MENA’S TECH LEADERS

Digital transformation is no longer a clichéd term used at events – it’s the reality for public and private sector organisations in the Middle East, especially in the Covid-19 era. The pandemic has further propelled organisations to rapidly streamline and restructure their digital policies to ensure business continuity as remote working has become more commonplace amidst health-related restrictions. IT spending in the Middle East and North Africa (MENA) is expected to total $160bn in 2020, an increase of 2.4 per cent from 2019, tech consultancy Gartner said in a March report. Businesses in MENA are anticipated to increase their IT budgets across all segments, the report stated.

“Non-oil economic initiatives such as the Dubai Expo; the Al Qiddiya entertainment, sports and arts complex; The Red Sea Project and NEOM in Saudi Arabia are boosting business activity in MENA, which will heavily influence IT spending locally,” said John-David Lovelock, vice-president at Gartner.

Another report by IDC released in January found that investments in digital transformation and innovation will account for 30 per cent of all IT spending in the Middle East, Turkey, and Africa by 2024, up from 18 per cent in 2018.

Government enterprise IT spending is increasing at a compound annual growth rate of 5.7 per cent and will top $8bn in 2021, while spending on artificial intelligence (AI) will top $600m in 2023, doubling from 2018 levels.

“The digital economy is at a critical tipping point. In just a few short years, IDC forecasts that nearly half of all GDP worldwide will come from products and services offered by digitally transformed organisations,” said IDC’s chief research officer Meredith Whalen.

As local organisations continue to invest more resources and allocate more of their IT budgets on digital transformation initiatives, dependence on technology consulting will also increase. In 2020, IT services spending is expected to total $13.1bn, an 8.4 per cent increase year over year, according to the Gartner report. The level of spending on IT services in MENA is the fourth highest in the world – after greater China, emerging Asia/Pacific and Latin America, the report added.

Growing demand for technology providers has led to a proliferation of players in the market – from established global multinationals to smaller homegrown companies – offering services ranging from end-to-end solutions and niche IT products to consumer tech platforms.

Among the bigger players in the market, companies that identified the potential of the MENA region early on have now managed to establish a strong footprint in the region and are continuing to invest in growing their presence.

In our special report this month, we have highlighted 10 leading executives from top global technology companies that have a significant presence in the MENA region and are investing heavily in expanding operations.

We have also looked at leaders within industry verticals who are spearheading the region’s technology revolution.