According to industry experts, by 2031, the United Arab Emirates’ private sector investment in artificial intelligence (AI) is expected to reach AED 335 billion, boosting the country’s economy.
The Gulf Cooperation Council (GCC) encourages industry stakeholders to invest in AI, highlighting its immense potential in transitioning to a more digital and sustainable region.
Notable Development: UAE Appoints New Council for Artificial Intelligence Advancement
Becoming a Global AI Leader
According to Omar Sultan Al Olama, UAE Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, “AI is not a future vision; it is our reality now” and the UAE aims to be one of the global leaders in AI by 2031.
The goal aligns with the UAE Centennial 2071 Vision, accelerating various aspects of the country’s industry, including economy, education, and social opportunities.
In addition, global corporate investment in AI has dramatically accelerated over the past decade, driven by the emergence of new technological advancements and LLMs such as ChatGPT.
Related: H.E. Omar Sultan Al Olama Emphasizes the Importance of AI Governance
Sameera Fernandes, Chairwoman of the Dubai Stockbrokers and Investment Services Group (DSIG), highlighted the pivotal role of machine learning (ML), robotics, algorithms, big data, and the Internet of Things (IoT) in advancing the UAE’s economy.
Furthermore, she underscored the significance of developing technological skills and talent and increasing investments in AI, driving the private sector to be more intelligent and sustainable in the long run.
Recognizing the power of AI in transforming economies, the UAE aims to enhance its investments in AI to remain at the forefront of global innovation and technology.
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