Saudi Digital Infrastructure Investments to Reach $37 bln, by 2024

Information and communications technology (ICT) spending in the Gulf States estimated to reach about $70 billion by 2024, with Saudi Arabia spending about $37 billion, the Emirates $23 billion and Qatar about $9 billion, according to a recent report by the Middle East Institute projected.

The Edison Alliance of the World Economic Forum has recently organized a symposium on promoting and expanding digital inclusion, held against the backdrop of the “1 Billion Lives Challenge”.

1 Billion Lives Challenge is to recognize, support, and encourage credible commitments to improve lives through affordable and accessible digital solutions across health, finance, and education by 2025.

With an estimated 47% of people worldwide without internet access, equivalent to 3.8 billion people, and the cost of internet broadband exceeding the financial means of 50% of developed countries, Badr Jafar, an appointed Champion of the Edison Alliance, asserted that digital inclusion is a means to an end.

On innovative investment models needed for digital inclusion, Jafar highlighted that the business case for connecting the unconnected is inarguable, with an estimated 70% of new value created in the economy over the next decade to be based on digitally enabled platforms.

“Today, with trillions of dollars of capital chasing yield in a zero interest rate environment, long-term stable tariff-based investment opportunities, like digital infrastructure, is super compelling. The questions we must address is how can we ensure regulatory and investment frameworks are clear, transparent, and compelling enough to accelerate this investment?” he added.

The EDISON Alliance Boosting Digital Inclusion panel was held as a part of the World Economic Forum’s virtual Sustainable Development Impact Summit 2021.

The Summit, hosted in parallel with the United Nations General Assembly, convenes global leaders across sectors, disciplines, and geographies to exchange knowledge, innovative approaches, and promising ideas to accelerate post-pandemic recovery on the road to achieving the United Nations Sustainable Development Goals.