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Google Contributed Billions To The Middle East Economy In 2021

Google contributed over $3 billion to the economy in both the UAE and Saudi Arabia in 2021 alone.

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google contributed billions of dollars to the middle east economy in 2021

For better or worse, Google is at the heart of the modern internet. Services like Google Search, Gmail, YouTube, Google Maps, and Google Drive are used by billions of people around the world, helping them find useful information, establish an online presence, and accomplish their goals, among many other things.

Interested to see how much value it contributes to the Middle East economy, the tech giant commissioned independent consultancy Public First to explore how Google’s products helped people, businesses, and workers, and the findings are astonishing: Google contributed over $3 billion to the economy in both the UAE and Saudi Arabia in 2021 alone.

To be more precise, Google helped support an estimated 12.2 billion SAR (or $3.25 billion) in economic activity in Saudi Arabia and AED 11.3 billion (or $3.08 billion) in the UAE.

In both countries, e-commerce played a vital role in Google’s contributions. Before the COVID-19 pandemic, people across the Middle East were fairly reluctant to shop online. Since the first wave of pandemic lockdowns restricted access to physical stores, e-commerce penetration more than doubled both in Saudi Arabia (from 5% to 10%) and the UAE (from 5.6% to 12.1%).

Other drivers of Google’s contributions include the company’s huge developer ecosystem or the various content creators it helped propel to stardom, such as the Iraqi creator known as Chef Shaheen, whose YouTube channel has around 2.4 million subscribers.

Also Read: How To Find Remote-Only Tech Jobs In 2023

“We see from the numbers that the content creator economy is growing massively…same thing for developers,” says Anthony Nakache, Google’s Managing Director in the Middle East and North Africa. “All signs are showing that there is a growth in the [digital] economy — all components are actually growing.”

On the flip side, any economy that becomes largely dependent on a single company can find itself in an unpleasant situation if the company stops being able to deliver its services, just like when the massive Facebook outage shook the internet in 2021.

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du Considers Adding Crypto & Investment Tools To New Service

The company plans to bridge gaps in one of the financial market’s most underserved demographics, according to its CEO.

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du considers adding crypto and investment tools to new service

The Emirates Integrated Telecommunications Company, better known as Dubai-based du, is contemplating incorporating cryptocurrency and investment tools into its recently launched financial technology platform, according to CEO Nicolas Levi.

According to Levi, the potential enhancements would enable improved portfolio management for investors. The new tools and features would be realized through future partnerships while continuing to adhere to strict UAE regulations.

“Cryptocurrencies are being used as an investment. Will we have an investment product one day potentially? I’m not saying no to that. Will we use crypto for our own transactions? There are some plans with the [UAE] central bank to work on that,” Levi said in a recent interview.

The UAE Central Bank does not currently recognize cryptocurrencies as legal tender. However, the regulator began implementing its own form of digital currency back in March 2023, known as Digital Dirham. Additionally, the UAE Central Bank’s endorsement of legitimate crypto enterprises for banking services underscores the Emirates’ commitment to addressing real-world financial needs.

Also Read: Lebanese Newspaper Builds AI President To Beat Political Crisis

du Pay, the company’s inaugural venture into the FinTech sector, had a soft launch earlier this month after UAE Central Bank authorization. Offering an array of financial services like domestic and international transfers, bill payments, recharges, and salary receipts through a unique IBAN, du Pay marks a significant strategic move by the telecom firm into the digital finance space.

The rising trend of mobile-based financial services in the UAE, including digital wallets and online payments, mirrors global trends. Statista projects the digital payments market to balloon to $16.7 trillion by 2028, at a CAGR exceeding 9.5% from 2024’s estimated $11.53 trillion.

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