Despite global shocks and forecasts of a global recession, economies in the Middle East showed "extraordinarily fast" growth in 2022, according to the World Bank. The countries of the Gulf Cooperation Council (GCC)—the United Arab Emirates, Saudi Arabia, Oman, Qatar, Kuwait, and Bahrain—all show commitment to further growth and place great value on diversification of their historically oil and gas dominated economies, with digital transformation, artificial intelligence, robotics, cloud-first, and emerging technologies at the core of their strategic development.
Investments in digital technology in the region are projected to exceed $70 billion in the next three years, with the UAE alone projected to spend $20 billion. It’s no surprise many news outlets have reported Silicon Valley venture investors touring the Middle East, seeking to raise funds and build long-term cooperation. Read more