【Web3 is expected to become Saudi Arabia's new economic growth engine! 】
The latest report shows that Saudi Arabia is actively positioning itself as a leading center for digital innovation in the Middle East. Thanks to its young and tech-savvy population and strong government support, Saudi Arabia is gradually becoming a new magnet for entrepreneurs, investors and talents around the world.
In the first quarter of 2024, startups in the Middle East and North Africa received $429 million in funding, of which Saudi companies accounted for half, up to 51%. The gaming industry is booming, currently worth $1.8 billion and expected to double in 2027. Fintech and e-commerce are also growing strongly, with the fintech industry worth $746 million and e-commerce revenue expected to exceed $10 billion in 2023.
In the Web3 competition with the UAE, Saudi Arabia is not far behind and is striding forward to establish its position in the Web3 field. Outlier Ventures in the UK has launched a Web3 accelerator program in cooperation with the Saudi National Technology Development Program, and highly praised the rapid development of the country's Web3 ecosystem. At the same time, the Saudi Public Investment Fund is working with top venture capital companies to advance the Web3 program and enrich the digital field. Saudi Arabia, a new frontier of digital innovation!
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