7.55 PM Sunday, 25 February 2024
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 05:28 06:42 12:35 15:52 18:22 19:36
25 February 2024

GCC investments to touch $9bn

By Staff Writer

The GCC’s investments in technology are set to reach $9.1 billion (Dh33.4bn) this year as the Middle East and Africa become world leading hot spots in 2008, according to the latest findings by IT research firm, International Data Corporation (IDC).


The firm said yesterday that total investment from the region could reach an “all-time high” of $40.5bn this year, with the GCC accounting for 22.5 per cent of investments. The figure indicates that total regional investments in technology this year are growing by more than 13 per cent over 2007.


The research highlights that the forecasted figure for 2008 places the Mena region alongside China and India in terms of IT investments.


“Set against the relatively flat growth of the United States market, and the much lower growth levels of Europe, the Middle East will be a bright spot in the world market,” said Frank Gens, senior vice-president and chief analyst at IDC.


The firm said nearly 40 per cent of the region’s investment will be in support of new initiatives, in contrast to markets like Europe and the US where most investment is going towards replacing and updating existing technology infrastructure. Sustainable growth of the Middle East economies requires strong technology leadership.


“This high investment forecast has created international interest in the potential of the Middle East market. However, strong technology leadership is required across enterprises,” it said.