UBS Claims Middle East is Next Digital Frontier
22 September 2023•
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Switzerland headquartered bank, UBS AG, has reported that the Middle East is expected to grow from a Digital Economy that was approximately valued at $180 billion in 2022, to more than quadruple to be valued at $780 billion by 2030. That's roughly a 20% average growth rate per year. This would make the Middle East one of the fastest growing digital economies globally, especially as the global digital economy is expected to double in that same time period.
UBS also claims that their estimates may prove to be conservative as the digital economy penetration as a percentage of the region's GDP is expected to rise from 4.1% in 2022 to 13.4% in 2030, which is still below today's 15% or so penetration levels observed in advanced economies like the United States.
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