Jeddah : Saudi Arabia is continuing to make great strides in supporting the launch of new businesses, as highlighted in this year’s Global Entrepreneurship Monitor Report (GEM). The Kingdom ranked first in four entrepreneurship indicators, in addition to achieving advanced positions across six other indicators. This achievement reflects the powerful impact of Vision 2030 on entrepreneurs and Small & Medium Enterprises (SMEs), which has created a flexible business environment that is empowering start-ups to thrive, despite the challenging market conditions created by the global COVID-19 pandemic.
This is especially true in the technology space, where the Kingdom’s drive for digitization is supporting the growth of many promising ventures. One such company is FAYVO. Poised to emerge as the Middle East’s latest homegrown digital success story, FAYVO is recognized as a technological disruption that is redefining the social sharing experience. The app offers unique integration with leading platforms such as IMDB, Anghami, Google Maps, and Amazon, making it easy for users to discover and share their favourites across a wide range of media and experiences.
The idea behind FAYVO emerged in 2015, when serial entrepreneur and investor Fahad bin Mansour recognized a need for an app that offers a convenient way to exchange recommendations with family and friends. This experience inspired the solution now known as FAYVO, which has quickly grown to establish a dedicated user base across the Middle East and is now spreading across the globe.
According to FAYVO Founder & CEO Fahad bin Mansour, the development of the tech space in particular has enjoyed significant support stating “In line with the ambitions of Vision 2030, the Saudi government has a massive mandate for digital transformation and is investing to support innovation and entrepreneurship in promising sectors. FAYVO, for instance, was selected among the top 20 start-ups in the Middle East to participate in the MiSK 500 Start-ups accelerator program. This is something for which we are grateful and has helped to create a solid foundation for growth, providing an outstanding platform from which to advance the goals of the wise leadership’s roadmap to sustainable prosperity.”
The rise of FAYVO embodies the Kingdom’s success in nurturing a thriving entrepreneurial ecosystem. The company is working to develop and build opportunities for entrepreneurs and start-ups to engage with their target audiences and enhance their product offerings, further supporting the key pillars of economic diversification outlined in Vision 2030. The app enables users to communicate and interact on shared passion points through exploration and discovery, inspired by the experiences of others. With 92% of consumers indicating they prefer receiving recommendations from friends and family over other forms of advertising, FAYVO’s young, switched-on audience positions the app as the Middle East’s next potential unicorn.
Fahad bin Mansour continued: “FAYVO defines and answers the need for the development of a strong digital presence in Saudi Arabia that offers exponential growth. In many respects, our journey mirrors the development of the Kingdom’s tech space entrepreneurial ecosystem, as supported by several government initiatives and programs – communication of ideas, collaboration, and a strong support network have been the keys to unlocking growth. I am excited to see where the future will take us as we emerge from the pandemic period with renewed confidence and embark on the next chapter of our continuous success story.”
To find out more about FAYVO, please visit www.fayvo.com
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© Press Release 2021
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