The Middle East's cybersecurity market is projected to be worth $31 billion by 2030 as governments take measures to protect their infrastructure, new data from Frost & Sullivan has shown.
The industry's value, about $7.5 billion in 2022, will grow at a compound annual growth rate of nearly 20 per cent over the next seven years, the US consultancy said at the Gulf Information Security Expo and Conference in Dubai on Tuesday.
The UAE, Saudi Arabia and Israel are expected to lead the sector, as their cybersecurity industries and government policies have made them preferred destinations for industry academics, businesses, research and innovation, it said.
The UAE, in particular, is keen on “creating an inner circle for information security leaders to discuss critical challenges and help build the cyberresilience of businesses and enterprises in the UAE and the world”, Mohamed Al Kuwaiti, the UAE government's head of cybersecurity, said in a statement.
The world's transition to digitisation has created an increase in cybercrime.
This has prompted governments to strengthen the protection and integrity of their technological infrastructure.
The global cybersecurity market is estimated to top $500 billion by 2030, at a compound annual growth rate of 12.3 per cent from 2023, latest data from Grand View Research shows.
In 2023, cybercriminals are expected to use identity-based attacks against organisations, highlighting the need to protect technology entry points, said Roland Daccache, manager for the Middle East, Turkey and Africa US software company CrowdStrike.
“This means that organisations must authenticate every identity and authorise each request to maintain security and prevent a wide range of cyberthreats,” he said.
UAE currency: the story behind the money in your pockets
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
The Birkin bag is made by Hermès.
It is named after actress and singer Jane Birkin
Noone from Hermès will go on record to say how much a new Birkin costs, how long one would have to wait to get one, and how many bags are actually made each year.
The biog
First Job: Abu Dhabi Department of Petroleum in 1974
Current role: Chairperson of Al Maskari Holding since 2008
Career high: Regularly cited on Forbes list of 100 most powerful Arab Businesswomen
Achievement: Helped establish Al Maskari Medical Centre in 1969 in Abu Dhabi’s Western Region
Future plan: Will now concentrate on her charitable work
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Brief scoreline:
Wolves 3
Neves 28', Doherty 37', Jota 45' 2
Arsenal 1
Papastathopoulos 80'
How Sputnik V works
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
