Monday 1 June 2020

Smart cities to net $20 trillion in economic benefits by 2026

DUBAI, April 4, 2019

The smart city concept has the potential to boost the economic development of global cities by 5 per cent and deliver over $20 trillion in additional economic benefits by 2026, said a report released ahead the Future Cities Show in Dubai.

The only event that unites leaders to discuss solutions for a smart sustainable future, the Future Cities Show will be held from April 8 to 10 at the Dubai World Trade Centre under the theme 'Propelling Globalization through Digital Transformation.'

The report titled ‘Role of Smart Cities for Economic Development’was released as discussions on the economic impact of smart cities have gained momentum amidst continued exponential technological advancements and innovations, said the event organisers.

The Internet of Things (IoT), a fundamental component of most smart cities, has, in particular, a potential economic value of $3.9 trillion to $11.1 trillion annually by 2025 as per the estimates of the McKinsey Global Institute .

In the GCC region, a separate report conducted by AT Kearney showed that the value of the IoT solutions market during the same year will amount to $11 billion, creating a potential economic value of almost $160 billion.

These dialogues will take the centre stage anew at the upcoming event, said the organisers.

"We know of the substantial savings we can generate out of connected infrastructures and intelligent devices, especially in terms of energy and water consumption as well as maintenance and other support costs," remarked Dawood Al Shezawi, the president of Strategic Marketing and Exhibitions.

"In addition, we expect to witness many environmental sustainability benefits such as reduced carbon footprint - thereby enhancing public satisfaction and the quality of life of the people. All these make investing in smart cities a valuable and worthy endeavour," he stated.   

“With the highest economic potentials of IoT and other technologies, the main force behind the economic performance of smart cities, there is a need to come up with practical models and strategies to fully realize these benefits as well as achieve unprecedented economic growth,” Al Shezawi added.  

According to experts, the next-generation technologies, including artificial intelligence and blockchain apart from IoT, are a main element of GCC’s economic diversification policies as the region prepares for a post-oil future.

In the UAE, technological advancements form part of the government’s Vision 2021, they stated.

The third edition of the Future Cities Show will provide an international platform wherein investors, leaders, policy makers, and entrepreneurs can take a closer look at the real economic value of the cities of the future, stated Al Shezawi.

It will also serve as a venue for government officials and private executives to engage in potential partnerships in line with the show’s objectives, he added.-TradeArabia News Service  


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