South Korean startups are accelerating their foray into the Middle East, where oil-rich countries are keen to nurture startups with innovative and disruptive ideas and technologies to diversify national revenue sources and reduce their reliance on oil.

Such efforts have already paid off as some startups have started offering their services with local staff and set up local offices to expand their businesses, raising expectations about their successful landing in their targeted land of opportunity.

The hotel business is a booming sector in the Middle East as oil-rich countries have chosen tourism as one of their new growth-driving industries.

To facilitate their business setups in the region, Global Business Center (GBC) Riyadh officially opened on Oct. 24.   The center will offer shared spaces for Korean startups and small and medium-sized enterprises (SMEs), in which they can share information, as well as expand networking and partnerships.

Read the full story at Korea Economic Daily