Digital transformation to drive growth across MENA says World Bank

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 will be addressing 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 in Algiers on June 27.

The two-day Summit and Exhibition will assess how technology can transform regional economies by driving investment into Smart Cities across Africa and the Emerging Market.

Smart City Global Summit 2018 takes 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.