Kuwait is the third largest spender on Information and Communication Technology (ICT) infrastructure in the Gulf Cooperation Council (GCC), according to Kuwait Financial Centre (Markaz) recently published executive summary of its report on the Kuwait Information and Communication Technology (ICT) Sector.
ICT spending grew at a compounded annual growth rate (CAGR) of 12.6 per cent between 2003-2011 and is expected to moderate to a 6.4 per cent annualised growth over the next three years.
Markaz, in the report analyzed the status of the sector and discusses challenges and investment opportunities in the GCC Education sector, predicts that total ICT spending will reach $28 billion between 2011-2015. The bulk of ICT spending, about 80 per cent ($21.3 billion), is directed towards communications, followed distantly by computer hardware and software. This projection is in line with the larger picture in the region as a whole, where the key driver in ICT spending remains the telecommunication sector.
The report notes that the sector is in constant growth, in tandem with economic and demographic trends in Kuwait. This creates a great need for capacity building and maintenance.
Times of Oman