Digital transformation to generate additional $17 bIIIon for Middle East industrial sector

Badr Al-Olama, CEO of UAE-based aerospace manufacturer Strata and member of the GMIS Organising Committee and Dr. Anil Khurana, Partner, Strategy & Innovation at PwC Middle East.

Digital transformation could generate $16.9 billion in extra revenue each year for companies in the Middle East from 2017 to 2021, as well as a further $17.3 billion in annual cost savings and efficiency gains, according to a new report published by the Global Manufacturing and Industrialisation Summit (GMIS) and conducted by PwC, one of the world's largest professional services firms. 
GMIS, a world-first gathering for the manufacturing community bringing together leaders in business, government and civil society to shape a vision for the sector's future, will be held from March 27-30, 2017, on Al Reem Island in the UAE's capital, Abu Dhabi. GMIS aims to take a transformational approach in shaping the future of manufacturing, with particular focus on the role of technology in powering the fourth industrial revolution. 
The PwC report, called 'Industry 4.0: Building The Digital Industrial Enterprise', is based on a survey of over 2,000 companies from 26 countries, including more than 50 companies in the Middle East from six key industries. Among the Middle East respondents, the report found that annual digital revenues are expected to rise by 3.8 per cent on average over the next five years - through additional customer benefits and new digital products and services -  with some companies expecting an overall increase of as much as 50 per cent over five years. This could yield $16.9 billion in added revenues per year across the region. 
"Our Industry 4.0 Report launches at a time of great opportunity as we all prepare for a world where technology plays an increasingly crucial role in the markets we operate and the communities we live in and all that we do day to day, said Bob Moritz, PwC's Global Chairman. - business@khaleejtimes.com