 |
| |
Tech Opportunities To be Highlighted In GCC | |
| Sumita Pawar |
A report says experts and industry leaders will come together in Dubai later this week to brainstorm how the Gulf Cooperation Council, and the UAE in particular, can take further strides in the adoption of digital technology.
The meeting is being held because the region is gradually transitioning away from an oil-based economic model.
 |
Leaders will place a special emphasis on 'Imagination to Action,' according to the report.
At the Avasant Empowering Beyond Middle East Summit 2023, senior executives from innovative companies, leading local and regional conglomerates, and public sector institutions will talk about the opportunities for the region in the new world order, where "globalization is shifting more toward regionalization."
Avasant said in a statement that "Imagination to Action" reflects its vision for a resilient and innovative future and signals an outlook towards meaningful and tangible outcomes as it translates concepts into reality. "Over the next year, with unprecedented breakthroughs in technology, we will be able to power the future through creative solutions and unlock new and exciting levels of the human experience."
The seminar is scheduled for Wednesday, February 8 at the Address Fountain View in Dubai.
It will include things like using technology to make governance better, making a digital ecosystem for partners, and making models for sustainable and fair hypergrowth.
According to Parikh, the GCC region is strategically positioned as a geopolitical centre for international logistics, business, and growth markets in the future.
As further mentioned in the report, Avasant will also release a report titled "GCC Region Digital Services 2033-2023 RadarView: Creating a Sustainable, Technology-Enabled Economy" at the event, where it will deep-dive into the transformations driven by digital-age technologies underway in the GCC.
According to Avasant’s statement, this programme of change is founded on four overarching goals: diversifying from an oil-based economy, delivering best-in-class citizen services, transforming services and processes towards a sustainable future, and becoming a global technology hub.
"In response to GCC goals, service providers are strengthening their regional leadership, building up their local talent pools in AI, ML, and cybersecurity, and making regional partnerships."
The report will highlight how all major GCC countries have implemented reforms in commercial laws, pegged their currencies to the US dollar, eased investment processes, allowed 100 percent foreign ownership, developed free zones, signed trade deals with strategic countries, as well as amended immigration laws to access foreign talent.
"As a result, the banking, financial services, insurance, and real estate sectors now receive higher FDI than the traditional oil and gas sector." "Manufacturing, retail, and tourism have also seen FDI acceleration," excerpts from the report commented.
The report also recognises 20 companies that have brought the most value to the market over the past 12 months after evaluating them on parameters such as practise maturity, investments, innovation, and ecosystem development.
"Digital technology has been key to GCC policy," said Srinivas Krishna, Avasant Senior Partner, UK and EMEA.
"Commercial law reform, labour reforms, and investment process improvements have helped the region boost its non-oil-based economy," he added.
"Digital technology adoption and innovation define the region, and it has become a destination of choice for global events," says Saugata Sengupta, Avasant Senior Director and UAE Country Lead.
"Regional leadership is focused on sustainability, food security, and secure and effective citizen services," Saugata Sengupta added.