The cloud computing arm of e-commerce giant Amazon (AMZN, $128.73) – Amazon Web Services has announced the launch of its second location in the Middle East, here in the UAE. Allowing businesses and organisations to tap into one of the worlds biggest cloud service providers.
The AWS Middle East (UAE) Region aims to support entrepreneurs, enterprises, the government and other entities in their operations by securely storing their data, and is projected to add about $11 billion over the next 15 years to the UAE’s gross domestic product.
AWS estimates that it's projected spending on the construction and operation of the new region will support an average of nearly 6,000 full-time jobs annually at external vendors, with a planned $5 billion investment in the local economy through 2036.
Why it matters
GCC states are attracting a large number of global cloud technology companies because of the rise of tech-focused young consumers and an evolving digital landscape in the region. The global cloud computing market was valued at $368.97bn in 2021 and is projected to grow at a compound annual rate of almost 16% from 2022 to 2030.