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IT spending in GCC to exceed $9bn

Saudi Arabia is biggest information technology market in the region, according to new research.

Information Technology spending in the Gulf region is expected to exceed $9 billion in 2008, a 15 per cent growth on last year.

According to a report by research firm IDC, major IT investments by government organisations and private companies in the region has fuelled the growth.

The spending has been mainly driven by the burgeoning hardware market, which comprised 62.1 per cent of the entire industry.

And the report revealed that the six Gulf countries - Saudi Arabia, UAE, Kuwait, Qatar, Bahrain and Oman - account for nearly 23 per cent of the total IT spending of the entire Middle East and Africa (MENA) region.

Saudi Arabia is the largest market in the region, comprising 43 per cent of the overall IT spending, followed by the UAE with 36 per cent, Kuwait with nine per cent, Qatar with five per cent, Bahrain with four per cent and Oman with three per cent.

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