Saudi Arabia’s growing business landscape has encouraged regional and global companies to establish a local presence in the burgeoning market. Egypt-born generative artificial intelligence startup DXwand is leaving no stone unturned as it aims to get closer to its clients with an on-ground team. In an interview with Arab News, Ahmed Mahmoud, CEO of DXwand, shared the company’s strategic insights into establishing a local office in Riyadh by mid-year. He added “We already started formalities and got the MISA (Saudi Arabia’s Ministry of Investment) license. The exact location is still in discussion, but it shall be in the amazing capital of Saudi, Riyadh.”
Mahmoud emphasized the importance of delivering value and impact swiftly with quick wins and is also keen to demonstrate the company’s differentiated position in technology and long-term ambitions in partnerships. He said: “That objective is planned to be achieved with local partners, in technology and other industries, to ensure our success. We already have several partners in place in Saudi, and our plan is to multiply this number by the end of 2024.” DXwand’s expansion strategy is firmly aligned with Saudi Arabia’s Vision 2030, focusing on economic diversification and digital transformation.
He further justified “DXwand’s expansion always involves local partners who are industry-focused or technology builders, leading to larger contributions to each country’s economy, delivering faster and deeper impact, and achieving marvelous results with local talent and resources who understand the culture and local pains very well.” One of these partners includes Gulf business expansion platform AstroLabs which aims to leverage DXwand’s strong presence in the US, the UAE, and Egypt.
Mahmoud mentioned further “Regulations for AI is an emerging area not just for Saudi but also worldwide. We believe in early engagement with regulators to benefit both parties in understanding risks and building proactive mitigations.
We believe AI companies should be responsible, regardless of regulations, to build safe AI technology and ensure it follows standards of privacy and safety worldwide.” The company also revealed that it has three new products in the pipeline, leveraging their generative AI technology, although details are still under wraps.
Regarding funding, DXwand has raised $6.7 million since its inception with the latest $4 million series A round closing in December 2023. This investment will ignite the establishment of DXwand in Saudi Arabia, fostering strategic partnerships with local partners, educational institutes, and strategic clients.
