UAE Business: Regional market for high-tech products could be worth $125bn – Gulf Digital News

UAE Business: Regional market for high-tech products could be worth $125bn – Gulf Digital News

The Middle Eastern market for advanced materials, components and products could be worth around $125 billion in revenues by 2025, says a report.

According to the latest report by Strategy& Middle East, part of the PwC network, entitled Localising High Tech Industries to Build Resilience and Economic Growth, the Middle East countries should seek to localise that value as much as possible, instead of importing it.

“The Covid-19 pandemic threw into sharp relief the susceptibility to supply chain disruptions and questioned the region's resilience. It was difficult or impossible for companies to secure all the essential components on which they now heavily depend,” said Alessandro Borgogna, partner with Strategy& Middle East.

Localising tech

“Localising tech and digital is therefore vital as it secures the supply of parts and products that are integral to economic and business activity,” he added.

“As competition intensifies to establish national tech manufacturing ecosystems and satisfy captive and global demand, Middle East governments should make the right choices as to which areas they can succeed in,” said Chady Smayra, partner with Strategy& Middle East.

These ecosystems include:

Financial incentives: The programme will take a holistic view of the cost of ownership over a five- to ten-year planning horizon. Incentives for potential tenants may