Saudi Arabia, Other Tech Investments WIll Follow Uber
Summary
The massive $3.5 billion investment in mobile black cab hailing service Uber made by the Public Innovation Fund of Saudi Arabia sparked comments by analysts worldwide about the interest of the Kingdom for technology companies.Actually, the investment by the Public Innovation Fund seems to align with the recently launched growth plan of the Kingdon of Saudi Arabia.Firstly, the country aims to expand the variety of digital services to reduce delays and cut bureaucracy, to facilitate the access to social media platforms in order to enable productive families to increase marketing opportunities.To this end, the Kingdom will partner with the private sector to develop the telecommunications and information technology infrastructure, especially high-speed broadband, expanding its coverage and capacity within and around cities and improving its quality.In the economic sector, the recently creted SME Authority plans to review laws and regulations thoroughly, remove obstacles, facilitate access to funding, and enable youth and entrepreneurs to market their ideas and products.