ABU DHABI: The UAE is aiming to increase its web penetration rate to 100% by 2012, according to the nation's economy minister.

Addressing the Abu Dhabi Telecoms CEO Summit, Sultan Bin Saeed Al Mansoori said that the UAE's broadband penetration currently stands at around 40%, while the nation's mobile penetration rate has already hit 200%.

According to data from the UAE Telecommunications Regulatory Authority, the Middle East and Africa is set to remain the fastest-growing broadband region in the world.

Etisalat, the Emirati mobile network provider, in which the government has a majority stake, is helping to build the new fibre-optic infrastructure.

The company retains a share of around 40% of the nation's mobile market.

In a separate address to the conference, Etisalat ceo Nasser Bin Obood claimed that the UAE's average internet connection speed has increased by 309% year-on-year.

"Today, our nation is known the world-over for being one of superlatives – and this is also the case in technology," Obood added.

Meanwhile, Reuters reports that the telecom firm could benefit from tax cuts in the government's upcoming federal budget.

Data sourced from AMEInfo.com/Teletechwire.com/Reuters; additional content by Warc staff