South Korean startups are accelerating their foray into the Middle East, where oil-rich countries are keen to nurture startups with innovative and disruptive ideas and technologies to diversify national revenue sources and reduce their reliance on oil.
Such efforts have already paid off as some startups have started offering their services with local staff and set up local offices to expand their businesses, raising expectations about their successful landing in their targeted land of opportunity.
SELF-DRIVING AND METAVERSE TECHNOLOGIES
Pinning high hopes on new business opportunities in the Middle East, Korean autonomous driving technology startup VEStellaLab is seeking to hire local staff to expand its business in Saudi Arabia.
The company is partnering with a local company, which is in charge of the parking control system of King Abdulaziz International Airport and the King Abdullah Financial District, in the country’s capital city.
In August, urban automation solution startup Neubility dispatched its employees to the northwestern Saudi province of Tabuk, where the world’s largest floating structure Oxagon is being built.
Neubility operates three of its Neubie self-driving robots on the Oxagon construction site that deliver foods and goods.
Source: KED Global