In 2006, when the British mathematician Clive Humby declared that “data is the new oil”, his words might have been met with bemusement in the Middle East. The growth of the Middle East’s digital economy is advancing with breath-taking speed, according to new research by the Swiss bank UBS. Despite the dizzying growth figures, however, there remain extraordinary challenges in realising the vision of a digital Middle East. While the Gulf countries and in particular the UAE embraced digitisation and set a robust infrastructure years ago, many of the region’s countries remain weak, unstable and underdeveloped. But it is unlikely that the Gulf countries’ embrace digital economy will turn out to be a regional exception.

Source: Ethiopian News August 31, 2023 09:02 UTC