The tech startup sector in Syria has entered a new phase with the announcement of the first direct foreign investment in a tech startup, valued at $10 million. This move aims to support the digital economy and boost the ability of local companies to grow and expand.
Syria's Ministry of Communications and Information Technology announced the investment in the "Labby" application, highlighting it as the first investment partnership to attract regional investors for direct investment in the Syrian emerging technology sector. This reflects a new direction towards building a digital ecosystem based on innovation and entrepreneurship.
Abdelsalam Heikal, the Syrian Minister of Communications and Information Technology, emphasized that this investment marks an important milestone in supporting the digital economy. He added that it reflects growing confidence in the Syrian market and the capabilities of national talents in technology and digital solutions development.
He explained that the startup sector is one of the main pathways to support digital transformation. He noted that the Ministry is working to prepare the necessary regulatory and legislative environment to assist startups, making it easier for them to establish and expand. This will enable them to develop digital services that can reach a wide range of users.
He pointed out that digital transformation isn't just about major government infrastructure projects; it also relies on the role of startups in innovating new digital applications and services, especially "super apps" that combine a variety of daily services into one platform, aiming to improve user experience and speed up transactions.
The Minister stated that the signed Memorandum of Understanding includes an investment partnership worth $10 million in the "Labby" application. This will support the startup's expansion and contribute to boosting the growth of the technology and entrepreneurship sector in Syria.
For his part, Amer Al-Zoubi, an investor in "Labby," clarified that the decision to invest was driven by confidence in Syrian talents, especially in programming and application development, along with promising opportunities for digital economy growth in the coming period.
He added that the Syrian market possesses elements that can help attract tech investments. He explained that the "Labby" application aims to provide a range of daily services through a unified digital platform, aligning with the global trend towards integrated service applications.
Mahmoud Fawz, founder of "Labby," noted that the application aims to be a comprehensive digital platform that meets users' daily needs. He explained that the first phase will include taxi services and food delivery, with plans to expand later to add other services, including grocery delivery.
He clarified that the application will be launched within weeks, capitalizing on the increasing demand for integrated digital services and the need for technological solutions that help simplify users' lives and encourage reliance on digital platforms.
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