IT in Service Economy can drive growth across Middle East and Africa, says World Bank

Algiers, Algeria: Investment into digital transformation in the major Cities of the Middle East and North Africa region can unlock huge potential for the service economy to drive growth and job creation across the region, according to the World Bank.

“The service industry including through digital transformation, constitutes a new source of growth for Middle East and North Africa region which have for too long relied on public spending as its main engine for growth,” said Rabah Arezki, Chief Economist for Middle East and North Africa Region (MNA) at the World Bank.

“To harness the power of external waves of technological innovation into internal sources of growth and job creation, the region needs to adapt several key areas including its internet and payment systems, its regulatory framework, its education system, its “tech state capacity” and the financing architecture for start-ups,” added Arezki.

Arezki addressed this subject in a Keynote Speech: “A new economy for MENA – how the service economy and digital transformation can drive growth and job creation across the region” at the Smart Cities Global Technology & Investment Summit 2018 (www.SmartCityAlgiers.com) in Algiers on June 27.
The two-day Summit and Exhibition assessed how technology can transform regional economies by driving investment into Smart Cities across Africa and the Emerging Market, features 150 international speakers and 4,000 delegates, and is hosted by Smart City Algiers.

Participants included International City Mayors, Government Ministers, Smart City Investment Heads and Industry CEOs and CIOs from Technology, Telecoms, Infrastructure, Energy, Security and other sectors critical to Smart City development. 10 sessions themes featuring Leadership Plenary Panels and Visionary Keynotes took place across the two-day programme which included 50 sessions.
Key Session Themes included:


• Smart City Strategies for Emerging and Developed Markets
• Smart City Strategies for Africa and the Middle East
• Developing Sustainable and Affordable Cities
• Building Smart Technology Hubs and Stimulating Innovation
• Mobility and Transport Models for Emerging Cities
• Boosting Collaborative, Sharing and Circular Cities
• Making Safer, Smarter and Healthier Cities
• Leveraging Diaspora Models and Mobilising Talent
• ICT Infrastructure Investment and Rollout
• Leveraging Data and New Tech for Smart City Development

Smart City Global Summit 2018 took place from June 27-28 in Algiers, hosted by Smart City Algiers and under the patronage of His Excellency, Abdelaziz Bouteflika, the President of the Algerian People’s Democratic Republic.

Source: APO

Related News Article