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Dubai, February 17, 2016

Gartner Says IT Spending for the Middle Eastern & North African Banking and Securities Firms to Grow 2.4 Percent in 2016

Analysts Attribute IT Spending Growth to Customer-Centric Strategies of Banks

IT spending by banking and securities firms in the Middle East and North Africa (MENA) will be approximately $12.5 billion in 2016, a 2.4 percent increase over 2015, according to Gartner, Inc. This forecast includes spending on internal IT services (including personnel), IT services, software, data center technologies, devices and telecom services.

Software spending continues to have the fastest growth rate at 9.3 percent in 2016, followed by internal services at 4.7 percent. Banks are increasingly availing of advanced analytics across their business, while investments to enhance and strengthen digital channels continue moderately. Banks are enhancing their front-office solutions to empower the employees as well.

“IT spending increases moderately in 2016, dampened by the low oil prices. Investments for high-priority programs in flight continue, while brand new initiatives will be selectively launched in 2016,” said Rajesh Kandaswamy, research director at Gartner.

Further information on the banking and securities industry IT spending is available in the Gartner report: “Forecast: Enterprise IT Spending for the Banking and Securities Market, Worldwide, 2013-2019, 4Q15 Update”. This vertical industries forecast provides total enterprise IT spending, including internal spending and multiple lines of detail for spending on hardware, software, IT services, and telecommunications for vertical industries and 43 countries within seven geographies.

About Gartner Symposium/ITxpo

Gartner Symposium/ITxpo is the world's most important gathering of CIOs and other senior IT executives. This event delivers independent and objective content with the authority of the world's leading IT research and advisory organization, and provides access to the latest solutions from key technology providers. Gartner's annual Symposium/ITxpo events are key components of attendees' annual planning efforts. IT executives rely on these events to gain insight into how their organizations can use IT to overcome business challenges and improve operational efficiency.

Additional information for Gartner Symposium/ITxpo 2016 in Dubai, March 1- 3, is available at http://www.gartner.com/technology/symposium/dubai/. Members of the media can register for the event by contacting Sony Shetty at sony.shetty@gartner.com.

Additional information from the event will be shared on Twitter at http://twitter.com/Gartner_inc and using #GartnerSYM.

About Gartner

Gartner, Inc. (NYSE: IT), is the world’s leading research and advisory company and a member of the S&P 500. We equip business leaders with indispensable insights, advice and tools to achieve their mission-critical priorities today and build the successful organizations of tomorrow.

Our unmatched combination of expert-led, practitioner-sourced and data-driven research steers clients toward the right decisions on the issues that matter most. We are a trusted advisor and objective resource for more than 15,000 organizations in more than 100 countries — across all major functions, in every industry and enterprise size.

To learn more about how we help decision makers fuel the future of business, visit gartner.com.

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