Saudi officials are looking to step up investment in technology and finance. Credit: Shutterstock/Poetra.RH

Cloudflare is increasing its investment in the Middle East to capitalise on the region’s rapid digital transformation.

The company has opened a new office in Dubai Internet City and is expanding its team.

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The Middle East is a significant source of growth and innovation for Cloudflare, with high internet accessibility in countries like the United Arab Emirates and Saudi Arabia.

In a press statement, Cloudflare claimed it blocked an average of 9.5 billion cyber threats daily in the fourth quarter of 2023.

Internet usage in the Middle East grew by more than 20% in the same quarter, and cyber threats increased by 31%, according to the company.

Cloudflare’s network spans more than 310 cities in more than 120 countries, including 17 locations in the Middle East.

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The company said it aims to double its headcount in the Middle East over the next two years, driven by increasing regional demand and momentum.

The company’s connectivity cloud strategy offers enterprises a unified platform of networking, security and developer services to support their digital transformation.

Saudi officials are looking to step up investment in technology and finance as the kingdom slowly diversifies its economy away from fossil fuels.

Late last year, the government in Riyadh launched a 30-year tax relief package to help businesses establish their regional headquarters.

The initiative allows companies to pay no corporate income and pauses taxes for three decades in the country “from the day they obtained their regional headquarters licence”.