Technology and innovation are key catalysts for economic recovery, as the global economy is set to gain growth momentum in the new year, according to Majed Al Suwaidi, Director of Commercial Operations, Dubai Internet City, one of the largest managed ICT clusters and a member of TECOM Investments.
Al Suwaidi’s comments came during his keynote address on the closing day of the IDC CIO MENA Summit 2010 that concluded on 25 January at the Madinat Jumeirah in Dubai. More than 300 of the world’s 's most influential IT decision makers attended the summit that focused on latest industry trends and provided an opportunity to build new business relationships. Michael Dell, CEO of Dell was a key speaker at the event.
Setting an optimistic note, Al Suwaidi assured the audience that greater IT spending and higher budgets marked a good start for the road to economic recovery in 2010.
He said: “We are witnessing corporations across sectors and governments in the region raising allocations towards IT spending. Technology is seen as a vital means to generate revenue at a much lower cost. Video-conferencing projects in the last year, for instance, have reduced travel costs without the loss of face-to-face contact with customers.
“As businesses reassess their budgets to identify areas that are proving more cost-effective, they are investing in new products and technologies that will increase overall productivity.”
Al Suwaidi also gave delegates an update on Dubai Internet City’s impressive performance over the past 12 months, pointing out significantly more business partners had expanded their operations at the ICT cluster. An additional 135 business partners joined the technology business park in 2009.
Al Suwaidi added: “The team at Dubai Internet City is proud to be part of an industry that provides a platform for thousands of key players who make an ongoing impact on the lives of many people in the region. We believe through our partnerships and collaborations with business partners and government bodies, we can together contribute to the development of the IT industry.”
In addition to highlighting the Middle East’s great efforts towards economic recovery, Al Suwaidi also focused on trends in investing on innovation and new technology, spending strategically and refocusing existing resources to some areas that will facilitate the ICT sector growth once the economy picks up.
He said: “Together, we will create economic opportunities and play a major role in nurturing knowledge economies in the region.”
Recent figures in the IDC 2010 Outlook report revealed an 11 per cent rise in IT spending to US$50 billion this year for the Middle East compared with the previous year. The UAE is also set to take a lead in the GCC region with a forecast of almost US$5 billion in technology spending that will set the country on one of the world’s fast growth path.
Established in October 2000, Dubai Internet City serves as a business community dedicated to assisting technology companies across the industry value chain that aim to set up business operations in the region. From software developers, Internet and multimedia, networking and telecommunication service providers, DIC currently hosts more than 1,200 companies in the technology business park.
