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Wednesday , July 28 2021

3 apps of Kuwaitis receive financing of $17 million

KUWAIT CITY, Nov 12: Three smart apps belonging to Kuwaiti inventors have obtained financing of $17 million from Gulf and foreign banks, reports Aljarida daily.

According to informed sources, the increasing interest of local banks and investment companies affiliated to them in acquiring or investing in electronic applications is because the innovative apps have become a gateway to attract foreign investments, given that the future of trade will be through advanced digital platforms.

The sources reported that a number of technology entrepreneurs have found expansion in opportunities in the Gulf countries and the region as a whole, after their financing rounds were successful and they were able to obtain support from investors interested in this type of projects.

Meanwhile, some entrepreneurs complain of obstacles facing the development of their technological projects locally, the most prominent of which is the lack of special licenses for these projects, the absence of relevant legislation, financing problems, and the narrow scope of competition. 

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