Gulf Capital to invest heavily in technology and e-commerce in the GCC
The UAE, Saudi Arabia, Egypt, Jordan and Lebanon are attracting significant early stage and private equity investments
Gulf Capital has revealed it plans to invest AED 500m in technology and e-commerce compared across the GCC.
The company has invested in an online B2B hospitality platform, a Middle Eastern auction platform and an online sport-based products and supplements marketplace.
Dr Karim El Solh, chief executive officer of Gulf Capital, said: "Gulf Capital is actively backing and investing in these market leaders and helping them graduate to the next level. We expect a number of success stories to emanate from the region, many represented here at this year's Step Conference.
"We forecast a substantial increase in technology investments in the GCC and significant returns to be generated for the early backers of these technology companies."
The UAE, Saudi Arabia, Egypt, Jordan and Lebanon remain the leading regional hubs for tech start-ups and hence are attracting significant early stage and private equity investments.
"Regional ecommerce is still small when compared to world averages, but this is set to change," Dr Karim El Solh added. "Recent transactions like Amazon buying the leading regional online marketplace Souq.com demonstrate the huge potential global players see in this market. At the moment, the share of ecommerce in the GDP of the Middle East and North Africa region is at the bottom of the world list, with the eGDP representing 0.71%, against a global average of 3.11%, according to a research conducted by Ecommerce Foundation. So, however you look at it, the regional growth potential is huge."