Page 72 - SAMENA Trends - Jan-Mar 2024

REGIONAL & MEMBERS UPDATES SAMENA TRENDS

registration on the ‘Invest in Dubai’ digital collaboration with relevant licensing bod- of Economy and Tourism, which outlines
platform, unified digital data registration, ies, in line with the digital transformation the requirements for operating a business
instant licensing, instant license renewal, guidelines set by the Dubai Digital Author- in Dubai. The Chairman of The Executive
one-step fee payment, streamlining of li- ity. According to the Decree, all requests Council of Dubai will issue the decisions
censing requirements, and the standard- related to licensing and permits should necessary to implement this Decree, which
ization of procedures, rules and conditions. be processed through the ‘Invest in Dubai’ annuls any other legislation that may con-
According to Decree No. (13) of 2024, the digital platform in accordance with the tradict it. This Decree is effective from the
Department of Economy and Tourism is procedures, requirements, timelines and date of its publication in the Official Ga-
responsible for operating, managing and fees mentioned in the ‘Guide’, an electron- zette.
developing the ‘Invest in Dubai’ platform in ic document developed by the Department

Arab Advisors Group Announces the date of its 5G Summit in 2024

After its successful 5G Summit in 2023,
Arab Advisors Group, the region's leading
independent research company, is
announcing the date of its 5G Summit
2024 on June 4, 2024, at the Ritz-Carlton,
Amman, Jordan. Arab Advisors Group
looks forward to achieving more success
at its eighteenth conference, which serves
as a culmination of a journey that has been
privileged to have the patronage of Her
Royal Highness Princess Sumaya bint El
Hassan since 2009. The company's journey
has resulted in collaborations involving
more than 100 global companies, hosting
over 8,000 executives and leaders in the
fields of communications and technology
from around the world. It has provided
effective media coverage and ideal throughout its conference editions. For in 2023 (the 5G Summit), please visit the
networking opportunities for all participants more information about the summit held following website: www.5gsummit.me

GCC Telecommunication Firms Reinventing Themselves as ‘Techcos’: S&P
Global

Telecommunication companies in the Gulf ground” in the region, adding: “Rated GCC telecommunication companies. “The GCC
Cooperation Council region are redefining telcos – including Beyon, e&, Ooredoo, telcos we rate are typically major local
themselves as technology firms to diversify and stc – aim to enhance their techco players, operate in a relatively favorable
their revenue streams, S&P Global said. In services and have already expanded and stable regulatory environments, and
its latest report, the credit rating agency their non-telecom businesses over the benefit from their leading market positions
noted that moderate growth prospects for past few years.” According to the report, and well-invested asset base. Even so,
core telecom operations are one of the key telecommunication firms in the region they suffer from a decline in some core
drivers which compel these firms to rebrand provide a plethora of non-telecom services, telecom services, including fixed voice
as techcos. Techcos can be defined as with cybersecurity, cloud services, the telephone and messaging services,” said
telecommunication companies that focus Internet of things, as well as artificial S&P Global. Additionally, these companies
more on technology. These firms provide intelligence, and data centers primarily are also offering fintech services aimed at
connectivity through newer channels, such targeting business-to-business customers. both business-to-business and business-
as cloud computing platforms, making Moreover, the GCC region’s mature to-consumer customers. “Fintech offerings
integrating hardware, connectivity and telecom markets, with mobile penetration capitalize on digitalization trends, tech-
applications easier. According to the rates of 130 percent to 210 percent, offer savvy young populations in the Middle East,
S&P Global report, “techcos are gaining limited organic growth prospects for and under banking in emerging markets,”

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