Ralf Wintergerst, President and CEO of Giesecke+Devrient Group.
The GCC is the seventh destination for German exports outside Europe.
The UAE and Gulf countries are significantly embracing digitalization while businesses in the wider Middle East are still operating on the traditional model and are stuck on legacy systems, says a senior Giesecke+Devrient official (G +D), one of the world’s leading providers of secure services. payments and solutions.
Ralf Wintergerst, President and CEO of Giesecke+Devrient Group, says that Germany and the UAE share many similarities when it comes to digital transformation, as they both recognize the great opportunities for their economies, and they also face to similar challenges such as the post-Covid recovery or the permanent search for digital talent.
“What I find intriguing is how quickly the Gulf countries are embracing digitalization, especially since the UAE has a digitally savvy and very young population. This younger segment translates into a very high acceptance rate for next-generation technologies,” said Wintergerst.
United Arab Emirates – The most important sites in the world
Giesecke+Devrient has been present in the UAE for more than two decades. Hundreds of German companies are currently present in the UAE, while German exports reached $18.4 billion in 2020. The GCC is Germany’s seventh largest export destination outside of Europe.
Wintergerst added that the UAE is one of the most important locations in the world, covering functions such as sales, project management, services and logistics.
He said the UAE and the GCC are not just big markets, but important partners in this part of the world.
“Our partner countries are making rapid progress and have widely embraced digitalization. However, businesses in the Middle East still face some challenges. These include, for example, legacy systems that do not support digitized infrastructures or a reluctance to embrace full digital transformation while retaining traditional operating models. Digital transformation is a process and partnering with technology leaders can support and accelerate this adoption,” added Wintergerst.
Giesecke + Devrient says digital currencies are growing in interest and popularity, with recent figures showing more than 110 central banks currently engaged in studies or pilot projects for the development of central bank digital currencies (CBDCs).
“In fact, there has been a sea change in a year – from questions of whether a country will, to which countries will not explore a CBDC. Besides technical considerations, regulatory and supervisory aspects also need to be taken into account. into account,” he added. — [email protected]