Digital technology is transforming the way Saudis work, shop, and play.
In the Kingdom of Saudi Arabia, the Covid-19 pandemic has accelerated the digitalization of all areas of the economy and all segments of society. Thanks to the creativity of entrepreneurs such as Ahmad Al Zaini, CEO and co-founder of food-tech company Foodics, new technologies and new thinking are transforming the country faster than anyone thought possible.
“There are a huge number of young people here who own smartphones and are tech-savvy,” Ahmad says. “The pace at which digital retail and digital payments have grown is far beyond all our expectations.”
Ahmad’s company is focused on the hospitality and retail sectors, where contactless payments made with cards and smartphones have soared in the last year. Foodics is at the heart of this revolution, helping merchants accelerate their digitization, accept innovative payment methods and take orders online, often for the first time. Since its launch, the company has processed over 5 billion orders for over 11,000 hospitality brands and outlets.
“Foodics is opening new markets for restaurants and merchants, especially for small businesses,” Ahmad explains. “We don’t just digitize their payments. Our system integrates their whole kitchen operations with delivery companies, enabling restaurants to launch a takeout business or activate a cloud kitchen seamlessly. We are changing the market and changing people’s lives.”
After raising $20 million in funding earlier this year, Foodics is accelerating its growth, entering new markets, and expanding into financial services.
Above all, the talent of the Saudi people and their passion for technology are driving the transformation, says Ahmad. “There is a fast-growing pool of human resources with all the digital skills required to prosper in new industries. Digitalization is creating new possibilities, and Saudis are embracing the opportunity and changing the country forever.”
“In Saudi Arabia, we have all the talent, infrastructure, and financial support we need to become a center of innovation and entrepreneurship.”
Ahmad Al Zaini, CEO & Co-Founder, Foodics
Foodics is one of many tech companies that are turning Saudi Arabia into a thriving center of innovation and entrepreneurship. As successful Saudi startups mature and generate growing cash flows, they are investing in new subsidiaries in other market segments and accelerating the tech revolution across the economy.
Many former employees of innovative companies go on to create their own startups, making full use of the skills they gained at businesses such as Foodics. From fundraising to product development to market entry, these entrepreneurs are changing the face of the Saudi economy.
“We employ some extraordinary talents,” Ahmad says. “They are building their experience and their confidence with us, and will go on to launch their own businesses. We intend to spawn many startups and create more businesses and more tech jobs across Saudi Arabia. Successful tech companies such as Foodics are the catalysts for the transformation of our country.”
What was your inspiration for launching Foodics?
When I was at university, like many students, I spent a lot of time in cafés. With my friend and fellow co-founder Mosab Al Othmani, we noticed that there was a lot of potential to innovate and digitize paper-based processes, using tablets to send customer orders to the kitchen. We then decided to build our own point-of-sale system to digitize orders and Foodics grew from there. When any small shop, café, or restaurant subscribes to Foodics, we provide them access to a complete digital ecosystem—from taking orders to managing the kitchen, to taking online and offline payments.
How is Foodics expanding?
Today, we operate seven offices in the region. We are proud to have clients that trust us in 25 countries which we serve in three languages. Our recent series B investment is further enabling us to grow our share in existing markets, while accelerating our international expansion. The team will soon be announcing new countries.
How easy is it to find skilled people in Saudi Arabia?
I spend a lot of my time hiring. There is a significant talent pool in Saudi Arabia. I meet a lot of smart people, and if they seem a good fit for Foodics, it is my job to convince them to join us.
How easy is it to be an entrepreneur in Saudi Arabia?
There are plenty of challenges, but also incredible opportunities. There is huge demand for human resources, especially for developers and other tech-related jobs. We need more university graduates and we need to equip people with the right skills. There are some great initiatives now to train Saudis and teach them what it takes to start a successful business. These bright minds have inbuilt passion. When equipped with knowledge, they will resolve the challenges facing the ecosystem with fresh and innovative solutions
What advice do you have for other young Saudi entrepreneurs?
Today’s entrepreneurs will shape the future of the world. Data and artificial intelligence will be the key. Our grandchildren will not believe us when we tell them that we used to drive our cars ourselves.
Tomorrow will be completely different. We are only just beginning
As published in Fortune magazine
