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Data is the new oil

10 January 2025

Commentary
Colin Foreman
Editor

Read the January issue of MEED Business Review

Although the phrase ‘data is the new oil’ was first used by British mathematician and data scientist Clive Humby in 2006, it has taken on greater importance in recent years as the world moves into a future driven by artificial intelligence (AI). 

The phrase resonates strongly in the GCC where hydrocarbon-exporting economies understand better than anyone else the transformative power of owning an essential natural resource. The GCC also knows that oil’s competitive edge will not last forever. As the region looks to future-proof its economies, data and technology have become a prime focus. 

These efforts have attracted global attention. This was best evidenced in September 2024 when Abu Dhabi-based AI-focused investment company MGX partnered with US-headquartered BlackRock, Global Infrastructure Partners and Microsoft to establish the Global AI Infrastructure Investment Partnership, which intends to mobilise a total investment potential of up to $100bn.

Saudi Arabia has similar plans. It was reported in November that Riyadh is planning a new AI project, Project Transcendence, with the backing of as much as $100bn.

AI is not the only tech theme that will shape the year ahead. According to the recently published Tech Predictions 2025 report by GlobalData Thematic Intelligence, other themes include cryptocurrency, cyber security, minerals, batteries, mobility and the future of work. The region has already adopted a leading position globally for many of these themes, and that leadership role will be enhanced further as governments and their related entities use their financial clout to invest in technology around the world.

Back home, as leaders continue to work on delivering visions aimed at modernising their societies and economies, these themes will be the driving force behind many of the business opportunities the region can look forward to in 2025.

Must-read sections in the January 2025 issue of MEED Business Review include:

> AGENDA: 
> Driving tech in the Middle East

> CURRENT AFFAIRS:
> A fragile Syria struggles for stability
> BP’s oil strategy in the Middle East could come unstuck

INDUSTRY REPORT:
Capital and debt markets
> Gulf debt markets make their mark
> Regional stock market listings near record level

> INTERVIEW: Bahrain’s Ministry of Works beats project deadlines 

> INTERVIEW: Fertiglobe begins next growth chapter in Abu Dhabi

> INTERVIEW: Oman works to secure hydrogen hub status

> ALGERIA: Instability damages downstream sentiment in Algeria

> INTERVIEW: Roshn taps localisation to meet delivery demands

> OMAN MARKET REPORT: 
> COMMENT: Muscat’s efforts right the economy
> GOVERNMENT & ECONOMY: Oman’s investment drive
> BANKING: Islamic growth lifts Oman’s banking sector
> OIL & GAS: Gas sits at forefront of Oman energy sector growth
> INDUSTRY: Oman’s mining ambitions take a leap forward
> POWER & WATER: Oman pursues utility and grid expansion
​​​​> CONSTRUCTION: Oman construction continues its positive trajectory

> MEED COMMENTS: 
> Construction should prepare for Saudi World Cup criticism
> Successfully delivering projects is key to attracting investors
> Oman must crack hydrogen offtake challenge
> Facility E award marks key milestone

> GULF PROJECTS INDEX: Gulf projects market maintains growth

> NOVEMBER 2024 CONTRACTS: Region reaches record annual awards total

> ECONOMIC DATA: Data drives regional projects

> OPINION: A leap into the unknown

> BUSINESS OUTLOOK: Finance, oil and gas, construction, power and water contracts

To see previous issues of MEED Business Review, please click here
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Colin Foreman

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