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Gulf is bitten by internet bug |
There was no dotcom bubble in the UAE. When the Western markets entered a frenzy, in which almost anyone who knew how to use the internet could attract millions of dollars in venture capital, the Emirates were left behind.
But the fact that the UAE did not experience the bursting of this bubble is not necessarily a good thing. The IT boom – and bust – taught some valuable lessons, and online business has now entered a mature phase in the West, whereas it hasn’t here.
Similarly, it is not necessarily a bad thing that the Middle East is seeing a huge rise in spame-mails, fraudulent ‘phishing’ scams and viruses. The region has caught the internet ‘bug’ – but the prognosis is good.
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