Page 171 - ALEF EDUCATION PR REPORT OCTOBER 2024

10/10/24, 1:23 PM Middle East is betting big on tech
The UAE’s Khalifa Fund, for example, fosters innovation and entrepreneurship by funding SMEs in
priority sectors — including information and communications technology.
Meanwhile, in Saudi Arabia, another Middle Eastern nation betting big on tech to diversify its
economy, the sovereign wealth fund established the tech firm Alat earlier this year. According to
reports, Saudi policymakers are keen to invest about $100 billion into Alat by 2030, with hopes of
advancing the development of AI, robotics, and smart cities, among others.
There has also been an influx of tech-focused entities in the country. According to the Ministry of
Commerce, Saudi Arabia saw a robust growth in registrations of AI technologies (53 percent) and
cloud computing services (43 percent) in the second quarter of 2024.
This surge is also happening in Qatar, which hosted the most digitally advanced FIFA World Cup
tournament back in 2022. In the first half of this year, the Qatar Financial Center recorded a huge
jump in company registrations — 38 percent of which are in tech — mainly due to favorable
policies.
Read more: UAE strengthens position as global leader in AI through strategic investments,
partnerships
In the midst of these milestones, the region is also dedicated to using tech to support the green
movement. For instance, Qatar’s Digital Agenda 2030 recognizes the need to implement an
environmental tech program that reduces the tech sector’s carbon footprint. Private entities like the
UAE-based Rebound also do their part. The digital platform serves as a marketplace that connects
buyers, sellers, and partners of recyclable materials globally.
All of these developments demonstrate the region’s collective commitment to harnessing technology
— not just to diversify the economy but also to attain a sustainable, digitally driven future.
For more op-eds, click here.

https://economymiddleeast.com/news/middle-east-is-betting-big-on-tech/ 2/2