|30 March, 2019

MEA region projected to invest USD 2.30 billion in technologies enabling smart cities by 2021: report

Public-private partnerships to help accelerate smart cities projects in region

MEA region projected to invest USD 2.30 billion in technologies enabling smart cities by 2021: report
  • Revenue-generating business models critical to attracting private financing
  • Future Cities Show to provide platform for public and private officials to engage and discuss potential ties

Dubai, United Arab Emirates: Investments in technologies enabling smart cities in the Middle East and Africa (MEA) region is expected to hit the USD 2.30-billion mark by 2021 as per the estimates of International Data Corporation. Given that large funding is needed to build smart cities, public-private partnerships (PPPs) are seen as the key force that will help accelerate such undertakings in the region.

“Building cities integrated with next-generation technologies such as the Internet of Things (IoTs) and artificial intelligence (AI) does not come cheap. A number of cities are facing budget constraints in deploying smart city projects, hence, they are developing revenue-generating business models to attract private financing,” said Dawood Al Shezawi, President of Strategic Marketing and Exhibitions, the organiser of the Future Cities Show, the only event that unites leaders to discuss solutions for a smart sustainable future.

According to Al Shezawi, the private sector can help boost government funding for smart city projects by injecting their own capitals with return on investment (ROI) expectations. He said these large-scale projects present an opportunity for business growth and new revenue source for the private sector, while governments can capitalize on the partnership to ensure savings and optimize private sector expertise.

In the UAE, one of these prominent projects is the Abu Dhabi Telemedicine Centre, a joint venture between Mubadala and Switzerland’s Medgate, while the Smart Dubai Office has partnered with government and private sector entities alike for the implementation of its more than 130 initiatives, which include the Dubai Data Initiative, the Dubai Blockchain Strategy, the Happiness Agenda, the Dubai AI Roadmap, and the Dubai Paperless Strategy.

Blockchain and AI technologies, along with smart mobility, smart infrastructure, and sustainability, will be showcased at this year’s Future Cities Show, which will be held from 8th to 10th of April at the Dubai World Trade Centre under the theme 'Propelling Globalization through Digital Transformation.’

The third edition will serve as a global platform for investors, leaders, policy makers, and entrepreneurs to share their ideas and expertise on modern solutions that will help build the cities of the future. It will also provide an ideal venue for government officials and private executives to engage in potential partnerships in line with the show’s objectives.

“We need to continuously provide a venue for all key stakeholders to meet and dialogue with each other. These interactions are key to coming up with technology- and innovation-driven solutions that will improve connectivity, promote sustainable growth, and enhance the quality of life of the people. Collaborative efforts between government and private bodies are vital to fast-track our smart transformation initiatives and build sustainable and vibrant urban communities across the globe,” Al Shezawi concluded.

Complete details of the event are available at http://www.futurecitiesshow.com/.

-Ends-

© Press Release 2019

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.

More From Press Releases