Saudi-Based blockchain firm IR4LAB extends operations to Africa
According to the firm, the decision is driven by a dedication to the continent and its plan to foster innovation in advanced technologies.
IR4LAB, a Saudi Arabian company specialized in emerging technologies like blockchain, and artificial intelligence announced its plans to expand operations to Africa during the Gitex Africa event in Morocco.
The details
- Mohammed El Kandri, CTO and co-founder of IR4LAB, explained that the company's expansion into Africa reflects its dedication to the continent and its ambition to foster innovation in advanced technologies.
Key Quote
El Kandri said:
“We are happy to be expanding into the African market. We believe that Africa’s digital economy will grow, and we want to be part of this growth in innovation and digitization, but also building local capabilities right from Morocco to Africa.”
- Prior to this, IR4LAB participated in the first World Maintenance Summit 2023 in May, held in Morocco, organized by OCP, Morocco’s state-owned phosphates and fertilizer producer.
- At the event, the firm presented blockchain use in industrial maintenance and inspection.
- IR4LAB was also recently accepted into the Ministry of Communications Information Technology tech champions accelerator program, powered by Silicon Valley’s Plug and play.
Why it matters
- A report by Endeavour Nigeria dubbed “The Inflection Point: Africa’s Digital Economy is Poised to Take Off,” finds that Africa's digital economy and tech ecosystem is set to experience exponential growth periods.
- It highlights that Africa's digital economy is set to exceed $712 billion by 2050, driven by a young population, rising smartphone adoption, and expanding internet access. This growth is fueling a robust tech ecosystem supported by local and international venture capital investment.
