Key technologies transforming the GCC market

by John Carlo Bogayan

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The metamorphosis of science and technology has significantly affected the economic state of the GCC (Gulf Cooperation Council) countries. Over the years, new inventions evolve from artificial intelligence to autonomous vehicle, and everything being digital.

One of the technologies that contributes to the transformation of the Middle East is grid-scale batteries to enable diversification. Grid-scale batteries contributes mainly to the market of renewable energy. This alternative adoption maximize the use of energy by storing energy at peak production for future deployment.

Adding to the list, digital payments and financial technology, an uprising trend that follows a series of successful trials that pushes authorities to lower regulations. With residents’ limited access to banking facilities, an estimated 86 percent of adults in the region do not own a bank account.

Everything is “smart”, from the recent opening of an AI university in Abu Dhabi to a new remote sensor that can provide critical real-time data analysis. This remote technology aims to provide quick and informative analysis of a data that can positively contribute to managerial decisions.

The innovation of cars to drive itself, the Dubai Future Foundation in partnership with Dubai Roads and Transport Authority (RTA) launched the Dubai Autonomous Transportation Strategy which aims to make 25% of Dubai transportation autonomous by 2030, saving USD 6 billion annually.

Telecommunication at its finest, with the recent release of 5G network, this powerful tool can transfer data 20 times faster than 4g. The Emirates telecommunication Company, Etisalat, supports the emerging digital ecosystem of 5G and expects a growth of at least 15 million subscriptions by 2023.

Environment friendly electric vehicles, the 20th century welcomed models of electrically operated vehicles, with its environmental benefits from reducing carbon emissions and energy conservation  it will be the residents primary mode of transport in the coming years. Unfortunately, the technical challenges in developing charging infrastructure and its safety capabilities remain to be unanswered.

The growth in population and worsening global climate is undeniably a huge factor in these innovative efforts by companies and individuals. With these new technological trends disrupting the market, MEED introduces the third edition of the MEED awards, assessing companies on their initiatives in becoming more technologically advanced. Powered by Parsons (Strategic Construction Partner) and Acwa Power (Official Power & Water Partner) the MEED awards is due to close its submission deadlines by the end of this week.