Dh5b to spend on IT sector in Dubai [Gulf News (United Arab Emirates)]
(Gulf News (United Arab Emirates) Via Acquire Media NewsEdge) Dubai
While spending on Information Technology (IT) is already expected to hit Dh5 billion in 2014, the sector has the potential to also attract foreign investments, according to a report released on Sunday by the Department of Economic Development (DED).
By 2015, investment in healthcare sector is expected to reach Dh30 billion.
The IT infrastructure in Dubai, specialized clusters such as Dubai Internet City, as well as the government's strategy for the enhancement of technology are the main factors driving growth.
Dubai has developed Dubai Internet City and Dubai Silicon Oasis with a view to enable software developers, hardware manufacturers, service providers and network designers to capitalise on Dubai's location, high internet penetration and focus on innovation, the report stated.
The government's initiative to transform Dubai into a smart city as well as its focus on e-services and the need for IT security in light of the fast growth in the emirate's banking, financial and insurance sectors ask for increased investment in this sector.
The report developed by the Dubai FDI, the foreign investment agency which is a part of the DED, highlighted the potential growth across key sectors where business and investors can deploy their expertise and resources profitably and sustainably.
These sectors include, logistics, retail, information technology, healthcare and green technology.
"As part of the UAE and as the hub of a region of vast economic potential, Dubai has moved to a new level where its approach to business and ambitions are attracting international attention. Dubai FDI focuses on enabling Dubai to capitalise on this global attention and attract businesses and investors to reap rich rewards by being in Dubai," commented Fahad Al Gergawi, Chief Executive Officer of Dubai FDI.
By 2015, investment in retail will touch Dh151 billion.
The report also pointed out that since Dubai has also announced significant investments in alternative and sustainable energy projects, the emirate will be an attractive proposition for companies looking to set up or expand in the Middle East.
Sarwant Singh, Senior partner and head of visionary innovation group at Frost & Sullivan, told Gulf News how the fast growing technology across the UAE will witness a transformative change on the business side by accelerating and attracting new businesses and investments to the market.
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