Gerasimos Ntouskas, Board Member, Technology Consulting, at KPMG Cyprus, recently joined the "Future Talks" podcast to discuss the technological developments in Cyprus and the broader region, with a special focus on Saudi Arabia. His insights provide a roadmap for how Cyprus can leverage its unique position to become a key player in the region's evolving technological landscape.

Gerasimos emphasized the dynamic growth occurring in Saudi Arabia, highlighting that Cyprus-based companies have been operating and investing there for many years. 

Saudi Arabia is rapidly scaling its technological and innovation sectors, attracting global players such as the global innovation lead of McKinsey and major hyper scalers like AWS, Google, and Microsoft, who have established cloud centers in the country. However, despite this progress, Saudi Arabia still faces a shortage of human resources and is actively seeking talent to meet its ambitious goals.

Many governmental entities in Saudi Arabia are transitioning to private ownership, which will further accelerate the evolution of its ICT and technology sectors. For Cyprus, this presents an opportunity to build robust service provisioning towards Saudi Arabia, capitalizing on the close physical and cultural proximity between the two regions. The relocation of Cypriots to Saudi Arabia and vice versa has already laid a foundation for stronger bilateral ties.

Gerasimos pointed out that Cyprus has the potential to become a significant regional hub, but this requires direct action. Establishing direct flights between Cyprus and Saudi Arabia is crucial to unlocking this potential. The current lack of direct flights poses a significant challenge to achieving seamless connectivity and reaping the full benefits of geographical proximity.

Cyprus must also evolve its service offerings beyond traditional sectors like tourism, accounting, and tax. 

The island has the potential to become a technology servicing hub, providing talent, hardware, software, and other technological services. The benefits of operating from Cyprus include the ability to live on the island while serving the regional markets, which are not yet saturated and offer substantial room for growth.

To successfully enter the Saudi market, Cypriot firms need the right synergies and mechanisms. It's predominantly an RFP-driven market where boutique firms can partner with larger corporations to offer niche values through local entities. Simply knocking on doors won't suffice; strategic partnerships and understanding the financial demands and quality expectations are essential.

For Cyprus to secure its position as a prominent regional entity, several steps need to be taken. Firstly, the island must address the current talent shortage by attracting and generating new talent while also upskilling and reskilling the existing workforce. Professionals in Cyprus need to ensure that their skills remain relevant and adaptable to the evolving market needs. 

This includes embracing the disruptive technologies such as Gen AI, which, despite fears of obsolescence, should be seen as an enabler that creates a more agile form of working rather than replacing talent outright.

The disruption in fields like cybersecurity, software development, and product ownership calls for a shift in perspective and continuous adaptation. Cyprus must focus on building the foundational blocks to realize a vision of regional synergies. This involves not only enhancing local capabilities but also fostering strong, strategic relationships with neighboring markets like Saudi Arabia and the EU.

Gerasimos' insights make it clear that the opportunities in the region are boundless. By focusing on evolving its technological services, fostering strategic partnerships, and continuously adapting to market changes, Cyprus can secure its position as a key player in the region's technological and economic landscape.