Page 44 - SAMENA Trends - January 2021

REGIONAL & MEMBERS UPDATES SAMENA TRENDS

Saudi Arabia’s ICT Market to Top US$32 Billion In 2021

Overall spending on ICT in Saudi Arabia is said Naqshbandi. "Saudi Arabia's vision for with IDC's industry-leading analysts, the
set to reach $32.9 billion this year, up 1.5% a smart economy relies heavily on digital event included a session titled 'The Next
on 2020, according to the latest predictions transformation initiatives, an area the Phase of Saudi Arabia’s Digital Aspirations:
revealed last week by International Data government has always focused on and Opportunities and Considerations'. This
Corporation (IDC). The announcement heavily invested in long before COVID-19. dedicated session provided senior ICT
came as IDC hosted the virtual edition The ongoing pandemic has validated the industry executives with in-depth analysis
of IDC Directions Middle East, Turkey & country’s strategic direction, acting as a of the latest trends and developments
Africa. Speaking at the event, the firm's catalyst to spur the adoption of emerging shaping the Saudi ICT market, helping
regional director for Saudi Arabia and technologies." The online event hosted them to identify key sectors, segments, and
Bahrain, Hamza Naqshbandi, announced more than 1,000 senior executives from geographies to target in the coming years.
that spending on IT in the Kingdom will the region's most influential technology Accompanied by the very latest forecasts
reach $11.1 billion in 2021, with services vendors, telecommunications operators, and predictions, discussions focused on
and devices accounting for more than half and IT service providers. It offered an the impact of disruptive technologies on
of the market. He said that IT spending unrivalled immersive experience for the Saudi market and contextualized the
in the country (including mobile devices, participants as they seamlessly engaged impact of the new normal on the local
storage, hardware, systems, and software) in content-rich presentations and panel ICT environment. IDC experts highlighted
will grow 4.2% year on year, with the discussions, connected with exhibitors that the public sector will remain the
government, finance, and communications via video chat, and interacted key industry Kingdom's largest in terms of ICT spending
sectors to spend in excess of $3.6 billion players in designated networking zones. through 2024, followed by finance and
on IT in 2021. "IDC expects that emerging Expert speakers explored the latest communications, with education and
technologies will continue to play a critical trends in cloud, artificial intelligence, healthcare expected to be the fastest
role in the post-pandemic digital economy cybersecurity, the Internet of Things, and growing sectors over that period.
as business and IT leaders in Saudi Arabia intelligent automation, to name just a few.
look ahead to 2021 and the new normal," Providing a unique opportunity to interact

Egypt Aims to Achieve Comprehensive Digital Transformation of All Non-
Banking Financial Activities

Financial Supervision Authority is currently marginalized groups, which will increase Monetary Fund launched the title "The
aiming to achieve a comprehensive digital their productivity and raise their standard Great Closure" on one of its reports of this
transformation based on the use of of living, and the authority will also spread closure, which led to a significant reduction
modern technology and tools in providing sustainability applications and increase in global growth. The results could have
all services in non-banking financial community awareness of the green been much worse had it not been for the
activities, Head of FRA Mohamed Omran economy,” he noted. The Head of Financial gradual return to normal activity faster than
said. These activities include money Supervision stressed that the authority will expected after most countries of the world
market activities, the stock exchange, real continue to provide support for any efforts reopened their doors for the resumption of
estate finance, micro, medium and micro that would promote non-bank financial economic activity in the early second half
finance, consumer finance, insurance and services and expand its base and spread, of the year. He warned that the Egyptian
financial leasing and factoring, Omran pointing out that the past year 2020 was state was already able to achieve a growth
clarified. This came during the press the hardest year in human history due to rate of 3.6 percent during the fiscal year
conference held via video conference the outbreak of the Corona virus, which 2019-2020, due to the country's success
technology to announce the results of prompted countries of the world to spend in implementing a package of urgent and
non-banking financial activities in 2020. long times In attempts to contain the virus, unprecedented measures to revitalize
Omran said that the comprehensive digital which has caused terrible damage to the economy during the pandemic
transformation will contribute to expanding individuals and societies large and small, through financial and monetary policies
the base of financial inclusion and reducing especially the most vulnerable. He pointed and regulatory measures. In addition, it
the cost of obtaining these services. “The out that economic activity in the world continues to implement the financial and
authority will also focus on raising societal suffered greatly due to the imposition of economic reform program it started in
awareness of non-banking financial tight restrictions on movement during the 2016.
services available to obtain financing first half of the year, in order to stop the
for all segments of society, especially spread of the virus, until the International

44 JANUARY 2021