Oil & Gas Summit Middle East benchmarks emerging trends in IT to benefit the oil & gas industry

The ICT Fund, one of the Telecommunications Regulatory Authority (TRA) initiatives, which is known for stimulating growth in the ICT industry in the UAE through funding research and development projects, scholarships, and technology incubation centers; has been invited to speak at the Oil & Gas Summit Middle East (OT Summit) held during 28-29th November 2011 in Abu Dhabi, addressing IT leaders in the field on how IT can create a competitive edge in the sector through advanced technology and by staying abreast of emerging trends. 

“The ICT Fund and the TRA has set goals of placing the ICT sector in the UAE in second place following oil and gas in terms of its contribution to the UAE economy. Therefore, we are supporting UAE talents in order to expand ‘home grown’ innovations that will help develop the sector,” said H.E. Dr. Abdulqadar Al Khayat, Chairman of ICT Fund and board member of the TRA. “Our participation in this event allows us to better understand the mechanisms that drive the oil and gas sector, and share how we drive growth in the ICT sector. We are hopeful of our ability to reach a formula that shall help develop both the sector in our country and the region. Realizing the fact that the development of the ICT sector leads to the development of all other fields due to the close interconnection, ICT is a key element of all aspects of our contemporary life” H.E. added.

Dr. Eesa Bastaki, CEO of the ICT Fund, delivered the welcome address and keynote presentation to an attentive audience on the advantage of ICT in addition to highlighting the latest trends in the sector.  Speaking at the event, Dr. Bastaki said, “ICT is a field that is constantly advancing, and as such, any other industry that relies heavily upon ICT finds itself continually seeking the latest technological advancements to stay ahead of its respective competition.  The oil and gas industry is no exception.  Technology allows us to refine processes, creating more efficiency in our work with shorter turn-around times, and better output. Achieving better results in a shorter amount of time has a significant positive impact on operating expenditures, making the pursuit of technological breakthroughs a financially viable option.”

The OT Summit is the only annual exclusive event for the ICT leaders of the major Oil, Gas & Industrial organizations in Middle East.  The summit is a strategic platform for the IT executives in these fields who are concerned about emerging trends and technology opportunities, to understand how technology can turn strategic vision into reality by utilizing the latest technologies.  The summit offers an in-depth explanation and examination for these professionals to explore technological opportunities and potentially gain valuable knowledge from industrial insights.

Recent reports indicate that the total revenue of technology (IT, communications, semiconductors, electronic devices, electronic gadgets, etc.) rose to more than $2 trillion.  This figure has been steadily increasing on a yearly basis. 

An initiative of the TRA, the ICT Fund has made several advances towards improving the ICT sector in the UAE through funding research and development projects, incubation centers, and extending scholarships to UAE National students with excellent academic performance.  The Fund is driven by a strong vision to make the ICT sector the leading sector in the Middle East through enabling and fostering progressive innovation in the field.