Local Business

Dubai summit to debate future of $6.8t global digital economy

Issac John /Dubai
issacjohn@khaleejtimes.com Filed on July 5, 2021
Direct digital transformation investments are expected to total $6.8 trillion between 2020 and 2023

The course of the $6.8 trillion global digital transformation will be the key topic to be discussed by world leaders from various spectra at the fourth edition of the Global Manufacturing and Industrialisation Summit, which the UAE is hosting from November 22-27.

The agenda of GMIS 2021 will spotlight the importance of data intelligence and connectivity, highlighting the evolving integration of humans and machines, reinventing businesses, repurposing capabilities, and rewiring societies.

The discussion at the summit, to be held at Expo’s Dubai Exhibition Center, will take place across several formats, including panel sessions, presentations, interactive workshops, networking events, youth sessions, fireside chats and interviews with prominent industry experts.

According to the International Data Corporation (IDC), direct digital transformation investments are expected to total $6.8 trillion between 2020 and 2023, and 65 per cent of the world's GDP is set to be digitalised by 2022. This will be driven by the accelerated adoption of digitalisation and the heightened demand for contactless solutions and cloud services.

“Under the theme ‘Rewiring Societies: Repurposing Digitalisation for Prosperity’, GMIS2021 will draw on key global leaders from government, business, and civil society to discuss and debate how data and connectivity are becoming the leading factors shaping the future of supply chains, green manufacturing, sustainable energy, climate action, policymaking, and resilient global economies,” the event’s organisers said.

“The world is undergoing a data-driven revolution. Across the world, organisations are scaling up digital transformation investments to become enterprises of the future. As a result, there is a renewed focus on data intelligence and connectivity, which are rapidly transforming every facet of industrial and economic growth,” said Badr Al Olama, head of the GMIS Organising Committee.

At the heart of GMIS 2021 is the critical need for industries and governments to underpin technological breakthroughs into their core strategies, business models and future outlook, he added.

Saed Alawadi, chief executive officer of Dubai Industries & Exports, the industrial development and export promotion agency of Dubai Economy, said advanced technologies and innovation hold the potential to transform industrial growth and deliver tremendous benefits to societies across the world. “We must strengthen global cooperation to create long-term strategic partnerships that are crucial to accelerating innovation and addressing some of the complex social, economic and environmental challenges the world is facing today.”

Alawadi, who is also an Organising Committee Member of GMIS 2021, added that by bringing together some of the world’s most visionary leaders under one roof, the conference offers a truly unique opportunity for dialogue and collective action to build a more innovative, sustainable and resilient global economy. “GMIS 2021 reflects the UAE’s vision of driving global prosperity for both people and the planet.”

The summit’s agenda includes Artificial Intelligence, Industrial Internet of Things (IIoT), Cloud Computing, and the fifth generation of wireless network technology (5G), and evolving forms of interaction between humans and machines.

The summit will organise special sessions on topics such as Government 5.0, Society 5.0, dark factories versus smart factories, enabling fair trade in the digital economy, increasing digital mobility at work to bridge critical skill gaps, drive toward the ‘experience economy’, understanding how developed and emerging economies are investing in green industries in an effort to achieve net-zero emissions, and the future of renewable energy.



Issac John

Editorial Director of Khaleej Times, is a well-connected Indian journalist and an economic and financial commentator. He has been in the UAE's mainstream journalism for 35 years, including 23 years with Khaleej Times. A post-graduate in English and graduate in economics, he has won over two dozen awards. Acclaimed for his authentic and insightful analysis of global and regional businesses and economic trends, he is respected for his astute understanding of the local business scene.

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