Technology has always been linked to the development of economies across the world. Its evolution is dynamic and indispensable for positive digital transformation in every primary economic sector of a nation.
Today, while several nations in the world are moving to wind power, solar technology, and electric vehicle, the Middle East still maintains its firm footing in the oil industry that has been its roots for the past 50 years. Oil has been a boon for the region for a long time. However, the UAE is seeking a new path to potentially transform the globe’s perception of the nation with it.
Kavan Choksi on how technology is transforming the world
Business and finance expert Kavan Choksi, states that technology has transformed the world today. It empowers people and changes the way in which they buy goods and services in the market, access others with communication, information about the world, travel, and much more. In order to optimize technology to its best, all one needs is a laptop and the Internet.
Technology and its link to economic development
Technology has been crucial for creating jobs and developing urbanism positively in recent years. When it comes to the UAE, it is today becoming a tech incubator for the globe. In the past, the region has been labeled as an oil nation, and it is now trying to come out of this label to establish itself on a new frontier. It wants to shed its image of just being the nation for oil but aims to become an energy-focused country – one that is attuned to the latest global technology.
The reality of the region
It is the actual reality of the UAE that oil does play an integral role in its economy. Since the founding of the region fifty years ago on the 2nd of December 1971, it has been using oil for building the country’s infrastructure for its people. Oil has helped them to implement legislation for the nation and to establish relationships with the external world. It also has enabled them to develop ties with other sectors like tourism and manufacturing successfully.
Strategic goals for the next 50 years
Now, the UAE has reached a stage in its economic growth where it has a lot more to offer, and as a nation, it is ready to transform its image for the world too. It spent the last fifty years or so focusing on the fundamentals of building the country and investing in its people. According to business and finance expert Kavan Choksi, it has the goal to focus on technology as an industrial sector to help it attain growth in the following fifty years.
The UAE currently has plans to become a global leader in world technology as per the nation’s recent announcement about the country’s strategy for the next fifty years. It has the goal to focus on some strategic areas that include healthcare, big data, renewable energy, and artificial intelligence. This plan has been created and has already been put into action.