RIYADH: Events such as LEAP demonstrate Saudi Arabia’s shifting role from an investor to a thought leader in the global technology space, said Careem CEO Mudassir Sheikha.
Speaking to Arab News at the world’s most-attended tech event in Riyadh, Sheikha pointed out that the key factor for businesses entering the Saudi market is localization.
“LEAP is a very interesting demonstration of the role that Saudi Arabia is playing in the global technology space right. Because in the past, Saudi Arabia was seen as an investor in global technology companies, which is what they did with the investment in Uber and some (other) funds,” he said.
“But today, when you come to LEAP and you meet all of the people that are attending, some of the biggest names in technology working on really cool, transformational stuff, you realize that it’s not just about investing. It's about convening. It's about thought leadership. And that really is on display loud and clear,” the top executive added.
The CEO said the Saudi market does not operate the way that many in other regional countries work, adding: “So if you’re building a technology outside of Saudi Arabia and hoping that you can just bring the technology to Saudi Arabia and it’s going to work, then you don't know Saudi.”
Ride-hailing companies like Careem have learned this “the hard way” he noted, stressing the positive impact of having a local team on the ground that understood the market “really really well” played a key role in his company’s success.
Today, more than 70,000 Saudi nationals use the Careem app every month, with over 500,000 Saudi nationals earning through the platform.
This requires the right cultural understanding, payment methods, and nuances that are unique to the Kingdom, the executive outlined.
“Saudi Arabia requires a lot of focus for any company that wants to be successful in the Kingdom because it’s essential. Without making your service Saudi, It doesn’t work. It’s never going to work,” he said.
