Avasant summit to highlight tech opportunities in GCC region in shift away from oil-based economy

Dubai: Experts and industry leaders will come together in Dubai later this week to brainstorm how the Gulf Cooperation Council, and the UAE in particular, can take further strides in the adoption of digital technology as the region slowly shifts away from an oil-based economic model.

With a focus especially on ‘Imagination to Action’, the Avasant Empowering Beyond Middle East Summit 2023 will see senior executives from innovative companies, leading local and regional conglomerates, and public sector institutions highlight the opportunities for the region in the new world order that has seen “globalisation switching more towards regionalisation”.

“Imagination to Action reflects our vision for a resilient and innovative future and signals an outlook towards meaningful and tangible outcomes as we translate concepts to reality. Over the next year, with unprecedented breakthroughs in technology, we will be able to power the future through creative solutions and unlock new and exciting levels of the human experience,” Avasant said in a statement.

Taking place on Wednesday, February 8 at the Address Fountain View in Dubai, the seminar will cover agendas such as better governance through technology, creating a digital ecosystem for partners, and creating models for sustainable and equitable hyper growth.

Top speakers at the event include Kevin S. Parikh, CEO & Chairman, Avasant; and Anupam Govil and Akshay Khanna, Managing Partners, Avasant.

The GCC region is placed strategically as a geopolitical centre for international logistics, business, and growth market for the future, stressed Parikh.

Avasant will also release a report titled “GCC Region Digital Services 2033-2023 RadarView: Creating a Sustainable, Technology-Enabled Economy” at the event, where it will deep-dive into the transformations driven by digital-age technologies underway in the GCC.

“This program of change is founded on four overarching goals: diversifying from an oil-based economy, delivering best-in-class citizen services, transform services/ processes towards a sustainable future, and becoming a global technology hub,” Avasant said in a statement. “In response to GCC ambitions, service providers are enhancing their regional leadership, developing their local talent pools in AI, ML, and cybersecurity, and establishing regional partnerships.”

The report will highlight how all major GCC countries have implemented reforms in commercial laws, pegged their currencies to the US dollar, eased investment processes, allowed 100 per cent foreign ownership, developed free zones, and signed trade deals with strategic countries, as well as amended immigration laws to access foreign talent.

“As a result, banking, financial services, insurance, and real estate sectors now receive higher FDI than the traditional oil and gas sector. Manufacturing, retail, and tourism have also seen FDI acceleration,” excerpts from the report said.

The report also recognises 20 companies that have brought the most value to the market over the past 12 months, after evaluating them on parameters such as practice maturity, investments and innovation, and ecosystem development.

“Digital technology has been key to GCC policy,” said Srinivas Krishna, Avasant Senior Partner, UK and EMEA. “Commercial law reform, labour reforms, and investment process improvements have helped the region boost its non-oil-based economy.”

“Digital technology adoption and innovation define the region, and it has become a destination of choice for global events,” added Saugata Sengupta, Avasant Senior Director and UAE Country Lead. “Regional leadership is focused on sustainability, food security, and secure and effective citizen services.”

Event: Avasant Empowering Beyond Middle East Summit 2023

Venue: Address Fountain View, Dubai

Date and time: February 8, 4pm to 10pm