Despite many other global markets experiencing a slowdown in consumer technology spending, the entire Gulf Corporation Council (GCC) consumer technology market is on the rise, Business Monitor International (BMI) said in its Q3 2011 report. The report predicts a 4 percent year-on-year rise in market value to $9.8 billion by the end of 2011, across the region. Saudi Arabia's consumer technology market is estimated to reach $4 billion by the end of this year; Kuwait $799 million; Oman $521 million; Qatar $481 billion; and Bahrain $452 billion, the report said. UAE's electronics device market is projected to hit $3.4 billion by the end of this year. This is expected to increase to $4.3 billion by 2015, driven by the popularity of new electronic devices such as LED and 3G TV sets, 3G mobile handsets, smartphones, feature-rich notebooks, MP3/MP4 players, 3D technology and Blu-ray players. BMI estimates that UAE residents will spend $7.71 billion on food items this year, meaning that consumer technology sales will be the equivalent of 45 percent of the annual food spend. Against this backdrop, many of the world's most influential consumer technology companies signed up for this year's Gitex Technology Week at the Dubai International Convention and Exhibition Centre, which they see as a key event to achieving their global sales targets for 2011 and for future growth. Consumer technology companies participating in Gitex Technology Week from Oct. 9-13 include Ford, Genius, Moster, Promate Technologies, Sharp, Touchmate and many more, who will be exhibiting a range of the latest computers, mobile phones and tablets. “Companies are increasingly looking at the Middle East to generate more revenue and Gitex, as the region's largest technology exhibition, is playing a key role in helping multinationals secure market share,” said Trixee Loh, SVP, World Trade Centre, organizer of Gitex Technology Week. “Leading manufacturers have clearly understood that it is essential to participate at Gitex if they are to reach their immediate and future revenue plans. Gitex remains the premier networking event for the ICT industry looking to either make inroads or consolidate their market share in the Middle East,” he added.
