Bahrain ideal for new ICT technologies

MANAMA: Bahrain is well-suited to attract new information and communications technologies such as cloud computing, Internet of things and blockchain, believe experts taking part in the MEET ICT Information and Communication Technology Conference and the Bahrain International Technology Exhibition (Bitex).

Day two participants of the event heard that the global market for blockchain is expected to grow from $210.2 million in 2016 to $2.32 billion by 2021, with a combined annual growth rate of around 61.5 per cent over the five year-period.

Expert speakers called on businesses in Bahrain to take advantage of the industry’s evolving infrastructure, the kingdom’s enabling environment, the presence of qualified local talent, and the ability to attract global technology companies such as Amazon.

Technologies are changing the management of institutions, companies and banks and also the methods of business leading to the potential disappearance of many companies around the world unless they changed and adapted, they said.

They noted that 15pc of the world’s largest banks plan to launch blockchain-based commercial products next year, while 65pc of banks are expected to have blockchain projects within three years.

“The competitiveness of businesses active in areas such as heavy industry, manufacturing, medical tourism and retail will remain threatened if these institutions do not take advantage of recent developments in the IT sector,” said Bahrain Technology Companies Society (BTECH) chairman Ubaydli Al Ubaydli.

He called for the development of a national strategy for the development of the information and communication sector, in which stakeholders from the public, private and private sectors will take part.

“This strategy will pave the way for transforming the technology industry into an important economic pillar, just like oil,” he added.

The three-day event ends today.