DUBAI — Today there is a symbiotic relation between ‘Knowledge’ and ‘Digital’ economies, the digital economy is fueling, facilitating and working as a catalyst in the knowledge economy umbrella. There is a gradual shift to create new opportunities and redefine human capital, said Dr Ahmed Bin Ali, Senior Vice President, Corporate Communication, Etisalat Group at the Knowledge Summit in Dubai.

The two-day fifth annual ‘Knowledge Summit’ that wound up on Dec. 6 was organized by Mohammed bin Rashid Al Maktoum Knowledge Foundation (MBRF).

The event’s theme this year is focused on ‘Youth and the Future of the Knowledge Economy’ reflecting the critical role this sector plays in the public sector and to build a sustainable knowledge economy. The summit was also focused on the ‘UAE Vision 2021’ to build a competitive economy that supports innovation and creativity and implementing the objectives of the UAE National Agenda for the Youth.

Bin Ali led the discussion ‘Digital Economy and Knowledge Economy: Rivalry or Alliance?’. The discussion focused on the shift of the in the country from traditional economies to a more diversified economy focusing on technology and services. UAE has established itself in the knowledge economy creating a competitive edge at all levels.

In order to create business models for the digital economy, it is necessary to analyze the context from a company or industry perspective applying the developed framework. The basic questions which have to be asked are:

• Structures: What is the future structure of a certain industry ?

• Processes: What will the value creation processes look like ?

• Products: What are the basic customer’s needs and the respective product/service elements in order to serve them ?

• Infrastructure: Which services are necessary for a specific marketplace serving for a distinct business community ?

The answers to these questions will provide elementary building blocks for creating business models for a emerging digital economy.

The UAE today has set a benchmark in innovation, technology, infrastructure and network taking a lead in establishing a digital economy.

UAE continues its leadership in Fiber to the Home penetration among all its global counterparts. With a strong vision of the leaders and the government of UAE, the country is in the top 10 countries in ICT ranking as one of the top countries in e-government and online services, highlighted Bin Ali.

Etisalat continuous investments on this front over the years have led to major achievements like the 3G network coverage reaching 99.98% while 4G LTE covering 98.98%.

“There is a symbiotic relation between Knowledge and Digital Economies, the Digital economy fueling, facilitating, and working as a catalyst in the Knowledge economy umbrella. The UAE has set a benchmark for the early adoption of advanced new technology, with Expo 2020 Dubai becoming the first major customer in the MEASA region to access 5G services, through its partnership with Etisalat. Our aim and strategy is focused on ‘Driving the Digital Future to Empower Societies’ to create new opportunities and redefine the human capital in the Knowledge economy,” said Bin Ali at the panel discussion.

The other speakers at the panel discussion included Dr Simon Galpin, Managing Director, Bahrain Economic Development Board and Sarfaraz Alam, Chairman of TEXPO Group of Companies and moderated by Tom Goodwin, EVP of Innovation at Zenith Media. — SG