UAE TO SPEND $20 BILLION ON DIGITAL TECHNOLOGY IN NEXT 3 YEARS

According to a recent report by the Boston Consulting Group (BCG), the United Arab Emirates (UAE) is expected to spend $20 billion on digital technology including IT, telecoms, artificial intelligence (AI), Internet of Things (IoT), blockchain, and robotics over the next three years. This significant investment in emerging technologies is expected to have a major impact on the country’s economic growth and productivity.

Over the past decade, digital technology has accounted for more than two-thirds of productivity growth, and the BCG report projects that it will account for 25% to 30% of global gross domestic product (GDP) over the next decade. The report also suggests that the UAE is well-positioned to double the contribution of its digital economy to GDP to 19.4% from 9.7% within the next 10 years.

This significant investment in digital technology reflects the UAE’s strategic vision to become a global leader in emerging technologies. By investing in AI, IoT, blockchain, and robotics, the country is positioning itself to be at the forefront of the digital transformation. This investment is expected to have a positive impact on several sectors of the economy, including finance, healthcare, education, and transportation

The UAE’s digital transformation strategy is focused on four key pillars: enabling innovation and entrepreneurship, building a smart government, fostering a digital society, and promoting digital transformation across key sectors. These pillars aim to create a supportive environment for the growth of the digital economy and ensure that the benefits of digital transformation are accessible to all.

The digital transformation of the UAE is also expected to have a positive impact on the country’s workforce. By investing in emerging technologies, the UAE is creating new jobs and providing opportunities for its citizens to upskill and reskill in order to meet the demands of the digital economy.

In conclusion, the UAE’s significant investment in digital technology is a testament to the country’s commitment to becoming a global leader in emerging technologies. By embracing AI, IoT, blockchain, and robotics, the country is well-positioned to capitalize on the opportunities presented by the digital revolution. This investment is expected to have a major impact on the country’s economic growth, productivity, and workforce development, and will pave the way for a prosperous future.