BREAKING THE OIL CURSE:

Few places in the world have felt the pain of low oil prices like Saudi Arabia.

Cuts to the bloated public sector have changed the economic prospects for many Saudis. But one local industry is emerging as a winner from the oil bust.

The oil crunch is proving a "blessing in disguise" for the country's young tech sector, said Abdulrahman Tarabzouni, a former regional manager for Google (GOOGL, Tech30).

Saudi Arabia is pumping tens of billions of dollars into technology in an attempt to diversify its economy and become less reliant on volatile oil prices.

"Any individual has a shot now at creating something extremely valuable and accessible to the rest of the world," Tarabzouni told young entrepreneurs and business leaders at a recent forum in Riyadh, the Saudi capital.

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