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Lebanon third among Arab countries in technology startup investments
29-5-2018
A report published by Arabnet earlier this month covering digital investments in the MENA region during 2013-2017 has shown that Lebanon succeeded in attracting some 58 investment transactions in startups in the field of technology with a total value of USD 53 million in 2017, as compared to 39 investments of USD 58 million in 2016. According to the report, Lebanon has gained the third largest number of investors in tech startups among Arab countries by the end of 2017, accounting for nearly 13% of the total number of investors in the region, preceded only by the UAE (32%) and Saudi Arabia (17%). The survey also revealed that the ratio of investors in Lebanon to the total number of investors in MENA has risen by 90% during the past four years jumping from 7% in 2013. In a related vein, men represented about 82% of tech startup founders between 2013 and 2017, against 18% of women, the report said, noting that the rate of female founders is among the three highest in the region despite the huge gender disparity at the local level. On the other hand, the chairperson of the American Lebanese Chamber of Commerce, Salim Zeenni, launched during a press conference 2 days ago the third edition of ‘Start-Up Lebanon Executive Innovation Retreat’ program in the presence of the US Ambassador to Lebanon, Elizabeth Richard. To recall, the initiative was first launched in 2015 with the aim to bolster the knowledge-based economy in Lebanon. Zeenni said this year will organize a 5-day visit (June 5-8) for more than 25 Lebanese firms executives to San Francisco. This trip will give them the chance to witness the future innovation methodology, design thinking and current trends in the field which will allow them to enhance the capacities of their companies and transform their businesses in Lebanon. (An Nahar, Al Diyar, Al Mustaqbal, May 26, 28 2018)
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