NEIL BUCKLAND writes on the importance of technology in any business setup and how technological insurgence has impacted the SMEs in the Middle East.
Middle Eastern business has developed greatly in the last couple of decades, with technology at the heart of it. Not only has it seen many new technology start-ups pop up in the region to increase foreign investment and business performance, it has also improved the way many companies operate in many Middle Eastern nations
From a growing tech scene to innumerable investment opportunities than there were ten or twenty years ago, without technology it would be a very different picture. Here’s how technological advancements have helped Middle East business improve.
Investing is Easier
Technology has changed the way individuals and companies make investments. Before, people would need to call up a stock broker to invest and trade stocks and shares, but nowadays a lot of the stock market has moved online.
More and more people are using online trading platforms to invest in companies throughout the world, from buying stocks to trading CFDs with City Index. This has opened up a lot of the Middle Eastern market to more investors around the world, making it quicker and easier, to purchase stocks in a Lebanon start-up or established Kuwaiti business, for example.
There’s a Booming Tech Start-Up Scene
The Middle East has beenwidely tipped as the next big thing in the technology start-up scene. The Arab world is home to more than 370 million people, over half of whom are under 25 and leading the tech revolution in this part of the world.
The Arab world is home to more than 370 million people, over half of whom are under 25 and leading the tech revolution in this part of the world.
In 2013, mobile data traffic grew by 107% in the region, as low cost smartphones became accessible. There have been inroads made in the video game market, internet technologies and more, with funds investing in the region growing over the past five years. This has proven a bright spot across much of the Middle East, even during times of conflict.
Business Processes are Being Streamlined
Oil and energy are two of the biggest businesses in the Middle East and even these have been somewhat transformed due to the emergence of various technologies. Technology is now being utilized to streamline business processes in many markets, including oil and gas.
From 3D printing and computing being used to help design parts, to automating processes and cutting down on paperwork, technology has made running Middle Eastern businesses a lot more efficient. This is the same in many areas of the world, but in the volatile energy market it is even more essential. The next few years could continue to see a boom in the Middle East technology sector.