The UAE is the most attractive Information Technology market in the Middle East and Africa region, thanks to its economic diversification efforts, according to a new Fitch Solutions report.
The UAE, second biggest economy in the Arab world, has scored 68.4 points out of a potential 100 points in a Fitch index.
“The UAE’s IT market remains buoyed by economic diversification efforts mapped out in the country’s Vision 2021 strategy as well as with the demand from the enterprise, retail and construction sectors ahead of Expo 2020 Dubai,” said the report.
Rising oil prices and ongoing economic diversification initiatives, pursued by regional governments, have supported the IT industry growth in MEA.
Of the 12 markets surveyed, Kenya was least attractive market.
The report added despite downward revisions to some markets' industry and country risk scores, the region's IT risk/reward index has remained relatively stable.
Smart city initiatives in the region are attracting huge chunk of IT investments. Technology investments, related to smart city initiatives across MEA, is predicted to reach $2.7 billion in 2022, with Dubai and Riyadh leading the way, according to Massachusetts-based researcher International Data Corporation.
“We remain positive about the market's growth trajectory, albeit from a low base, owing to IT service and hardware demand from public and private investment into sectors including power, energy and utilities,” said the Fitch report.
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The report added that ICT is also becoming increasingly important in the state agenda of Egypt - with greater investment into e-government services, as well as the development of technological investment zones that are expected to fuel the demand from public and enterprise segments for computers hardware and IT services.
“However, retail PC demand (in Egypt) will remain muted owing to uptake of smartphones and cannibalisation of use cases,” said the report.
Currently, with overall score of 49.4 points, Egypt is placed in seventh position in the index.
The report also put emphasis on the growing South African market that is emerging as a hub for cloud services with various tech giants including Huawei, Microsoft and Amazon planning to open data centres in the country.
However, the report’s authors adopted a cautious approach when it comes to South Africa, which is ranked sixth in the current index.
“Current developments bode particularly well for the country’s (South Africa’s) IT software and services segment," said the report. "(However,) we would not rule out the potential for more significant changes to occur in upcoming quarters owing to risks from approaching elections and a volatile Rand which may weigh on investor sentiment."
Company profile
Date started: January, 2014
Founders: Mike Dawson, Varuna Singh, and Benita Rowe
Based: Dubai
Sector: Education technology
Size: Five employees
Investment: $100,000 from the ExpoLive Innovation Grant programme in 2018 and an initial $30,000 pre-seed investment from the Turn8 Accelerator in 2014. Most of the projects are government funded.
Partners/incubators: Turn8 Accelerator; In5 Innovation Centre; Expo Live Innovation Impact Grant Programme; Dubai Future Accelerators; FHI 360; VSO and Consult and Coach for a Cause (C3)
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
UAE currency: the story behind the money in your pockets
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
Tips for entertaining with ease
· Set the table the night before. It’s a small job but it will make you feel more organised once done.
· As the host, your mood sets the tone. If people arrive to find you red-faced and harried, they’re not going to relax until you do. Take a deep breath and try to exude calm energy.
· Guests tend to turn up thirsty. Fill a big jug with iced water and lemon or lime slices and encourage people to help themselves.
· Have some background music on to help create a bit of ambience and fill any initial lulls in conversations.
· The meal certainly doesn’t need to be ready the moment your guests step through the door, but if there’s a nibble or two that can be passed around it will ward off hunger pangs and buy you a bit more time in the kitchen.
· You absolutely don’t have to make every element of the brunch from scratch. Take inspiration from our ideas for ready-made extras and by all means pick up a store-bought dessert.
The specs
Price, base / as tested Dh100,000 (estimate)
Engine 2.4L four-cylinder
Gearbox Nine-speed automatic
Power 184bhp at 6,400rpm
Torque 237Nm at 3,900rpm
Fuel economy, combined 9.4L/100km
EA Sports FC 24
Captain Marvel
Director: Anna Boden, Ryan Fleck
Starring: Brie Larson, Samuel L Jackson, Jude Law, Ben Mendelsohn
4/5 stars
In numbers
1,000 tonnes of waste collected daily:
- 800 tonnes converted into alternative fuel
- 150 tonnes to landfill
- 50 tonnes sold as scrap metal
800 tonnes of RDF replaces 500 tonnes of coal
Two conveyor lines treat more than 350,000 tonnes of waste per year
25 staff on site
THE SPECS
Touareg Highline
Engine: 3.0-litre, V6
Transmission: 8-speed automatic
Power: 340hp
Torque: 450Nm
Price: Dh239,312
