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Jayant Mundhra
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Dexter Capital Advisors • 1y
Zoho’s big Saudi bet has lessons for India 🇮🇳🇸🇦 Weeks back, Zoho launched live two top-notch data centres, while also announcing additional $133mn investment. Let’s dive all in, and learn the what and why. .. Some time after the pandemic, Saudi authorities launched a special programme to turbo-charge its economy. It announced special tax incentives and other perks for international companies which would set up their regional headquarter (RHQ) in the country. And it further barred all Govt wings and enterprises from issuing any contracts to companies that do not have an RHQ in the country. .. Regional here means what? MENA- Middle East and North Africa. And the deadline to comply was 31 December 2023. .. The Saudi Govt had internally set the target to attract 160 global companies to get a RHQ licence by that deadline. But, it surpassed expectations, getting to 180+! And as these 180+ companies reoute and rework their business around Saudi Arabia, they are going to need SaaS, consulting, outsourcing, and tech services and so much more. And that’s why Zoho is betting so big on the land of the Oil Sheikhs! Cuz, a business goes, where its customers go. .. But, this isn't just about Zoho. Saudi Arabia's leveraging its wealth and location to become a regional business hub and compete with Dubai and Abu Dhabi. Countries are fiercely competing to attract talent and investment And India needs to do this too, like it’s doing it with PLI schemes for manufacturing space. Cuz, it can't be just about factories. We need an equally aggressive push to attract high-value services and tech companies. We need both. What do you think?
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