Kingdom to spend $20 billion on ICT
July 27, 2008
Saudi Arabia plans to spend $20 billion on Information and Communications Technology (ICT) this year, making the Kingdom the top investor in ICT, the Arab News reported today.
According to a recent report by international research company Global Insight, the Europe, the Middle East and Africa (EMEA) region plans to spend $73 billion on ICT, exceeding $95 billion over the next three years. In 2008, the region is projected to overtake the United States in the purchase of ICT products and services.
Businesses in the Middle East are experiencing five percent growth, compared to four percent in the US. One of the fastest growing regions in the world, the Middle East is strategically positioned as a global technology hub, and ICT companies are seeking to capitalize on this attractive market with increased investment in the area.