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Dubai's IT investment to reach US$1.3 billion in 2014

Investments in Dubais IT sector are likely to touch US$1.3bn this year and attract foreign direct investment (FDI) too, according to a report developed by Dubai FDI

Dubai FDI is a foreign investment agency, which is part of the emirate's Department of Economic Development (DED).

The government reportedly wants to enhance the IT sector by focusing on specialised hubs like Dubai Internet City and Dubai Silicon Oasis. These clusters will boost the growth of software developers, hardware manufacturers, service providers and network designers, enabling them to capitalise on Dubai's location, access to high-speed internet and focus on innovation, stated the report.

Since Dubai's banking, financial and insurance sectors have grown, the government has taken up this initiative to strengthen e-services and tighten IT security.

Fahad Al Gergawi, CEO of Dubai FDI, said, ?Dubai has moved to a new level where its approach to business and ambitions are attracting international attention. Dubai FDI focuses on enabling Dubai to capitalise on this global attention and attract businesses."