Saudi Arabia Ranks First Globally in Tech Startup Ecosystem Growth, Reports StartupBlink
Saudi Arabia has achieved the first global ranking in the growth of its tech startup ecosystem, recording a remarkable growth rate exceeding 200% within a year, according to the latest annual report from the StartupBlink global startup ecosystem index. The report, issued in partnership with Saudi Arabia's National Program for the Development of Information Technology, highlights the Kingdom's significant advancements and Riyadh's emergence as a rapidly growing global city for startups.
Saudi Arabia Leads World in Startup Ecosystem Expansion
The StartupBlink report underscores Saudi Arabia's dynamic progress in fostering a fertile ground for tech startups. The Kingdom jumped 27 places in the global startup ecosystem index within just one year, achieving the highest global growth rate at over 200%. This rapid ascent places Saudi Arabia ahead of other nations, including surpassing Turkey in the rankings.
Sector-Specific Global Leadership
Beyond the overall ecosystem growth, Saudi Arabia has demonstrated global leadership and high ranking in several specific technology sectors:
First Globally:
Healthcare Technology (HealthTech)
Nanotechnology
Transportation Technologies
First in Middle East & North Africa:
E-commerce and Retail Technology
Second Globally:
Insurance Technology (InsurTech)
Logistics Technology
Delivery Application Technology
Financing Technologies (FinTech)
Third Globally:
Digital Payments
Fifth Globally:
Electronic Games (E-games)
Seventh Globally:
Education Technologies (EdTech)
Riyadh Emerges as a Top Global Startup City
The Saudi capital, Riyadh, has also been recognized for its impressive growth. It is now ranked among the top 100 cities in the world for startup ecosystems. Furthermore, Riyadh recorded the highest global growth rate among these top 100 cities, achieving a remarkable 134% increase.
National Strategy Drives Progress
The significant advancements highlighted in the StartupBlink report are attributed to concerted national efforts. The report itself was issued in partnership with the National Program for the Development of Information Technology (NTDP), indicating strong governmental backing and strategic initiatives aimed at cultivating innovation and entrepreneurship in line with Saudi Vision 2030.
About the StartupBlink Index
StartupBlink is a global startup ecosystem map and research center that analyzes and ranks the startup ecosystems of hundreds of cities and countries worldwide. Its annual index provides insights into global innovation trends and the performance of different regions in supporting startup growth.
Looking Ahead
Saudi Arabia's top global ranking in tech startup ecosystem growth is a testament to its focused strategy and investment in building a vibrant innovation landscape. This momentum is expected to continue as the Kingdom further implements its Vision 2030 objectives, aiming to diversify its economy and establish itself as a leading international hub for technology and entrepreneurship.
Source: Jawlah