Saudi Arabia to spend $20bn on ICT sector
Saudi Arabia has become the top investor in Information and Communications Technology (ICT) with projections to spend $20 billion on ICT sector this year. Overall, Europe, the Middle East and Africa (EMEA) is set to spend $73 billion on ICT which will reach over $95 billion in the next three years and the region is projected to overtake the US in ICT spending, the figures released by the Global Insight suggested. During 2008, purchases of ICT products and services within will overtake the US, according to a recent report by international research company, Global Insight.
As the economy in the United States slows down, due in part to the weak dollar, businesses in the Middle East are experiencing 5 percent growth, compared to 4 percent in the US, with the Middle East and Asia-Pacific becoming the two fastest growing regions in the world. With the Middle East strategically positioned as a hub of global technology, ICT companies are now looking to capitalize on this attractive market with increased investment in the area. "The Middle East is one of the fastest growing ICT regions in the world, combining strong business acumen and substantial experience in developing growth. This year's Gitex Technology Week will bring together the biggest local and international companies to build on the current boom in the Middle East ICT market," said Helal Saeed Al-Marri, director general of Dubai World Trade Center, organizer of the Gitex Technology Week.