JEDDAH: An Ontario-based law firm is opening an office in the Middle East to help Saudi startups, especially in the technology sector, scale up and expand their operations to Canada and the rest of North America.
Ace Luxury Immigration Solutions (ALIS) said it aims to help about 1,000 startups a year from the Kingdom and the UAE establish a presence in North American markets. It plans to open its regional base in Dubai in September.
“The Canadian economy is a job-driven economy,” Shahrukh Zohaib, a Canadian barrister and managing partner of ALIS, told Arab News. “They’re looking for people who can come and create jobs. The skilled businesses are more preferred, such as the artificial intelligence and IT industries.”
He said the Canadian government believes there are great opportunities for Saudi startups in a number of fields, including IT, construction and real estate, and his business aims to help Canadian and Saudi companies to establish joint ventures.
As part of the ambitious Riyadh 2030 strategy, which was unveiled by Crown Prince Mohammed bin Salman in January, the Saudi government wants to attract up to 500 international companies to set up regional bases in the city, create about 35,000 jobs for Saudi locals and double the capital’s population from 7.5 million to between 15 and 20 million.
In April, Sovereign AEI, which specializes in helping companies set up operations in the Kingdom, told Arab News it has experienced a 40 to 50 percent increase in the number of companies looking to set up operations in Saudi Arabia.
Zohaib said he has seen a similar growing interest in Saudi Arabia and the wider region among businesses in Canada.
“We have a lot of Canadian clients who are interested to invest in this region because there are high returns in these areas,” he said. “There are a lot of people willing to invest here and all they’re looking for is some kind of feasibility, someone who can assist them in setting up the offices there and help them in navigating the local rules.”
