Technology spending in the Middle East is forecast to grow at double the global average, according to EMC, the world's largest data-storage firm. Strong oil prices and international expansion by local companies are cited as factors behind above-average spending on information technology this year, the US company said.

David Goulden, the chief financial officer at EMC, forecasts that the global IT industry will grow at 3% to 4% this year. But spending in the Middle East would outpace that, he said. "We think IT spending in the Middle East will bounce back at maybe as much as twice [the 3% to 4%]." Factors behind this include strong oil prices and the lack of legacy IT systems weighing down Middle Eastern companies, said Mr Goulden.

Source: The National