Digital transformation boosts foreign investment in Dubai

Dubai’s efforts to undergo a digital transformation have stimulated foreign direct investment, according to a report from the Department of Economic Development (DED). Since 2015, investors from the European Union and the US have initiated 355 and 213 projects, jointly accounting for 45% total foreign direct investment into Dubai and the creation of 28,241 new jobs, said the report. The department said Dubai’s efforts to develop a knowledge-based economy have been the principal reason for the increase in investment. Separately, Saudi Arabia’s Ministry for Communications Information and Technology (MCIT) has teamed up with consulting firm KPMG to develop a centre for artificial intelligence and advanced analytics. The Insights Centre will aim to help companies deliver digital transformation services in the kingdom and provide jobs and training opportunities in data analytics and AI. According to Abdullah Al-Fozan, chairman of KPMG Saudi Arabia, digital initiatives are essential components of Saudi Arabia’s Kingdom Vision 2030 economic development plan. ©2018 funds global mena

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