Tech salaries are on the way up as digital and the startup space undergo a transformation during the pandemic. Image Credit: Shutterstock

Dubai: It sure is a good time to be an IT professional, with their salaries more than double the current average. This is the scenario in the US, and chances are that a repeat could happen in the UAE and Gulf.

“With a mature tech startup ecosystem, these opportunities could become a reality in MENA too,” said Tushar Singhvi, Crescent Enterprises’ Deputy CEO and Head of Investments. “Consequently we could see regional tech-driven ventures paying professionals more than double.”

In the US, IT professionals are taking home an average of $102,000, more than double the across-the-board average of $48,000.

By speeding up digitisation, COVID-19 has created an opportunity to rethink decision making around tech apps. Corporations, big or small, can benefit from the value of tech to contribute to a ‘greener’ future for the region.

“Harnessing the dynamism of the tech start-up culture would enable MENA countries to achieve ambitious social and environmental sustainability targets,” said Sighvi. “The region’s ability to nurture home-grown entrepreneurs and import global tech start-ups will define our success in the Fourth Industrial Revolution across key sectors of the regional economy over the next five years.”

ESG-driven future

The other mega-trend will be ESG (environment social governance) focussed investing. “The pandemic has accelerated the second surge of ESG-compliant investments, and tech companies represent a sizeable slice of the pie,” said Singhvi.

According to a survey by insurance and pensions provider Aviva, 55 per cent of investors said ESG factors have become a more important aspect of their investment decisions in the wake of COVID-19.