Middle East business execs see tech future in China and India

Bloomberg survey reveals two thirds of Middle East respondents believe China and India have eclipsed the US for innovation
Middle East business execs see tech future in China and India
By Gavin Gibbon
Thu 25 Jul 2019 11:38 AM

Sixty five percent of business professionals in the Middle East believe that China and India have eclipsed the US as the world’s centre of tech innovation.

The figure was revealed as part of Bloomberg’s New Economy survey and is above the global average (54 percent).

The survey gathered the views of 2,000 business professionals in 20 markets on what the future will hold as the balance of global power shifts towards new economies.

Faced with a series of predictions about the world in 2035, the survey revealed sentiment from business professionals from emerging and developed economies on a range of issues including the role of technology, urbanization and climate change.

The Middle East insights, which included Egypt, Saudi Arabia and the UAE, also found that 33 percent of respondents, higher that the global average of 28 percent, strongly agree or agree with the prediction that OPEC has been disbanded.

In terms of the UAE, 54 percent of respondents, lower than the global average of 68 percent, strongly agree or agree with the prediction that ‘The next world war is a cyber war, as national security increasingly is defined by advancements in artificial intelligence, next generation 5G mobile networks, and quantum computing’.

Sixty two percent (global average 57 percent) strongly agree or agree with the prediction that ‘From the Middle East to South Asia, the liberation of women is leading to an economic renaissance in the developing world’, while 61 percent, just lower than the global average of 64 percent, strongly agree or agree with the prediction that ‘Lifelong learning, often delivered via mobile technology, is helping workers across the globe successfully adapt to the job market challenges proposed by Artificial Intelligence’.

And 57 percent, higher than the global average of 50 percent, strongly agree or agree with the prediction that ‘Self-driving car shares will be more common than individually owned automobiles’.

“It is noteworthy that emerging economies are more optimistic than developed markets about the power of technology to shape a better world by the year 2035,” said Andrew Browne, editorial director of the Bloomberg New Economy Forum. “Developing countries in general see technology more as an opportunity while the developed world has a greater sense of technology as a threat.”

For all the latest tech news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.