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“Markaz” recently released its report on the GCC Information & Communications Technology (ICT) sector as part of its infrastructure research. The authors M.R. Raghu and Layla Al-Ammar note that as the world has become increasingly digitized, the GCC countries have made concentrated efforts at keeping up with global developments in the Information & Communications Technology (ICT) arena. These have ranged from direct government investment in ICT infrastructure, such as fixed, mobile and internet communication networks, to liberalizing the ICT sector in order to promote private sector activity
ICT Infrastructure includes the hardware and software required in an IT system in addition to telecommunication equipment (such as analog and fibre-optic cables). ICT spending has been growing at a healthy rate in the GCC. In the UAE, for example, spending on IT infrastructure has grown at a CAGR of 18% over the past five years[1]. Moreover, most GCC telecommunication markets are liberalized and highly competitive.
GCC ICT Market Indicators-2008
Spending on ICT in the GCC is likely to reach nearly US$180 bn over the next three years. The pace of growth in IT spending has been decelerating since 2004. IT spending in GCC countries is expected to grow 8-10% driven by the larger countries of Saudi Arabia and the UAE, which account for 50% and 25%, respectively, of total GCC ICT spending.
Expected GCC ICT Investments (2010-2012)
Source: Markaz Research, World Information Technology and Services Alliance (WITSA)###
About Kuwait Financial Centre “Markaz”
Kuwait Financial Centre S.A.K 'Markaz', with total assets under management of over KD 960 million as of September 30, 2009 was established in 1974, and has become one of the leading asset management and investment banking institutions in the Arabian Gulf Region. Markaz was listed on the Kuwait Stock Exchange (KSE) in 1997.