Dubai will be hosting two annual Technology Summits on April 7, 2009 the first of which is dedicated to the private sector while the other addresses the governmental issues. The two-day events are sponsored by Obeid Homeid Al Tayer the UAE Minister of State for

Financial Affairs.

This is the first time that the two summits are to be held simultaneously aiming to address the supporting role of technology for banks and governments in resolving and overcoming the negative impacts imposed by the international financial crisis.

“It is imperative to seek the maximum benefit from modern technology solutions to support the achievements and successes of the banking sector in the region which capitalized on the robust economic and social growth and the abundant liquidity, to avoid the repercussions resulting from the current financial turmoil that is sweeping across all the sectors of the global economy,” commented Khaled Al Boustani, the Executive Director for Budget Affairs and Financial Relations at the ministry.

“Defining the role of technology in curbing the effects of this crisis must be carried out at the official leadership and corporate decision maker levels in addition to the technical expertise for the purpose of establishing a common understanding among all parties and the exchange of experiences for the sake of providing a sound scientific effort that actually supports these objectives,” he added.

At present, there seems to be a consensus among all concerned parties that technology can play a vital role in the efforts seeking to combat the negative effects of the international financial crisis according to the World Development Forum, the Dubai-based event organizer.

“The impact was purely financial at the outset and then swept across all sectors of the global economy, while experts agree about the correlation between financial innovation and technological creativity,” explained Khaled Eid, World Development Forum’s chief executive officer.

“This crisis yielded Arab and international contention that investing in technology is no more a luxury, whereas, as a sector, it did not suffer the severe downturn that was obvious in all other traditional sectors and capital markets,” he added.

According to a recent paper by the US-based Forester Research, the rate of corporate spending on information technology is expected to increase by 9 per cent next year, despite a small setback of 1.6 per cent recorded this year compared to the 4.1 percent recorded last year.

“These results are evidence for the strength of the information technology sector, and accordingly many governments, including the US and Japan, have decided on increasing their investments in that sector as a counter measure against the consequences of the World’s financial crisis,” the chief executive explained.

“And that is why we have decided to combine the two summits this year, to allow for direct interaction between information technology manufacturers and providers, leaderships of the banking sector, and the decision makers from Arab governments,” he said.

The annual summit is dedicated to address the issues that influence th economic development drive in the Arab World, focusing on the opportunities for establishing partnerships between the financial and governmental sectors on the one hand and the information technology sector on the other.

“Technology will remain among the top priorities for the Arab banking sector to support the economic growth and development and to extend the networks and update the systems,” Eid emphasized.

Experts agree that the international information technology companies will be fortifying their presence in the GCC, owing to the huge surpluses and investment facilities offered today.

“The governments’ reliance on technology to establish a secure infrastructure provide for a better abilities in risk management, while the worries prevailing among decision makers from a total collapse of the international financial system can be addressed through a stronger financial system supported by a solid infrastructure based on advanced technological solutions,” commented Dr. Fahd Al Howaimani, the advisor to the Saudi Minister of Telecommunications and Technology.