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UAE Digital Technology Spending To Hit $20 Billion By 2026

The contribution of digital tech to the country’s GDP is likely to double within the next decade.

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2 years ago

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uae digital technology spending to hit $20 billion by 2026

Digital technology spending in the United Arab Emirates (UAE) — encompassing IT, telecoms, artificial intelligence, blockchain, and robotics — is expected to reach $20 billion over the next three years, according to a recent report by the Boston Consulting Group.

Digital tech is projected to account for 25-30% of global GDP over the next decade. According to BCG, the UAE is expected to double the contribution made by digital to its overall economic output, rising from 9.7% to 19.4% in the next 10 years.

Advances in robotics, automation, and a “historic explosion of data and intelligence” offer significant opportunities for wealth disruption and creation, but may present a steep learning curve for governments.

“The digital economy is not an elective. It marks a profound departure from how economies have historically been organized and regulated. Tackling this brave new world head-on will prove essential to remaining competitive and relevant on the global scene,” says Faisal Hamady, managing director and partner at BCG.

Also Read: ChatGPT Is Accelerating The AI Revolution In The Middle East

Dubai, which seeks to bolster its position as a global digital capital, recently launched the ambitious and far-reaching Dubai Economic Agenda (D33) plan.

The increase in digital technology spending aims to reinvent the Emirate as one of the world’s strongest city economies over the next decade, via a bold program that will support 30 private companies to achieve $1 billion unicorn status.

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UAE Prepares To Launch Two Satellites: Thuraya-2 And MBZ-SAT

HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum chaired the first meeting of the Supreme Space Council yesterday.

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5 days ago

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December 17, 2024

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uae prepares to launch two satellites thuraya-2 and mbz-sat

HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Deputy Prime Minister of the UAE, chaired the first meeting of the Supreme Space Council in Dubai on December 16, 2024. The session highlighted the UAE’s ambitious space plans and took stock of the sector’s economic progress.

The council emphasized the growing role of private companies in advancing space technologies, noting that their contributions are now equal to that of the public sector. Members also praised initiatives like the Space Economic Zones Programme, which are designed to fuel innovation and investment in the space industry.

Discussing the UAE’s space journey, HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum remarked, “The national space sector continues to grow and advance, and we take immense pride in the remarkable achievements we have accomplished over the years”.

Sheikh Hamdan also received updates on two upcoming satellite projects: Thuraya-2 and MBZ-SAT. Thuraya-2, developed by Space42, is slated for launch this December. Meanwhile, the MBZ-SAT, created by the Mohammed Bin Rashid Space Centre (MBRSC), will soon follow. MBRSC, a major driver of the UAE National Space Programme, continues to lead the nation’s space-related developments.

Space42 took the opportunity to showcase its advancements, including ongoing collaborations between public and private entities. The company also outlined strategies to promote innovation, boost revenue streams, and create new opportunities for growth in the sector.

Also Read: IBM Opens New Doha Office To Support Qatar’s Digital Growth

The UAE’s current projects build on a growing legacy of space exploration. Back in 2020, the nation made headlines with its Mars mission, successfully sending a probe into the planet’s orbit in 2021. This mission, which is now in its second phase as of June 2024, has been collecting critical data to develop a comprehensive diurnal image of Mars.

The UAE also ventured into lunar exploration with an unmanned mission aimed at studying untouched regions of the Moon’s surface. While the probe ultimately crashed during its landing attempt after communication was lost seconds before touchdown, the effort represented a significant step in the country’s exploration ambitions.

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