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Riyadh is at the forefront of cities in the Arab region in ambition, innovation and entrepreneurship

A study conducted by the global company Dogo, which specializes in smart payment solutions for financial payments, showed that Riyadh topped the list of Arab cities and its solutions, ranked 14 internationally among a number of major capitals and cities around the world in terms of ambition, innovation and harmonization of the legal and operational environment for entrepreneurship.

The study took into account a number of factors, foremost of which is the city’s population, its educational levels, the individual share of the gross national product, the cost of launching a new business, the number of registered start-ups, and the volume of digital research on entrepreneurship solutions.

The report showed that the British capital, London, ranked first in the world, followed by the Australian city of Sydney and the South African city of Cape Town. While Riyadh ranked 14th globally, ahead of Ankara, Berlin, Budapest, Seoul and Tokyo. The Saudi capital also topped the results at the level of Arab cities.

Riyadh also ranked eighth among the cities of the G20 countries included in the list. The study relied on open data numbers and international statistics issued on entrepreneurship and innovation.

The study intersects with the results of several specialized reports that showed Riyadh’s leadership regionally in the areas of innovation and entrepreneurship. According to the “Magnet” Entrepreneurship Report, investment capital financing in Saudi Arabia increased by 55% in 2020, reaching a record level of 152 million dollars, and start-up funding in Saudi Arabia is faster than the average in the Middle East and North Africa region.

17 countries in the region witnessed a 13% increase in total financing for startups, small and medium enterprises from 2019 to 2020, while the Kingdom of Saudi Arabia witnessed an increase in financing for startups by 55%, and the Kingdom bucked the general trend of the number of financing deals in favor of these companies, as it recorded growth. By 35% during 2020, while the number of deals in the entire Middle East and North Africa region decreased by 13% during the same period.

 

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