Saudi Arabia’s young population key to winning global tech challenge

As an entrepreneur who relocated to Riyadh in the midst of the coronavirus disease pandemic, I was excited at the recent announcement from the Public Investment Fund’s Future Investment Initiative, where it was made known that 44 global companies will be setting up their regional headquarters in the Saudi capital.

This did not just reinforce my belief in the future of the Kingdom, but also demonstrates to the world the opportunity that the rapid transformation of Saudi Arabia holds. The arrival of global industry giants will propel the emergence of new ideas, encourage the embrace of private sector careers and, very importantly, support the economic diversification ambition of Vision 2030.

If not already in progress, these businesses will be quick to snap up the best of talent in-country, from across traditional functions including sales, marketing, operations, HR and others.

As the Gulf Cooperation Council’s largest economy, Saudi Arabia is already home to a sizable population base with a desire for exciting new careers, but for technology startups, access to engineering talent will remain a challenge, just like it is across the world right now.

The global technology ecosystem is witnessing the most competitive engineering jobs market since the dot-com boom. Earlier in June 2021, US-based IT body CompTIA said that employers posted more than 365,000 job openings for IT workers, the highest monthly total since September 2019. Engineering talent with in-demand skills will continue to be in high demand as we progress into a technology driven world. With COVID-19 restrictions still in place in many parts of the world, and many employees seeking remote work options, it appears that the shortage of talent will continue to remain for the near future.

Saudi Arabia’s quick and safe reopening has inspired confidence in the economy for growth-focused startups. The Kingdom has also emerged as one of the leading sources of capital, targeting entrepreneurs and ideas that have the ability to scale. In H1 2021 alone, Saudi startups raised 94 percent of the entire capital deployed in the Kingdom in all of 2020. This phenomenal progress is evident from the excitement of investors and venture builders, across the public and private sectors, who are working relentlessly to shape a robust, world-class entrepreneurial ecosystem.

As industries and sectors go digital, young technologists will also play a crucial role in assembling the building blocks for a future-proof economy.

Eslam Hussein

But for this ecosystem to thrive, we need to accelerate the development of innovative products within the country. Saudi Arabia with its young population and engineering graduates presents a perfect opportunity to unlock innovation-centric growth. With nearly two-thirds of its population under the age of 35, young Saudi engineers have a long runway to create global impact. In fact, Saudi Arabia ranks fifth among OECD and partner countries for its number of graduates in the field of information and communication technologies. With over 30 percent of Saudi Arabia’s population under the age of 14, startups in the Kingdom must play the long game.

Silicon Valley was developed over decades, and Saudi Arabia is preparing an exciting pathway for future generations. As founders, it must remain our mission to help these graduates make a successful transition to exciting new careers.

For this to work, startups must forge partnerships with policymakers and educationists, to create opportunities that leverage this breadth of talent. Beyond this, there is an urgent need to constantly upskill local talent and stay ahead of new emerging technologies. While universities continue to churn out graduates at a steady pace, fields like data science, cloud computing, machine learning, automation, cyber security and robotics have significant untapped opportunities. By creating an industry interface for technical students with startups, they will have an opportunity to benefit from the transfer of knowledge while working with some of the most talented technology leaders from around the world.

As industries and sectors go digital, young technologists will also play a crucial role in assembling the building blocks for a future-proof economy. These individuals will also inspire the next generation, and with the backing of founders and the wider startup ecosystem, they will help in building a pipeline of innovators who will fast-track Saudi Arabia’s leadership on the world stage.

• Eslam Hussein is co-founder and CEO of invygo