The Middle East needs a technological revolution. Start-ups can lead the way

Apr 1, 2019

Young entrepreneurs work on their laptops at the Amman-based Oasis 500, a seed investment firm which finances start-up firms in the region's information technology sector, November 2, 2011. Across the Middle East and North Africa, the Arab Spring uprisings have hurt many businessmen. Economies have slowed sharply as political uncertainty deters investment, new governments focus on trying to restore social stability instead of reforming economic policy, and labour unrest disrupts production and drives up costs. Oasis 500's Executive Chairman Usama Fayyad said governments had become more careful about appearing even-handed towards companies, even in countries that have been relatively untouched by the Arab Spring. In the long term, though, a cleaner, fairer business environment could, even more than other economic reforms such as deregulation and fiscal policy changes, help to solve one of the Arab world's biggest problems: job creation. A more level playing field could spur the growth of similar small and medium-sized firms. Picture taken November 2, 2011. To match Mideast Money ARAB-BUSINESS/SPRING REUTERS/Muhammad Hamed (JORDAN - Tags: BUSINESS SCIENCE TECHNOLOGY) - GM1E7B91IZK01

Jordan has worked hard to make itself the Silicon Valley of the Middle East Image: REUTERS/Muhammad Hamed

Khalid Al Rumaihi

Chief Executive Officer, Mumtalakat

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