Page 57 - SAMENA Trends - March-April 2023

REGIONAL & MEMBERS UPDATES SAMENA TRENDS

on fostering foreign direct investment, of advanced manufacturing, maritime SEZs, KSA will have a total of five SEZs,
attracting global talent, and encouraging activities, metal conversion/logistics and noting that as per the ECZA this is the first
entrepreneurship/economic development cloud computing respectively. They are: wave of the SEZs in KSA. In launching these
in KSA. The establishment of the SEZs is • King Abdullah Economic City (KAEC) SEZs, which support a wide range of indus-
in line with KSA’s aim to become a global SEZ; try sectors and business activities, KSA
investment destination and a hub for global • Ras Al-Khair SEZ; offers a platform for investors to acceler-
supply chains by capitalizing on its unique • Jazan SEZ; and ate their regional and international growth
position in global trade routes. The four • Cloud Computing SEZ. through a globally connected market.
new SEZs focus on key growth sectors Accordingly, with the launch of the four new

Oman's Telecommunications Sector in For a Major Leap

Oman's IT infrastructure and need to invest in strengthening their digital experience, operations and financial
telecommunications sectors are in for a resiliency so they are better positioned as management, together with a more rapid
major leap by 2026 as the ICT spending in conditions continue to change and this will shift to a 'digital business' approach will
the Sultanate of Oman is set to reach $3.23 help them navigate storms of disruption," be key to separating the thrivers from the
billion in 2023 and $3.49 billion by 2026. says Jyoti Lalchandani, IDC's group vice- survivors. The report further elucidates
According to the predictions released by president and regional managing director that spending on Enterprise IT in Oman
International Data Corporation (IDC), ICT for the META region. International Data will reach $0.55 billion and consumer
spending in the Sultanate is to grow from Corporation (IDC) is the premier global spending will reach $0.70 billion in 2023.
$1.30 billion in 2023 to $1.42 billion in provider of market intelligence, advisory "In a digital-first economy, where an
2026. This prediction further aligns Oman’s services, and events for the information enterprise's competitiveness is tied to its
endeavor to build ICT infrastructure to technology, telecommunications and digital business model, leaders will avoid
reduce the digital divide through its National consumer technology markets. Announcing wholesale cutbacks in tech. Further, new
Broadband Strategy, which envisions the regional forecasts, the report further tactics will be employed as tech leaders
providing broadband service to more than says that regardless of what the economy seek to realize maximum business value
90 per cent of urban areas by 2030. “In order would be over the coming 12 months, the from their tech investments," the report
for the organizations in Oman to succeed implementation of further digitalization substantiates.
in new market environments, they will in critical areas such as customer

Dubai is Proactively Developing Plans to Accelerate Digital Growth

Dubai is proactively developing plans to accelerate its ambition to
become one of the world’s leading digital economies, according
to Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown
Prince and Chairman of The Executive Council of Dubai. “Dubai is
steadily reinforcing its position as a global hub for cutting-edge
technologies and a major center for digital business models and
transformational initiatives,” Hamdan said at the second meeting of
the Higher Committee for Future Technology and Digital Economy.
“Dubai is proactively developing plans to accelerate digital growth
and adopt new technologies.” Hamdan said part of the plan to
transform Dubai into a “leading global digital economy hub” is
to adopt new technologies through collaborative partnerships
between government entities, international businesses and the
broader private sector. “Our directives are aimed at accelerating the contribution of the digital economy to the UAE’s gross domestic
our plans to achieve this goal and make Dubai one of the top 10 product (GDP) to nearly 20% within 10 years. The country’s digital
digital economies in the world, aligning with the Dubai Economic economy is forecast to grow to more than $140 billion in 2031, up
Agenda D33,” Hamdan also said on Twitter. In April 2022, Dubai from $38 billion in January 2023, according to a Dubai Chamber of
launched the “Digital Economy Strategy”, which seeks to double Digital Economy report.

57 MARCH-APRIL 2023