I n today’s global economy, tech innovation plays a pivotal role in driving growth and fostering development as the countries that invest in innovation can create new products and services, improve productivity, and stimulate economic growth. Geopolitical tensions, climate change agendas, and shifts in global trade are challenging key regional engines of growth. Economies in the GCC are acting on this imperative and putting forth bold plans to drive innovation agendas through setting ambitious targets, committing investments, creating dedicated innovation focused governance and activating detailed plans across priority sectors. The GCC governments and businesses have been heavily investing in emerging technologies to drive innovation and economic growth. The region’s strategic location, favourable business environment, and young and tech-savvy population make it an attractive destination for tech and innovation investments. The GCC countries are undertaking digital transformation across all industries, including oil and gas, but notable investments are being made in FinTech, retail, and eLearning. Businesses of all sizes in the region are embracing cloud technology and services enthusiastically. The adoption of cloud computing by SMEs in the GCC is expected to double the market size by 2024, with 77% of UAE CIOs investing in cloud technology. Each GCC country has implemented digitalisation initiatives in line with their National Visions aiming to diversify the economy. As the regional leader, the UAE launched several digital projects as part of its Vision 2030, including the Dubai Internet City, which acts as a hub for technological innovation to attract information and communications technology companies. A notable example is Expo 2020 Dubai, which became the first World Expo and the largest event in the Arab world to employ a multi-cloud approach for its infrastructure. While the cloud computing market in Saudi Arabia has been steadily expanding, with annual spending on public cloud services projected to reach $2.5 billion by 2026.
Tech & Innovation transformation dominates Gulf technology sector The region’s strategic location, favourable business environment, and young and tech-savvy population make it an attractive destination for tech and innovation investments
38 Federation of GCC Chambers
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