria. Powering at the same time public transit and organizations’ transportation programs in Egypt, Kenya, Pakistan, Jordan, and GCC. The company didn’t reveal the exact amount of profit but told Forbes it was “tens of millions of dollars.”
Card Issuing and Payment Processing Platform – NymCard is the only BaaS provider based in the Middle East offering a modern payment issuing and processing platform. It allows startups, fintech, large enterprises, and banks, in the MENA region to create, control, and distribute virtual or physical cards using their modern, fully public API platform. NymCard offices are in Abu Dhabi, UAE; Beirut, Lebanon.
Sarwa, UAE promises to simplify and democratize investing. This is an online financial advisor that takes the barriers of investing while helping you maximize returns at a risk you’re comfortable with.
Buy Now, Pay Later, Earn cash is Tabby’s motto. With the Tabby app, shopping is more rewarding. Split your shopping into 4 interest-free payments or earn cashback at your favorite stores. Tabby has no interest, fees, or hidden costs of any kind. The company announced a partnership with Visa and joined the Saudi Arabian Central Bank’s regulatory sandbox for Fintech firms in the same year. The app was founded in 2019 in Dubai. It’s expected that the consumers’ demand for this service will grow in the days to come.
We have selected for you some of Edu-tech startups that have been gaining the interest of investment firms around the world. Get to know some of the Middle East’s brightest education startups. They are striving to make a difference and make education digitally accessible to the modern-day learner. These are Nafham, Almentor, Lamsa, Tutorama, PraxiLabs, Noon Academy, Edraak, Ynmo, Kamkalima. In reality, education has evolved and reached higher standards, especially with females in it who are yet to be introduced as employees or leaders.
In conclusion, the Middle East has shown great ambition and made resolute steps so fair. Fostering the innovatory industries of future modern economies. In that respect, huge steps have undeniably been made in the past decade. Foreign ownership laws have changed, regulatory frameworks have been built, access to funding has been more open and education has improved. As a result, sectors such as fintech and technology can flourish. There is no shortage of business opportunities in the Middle East and the relocation is easy with EasyMove Kuwait. One can recognize the efforts to continue this evolution. The new business landscape that is protruding in the Middle East could accelerate a necessary change in the region’s image.