The Brief / Q&A INTERVIEW
Maurits Tichelman VP - Sales, Marketing, and Communications and GM - Global Markets and Partners, EMEA, Intel
Explainer: Is data the new oil in the GCC? Technology has now become a key driver of economic growth in the GCC, with data already defining the region’s future
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s the term ‘data is the new oil’ still relevant?
Yes, data has practically become the ‘new oil’. Data is playing a significant role as a crucial source of wealth for oil-rich nations and territories such as the GCC, which has historically been particularly dependent on oil as the main contributor to the GDP. We are witnessing a significant shift from oil to data in the region as governments embark on strategic initiatives to diversify towards more knowledgebased and tech-driven economies. Data is already playing a key role in this transformation. A concrete example of this process could be autonomous driving. Autonomous vehicles run on data in the same way that today’s cars run on gasoline. Therefore, undoubtedly, data will be the new oil.
149
zetabytes of generated data expected by 2024
and services efficiently, to optimising advanced technologies to help businesses and governments access natural resources that can benefit people. Additionally, increased efficiency of labour has improved productivity and profitability. While we are producing ample amounts of data in the region, are we currently maximising its benefits?
We are surrounded by data and it continues to grow exponentially. According to estimates, in 2021 alone, there will be 74 zetabytes of generated data and it is expected to reach 149 zetabytes by 2024. As
DATA IS ALREADY DEFINING THE REGION’S FUTURE, COMPLEMENTED BY MEGA PROJECTS PLANNED WITH GREATER FOCUS ON SMART INFRASTRUCTURE In the GCC, oil has been crucial to economic growth. Will technology/data be able to provide the same level of economic prosperity?
gulfbusiness.com
ILLUSTRATION: GETTY IMAGES/JORG GREUEL
Countries in the region are heavily investing in diversified industries such as technology, manufacturing, education, and healthcare, among others. As the Gulf states transform and diversify, the importance and impact of technology will take on an even greater role. Data is already defining the region’s future, complemented by mega projects planned with greater focus on smart infrastructure (smart cities), advanced telecoms services, and somewhat accelerated by the rapid rise of remote learning and working due to the Covid-19 pandemic. Furthermore, technology has now become a key driver of economic growth, from providing goods June 2021
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