Government, Kuwait, Technology

Kuwait to fuel digital innovation market to reach more than $980 million

Kuwait, as part of its nationwide digital roadmap ‘New Kuwait 2035’, aims to drive the country’s digital innovation market to nearly $988.88 million (KWD 300 million) this year, industry experts announced at one of Kuwait’s largest technology events of the year, SAP NOW Kuwait.

Boosted by digital investment in the oil and gas and retail sectors, Kuwait’s smart services and software market is set to KWD 293 million in 2018, according to a recent report by BMI Research. Kuwait Vision 2035 is set to leverage digitisation to enhance its standing as a regional financial, commercial, and cultural hub.

“New Kuwait 2035 is fostering nationwide digital transformation to drive economic diversification, private sector job creation, and e-government services,” said Qusai Al-Shatti, Deputy Director General for Information Technology Sector at Kuwait’s Central Agency for Information Technology, a keynote speaker at SAP NOW Kuwait.

“Digital transformation is the heart of Kuwait’s enterprises, and is making Kuwait’s economy more competitive, and organisations more responsive and predictive to citizens’ needs.”

During SAP NOW Kuwait, held under the theme of “Driving Change: It All Starts Now,” hundreds of the country’s public and private sector C-suite executives exchanged best practices in digital transformation, learned about New Kuwait 2035’s digital roadmap, and learned about the latest digital trends.

“Future business challenges in Kuwait will be radically different,” said Ahmed Al-Faifi, Senior Vice President and Managing Director, SAP Middle East North. “Driven by New Kuwait 2035, the next-generation value economy is about being inspired to innovate using intelligent technologies. Kuwait’s early adopters of Artificial Intelligence, Machine Learning, Internet of Things, Advanced Analytics, and Blockchain will seize business competitiveness, and transform economy, society, and environment.”

In Kuwait, SAP is seeing strong digital transformation demand among the Banking and Finance, Government and Public Sector, Oil and Gas, and Retail sectors. Already, SAP is exchanging best practices in co-innovating with digital disruptors such as EQUATE Group. EQUATE Group’s digital transformation is optimising costs, meeting future business needs, and driving innovative business models.

“Kuwait is ideally-positioned to enhance its standing as a regional financial, cultural, and institutional leader by leveraging digital transformation,” said Mohamed Helmy, Managing Director, SAP Kuwait. “Thanks to robust digital infrastructure, technology-savvy youth, and a rapidly-growing small- and medium-sized enterprise sector of bold entrepreneurs and startups, Kuwait is set to adopt the new technologies and business models to drive digital business innovation.”

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