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10/10/24, 1:23 PM Middle East is betting big on tech
Middle East is betting big on tech
The region's view of a tech-driven future is expanding, fueled by strong public-private
synergy

The Middle East was the only region to experience an increase in inbound tech FDI projects last year — from 384 in 2022 to 400
projects in 2023.
Published: Thu 10 Oct 2024, 8:44 AM
In the past years, the world has seen widespread layoffs in the tech space. Venture capital funding is
declining, and company valuations are failing. According to fDi Intelligence, tech foreign direct
investment (FDI) plummeted globally between 2022 and 2023. Around a 40 percent year-on-year
decline to be exact.
But, as they say, there will always be outliers.
Emerging as a resilient, rising tech hub, the Middle East was the only region to experience an
increase in inbound tech FDI projects last year — from 384 in 2022 to 400 projects in 2023.
This surge can be seen as a result of the region’s collective strategic foresight and robust
policymaking.

For instance, the United Arab Emirates (UAE) launched its Strategy for Artificial Intelligence (AI)
as early as 2017. Today, advanced technology has penetrated almost all sectors in the UAE.
Alef Education, headquartered in Abu Dhabi, is the region’s leading K-12 EdTech company. Tech
giant e& is also at the forefront of the region’s digital transformation. Projects like EASE, the
world’s first autonomous telecom store, showcase a desire to leverage tech to redefine traditional
experiences.
The lens through which the region views a more tech-driven future is only getting wider, thanks to
the strong synergy between the public and private sector.
https://economymiddleeast.com/news/middle-east-is-betting-big-on-tech/ 1/2