With an Eye on Future Dubai Invests in Artificial Intelligence – Times of India

  • Lauren
  • January 31, 2022
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Dubai has emerged as a leading centre for research and development in emerging industries with a primary focus on embracing new technologies. Digital transformation in the government and private sector across the United Arab Emirates (UAE) is further strengthening Dubai’s position as a global tech hub. The Emirate is building momentum as a knowledge-based economy by large-scale adoption of Artificial Intelligence (AI) which is benefiting businesses in multiple ways. “AI is a game-changer for businesses since it improves productivity, lowers cost, unlocks job expansion and creates growth opportunities,” states Omar Bin Sultan Al Olama, the UAE Minister of State for Artificial Intelligence. Al Olama, in fact, is the first minister dedicated to AI by any government in the world. The UAE, interestingly, is also the first to have an AI strategy that covers development and application in 9 sectors including transport, health, education, and space among others. The global market value of the AI sector is expected to touch $ 15.7 trillion in 2030 while its impact in the Middle East could be felt to the tune of $ 320 billion with UAE leading the race. The UAE has invested heavily into creating a viable ecosystem for companies committed to AI and the strategy is to achieve a 35% increase in AI’s contribution to the nation’s GDP. “Our society is ready and willing to be part of the future,” enthuses Al Olama. Dubai FDI, part of the Department of Economic Development in Dubai that supports foreign businesses looking to invest in the emirate, has well-defined strategies to address the needs of its partners. The idea is to position Dubai as the world’s leading hub for digital economy while a one-billion-dirham ‘Dubai Future District Fund’ is attracting startups that leverage emerging technologies, in particular AI, cybersecurity, blockchain, data analytics and Internet of Things (IoT) among others. “We continue to attract global giants and startups in these segments,” affirms Fahad Al Gergawi, Chief Executive Officer, Dubai FDI. There are 90 investment funds and 12 business incubators in the UAE’s digital sector, says Al Gergawi and the total value of the country’s startups is $ 408 million. Meanwhile, applauding the UAE’s leadership, Shukri Eid, Managing Director, CISCO says Dubai has exhibited willingness to embrace new thinking. “We see the willingness not just from technology perspective but also from a business model, human capital and operational point of view,” says Shukri Eid who believes that the digital era cannot be embraced without the full support and backing of a country, city and organizational leaders. Dubai’s foray into AI is so deep that Dubai Police by 2031 is expected to use AI in all operations including security, crime forecasting and accident response. “Dubai is a smart city in every sense. Smart Dubai has an AI roadmap that strives for innovative solutions. We are committed to create a more efficient, seamless and impactful city,” notes Ibrahim Ahli, Director of the Investment Promotion Division at Dubai FDI. A couple of factors including a slew of recent reforms are helping Dubai. But what works wonderfully is its human intelligence that foresees the crucial role that AI would play in future. Disclaimer: This article is a part of featured content series on Business in Dubai
Source: https://timesofindia.indiatimes.com/business/international-business/with-an-eye-on-future-dubai-invests-in-artificial-intelligence/articleshow/89241977.cms