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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.
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.