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Dubai, UAE, February 13, 2017

Gartner Says IT Spending in the Banking and Securities Industry in the Middle Eastern & North African Region to Reach $12.4 Billion in 2017

IT spending by banking and securities firms in the Middle East and North Africa is forecast to grow to $12.4 billion in 2017, a 3.5 percent increase from 2016, according to Gartner, Inc. This forecast provides total enterprise IT spending for internal spending and spending data on data center systems, devices, software, IT services and telecom services.

Software spending continues to have the fastest growth rate at 9.5 percent, followed by data center systems at 6.7 percent.

"IT spending has been dampened by uncertainty in the global scenario. But, data center systems are making a comeback in banking and securities as banks are investing in core applications and servers," said Moutusi Sau, principal research analyst 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, 2014-2020, 4Q16 Update". The banking and securities industry forecast provides total enterprise IT spending, including internal spending and multiple lines of detail surrounding spending on data center systems, devices, software, IT services and telecom services for 43 countries within 11 regions.

Gartner analysts will examine key industry trends during Gartner Symposium/ITxpo 2017 in Dubai, 28 February – 2 March. For further information about the event in Dubai, please visit http://www.gartner.com/events/emea/dubai-symposium. Members of the media can register for the event by contacting Sony Shetty at sony.shetty@gartner.com.

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.

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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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