UAE digital technology spending to reach $20B by 2026: Report
The new report also indicates the contribution of the digital economy to the country's GDP is likely to be 19.4% within the next decade.
The UAE digital technology spending will reach $20 billion by 2026, especially in terms of IT, telecoms, and emerging technologies like artificial intelligence, the Internet of Things, blockchain, and robotics.
According to Boston Consulting Group, it is also predicted that the UAE will be able to increase the share of its digital economy in GDP from 9.7% to 19.4%.
The government’s We the UAE 2031 strategy is expected to boost the nation’s digital economy strategy even more, as reported by Fast Company Middle East.
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The report also states that digital technology will account for 25% to 30% of the global gross domestic product (GDP) over the next decade.
The report stressed the importance of policies and investments in digital infrastructure, and research and development into technologies such as artificial intelligence and robotics. This will help foster innovation, including a training and recruiting environment for highly qualified and specialized individuals.
It also stressed the importance of positioning economies appropriately to remain competitive and resilient against internal and exogenous shocks.
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