Looking to shake its reputation as an economy built on oil, the UAE wants to diversify and expand its economy into other areas. UAE’s main industries of petroleum, tourism and trade are currently their three biggest sectors.
However, the UAE knows in order to expand its economy, they need to diversify into other industries.
They are making great efforts to do just this. One industry the UAE have their eyes on is Artificial Intelligence (AI). An industry they believe will contribute massively to their economy. AI is at the forefront of its economic vision, with their aim to become the world centre for artificial intelligence.
They seem to be well on course to achieve this bold vision. In fact, the government predicts 10.4 billion AED will be added to the Dubai economy via data every year by 2021 - enabling innovation that is estimated to directly contribute over 1% of GDP.
The UAE is also currently ranked as the first in the Arab world when it comes to AI, highlighting the powerhouse the UAE is set to become within the AI industry.
What is the UAE’s plan to grow the AI industry?
The UAE understands the huge value of AI and the big impact it can have on growing the UAE’s economy. In response to this they have developed a fully fledged plan on how they will adopt AI and attract the top AI talent and businesses. It’s the most in depth strategy developed by a country and focuses on how AI can revolutionise nine sectors including transport, health, space, renewable energy, water, technology, education, environment, and traffic.
The plan places a big focus on boosting government performance at all levels and covers the steps it wants to take to make the UAE the first in the field of AI investments across various sectors.
Along with developing a strong strategy, they have also appointed a Ministry of AI. Appointed back in 2017, Omar Bin Sultan Al Olama’s main aim is to invest in advanced technologies and AI tools.
Carrying out large events and expos is also another key way the UAE plans to grow its AI industry. Events such as the AI Everything summit and the Dubai World Expo 2020 are key in bringing together large numbers of talented people in the AI space from technology powerhouses, startups, and international academia.
8TOPUZ ARE THE PIONEERS OF AI-BASED AUTOMATED INVESTING
How will the UAE benefit from AI?
AI will revolutionise and improve many industries in the UAE. In the healthcare industry people will benefit from AI and robotics being used to largely automate surgeries. In the finance space people can benefit from AI algorithms being used to automate trading activity. AI will also be used at airports to detect and report suspicious people!
AI is set to benefit society as a whole. It can even help eliminate all mundane and tedious tasks that many of us currently face every day, such as data entry and answering emails. AI will radically change everyone's lives in the UAE and around the world.
How is the UAE partnering with AI businesses?
Startups that are working in AI technologies are discovering that the UAE is a great environment to operate and grow in. This is reflected in the growing number of AI startups in Dubai. As of August 2019 there are 51 Artificial Intelligence startups and with the city promoting innovative initiatives and tech programs to incentivise AI startups, this number is expected to grow.
The UAE is also making various changes to attract the best talent and businesses in the AI space.
One incentive they are implementing to achieve this include authorities in Abu Dhabi launching a $272 million scheme to attract and develop technology start-ups. While another incentive includes making significant adjustments to its long-term visa system and allowing people to obtain five and ten-year visas.
Investors from Dubai are also forming strategic partnerships with AI businesses.
These partnerships allow businesses to benefit from the booming artificial intelligence industry and innovative developments driven by the local UAE government with strong ambitions as seen through the Smart Dubai initiative and the Ministry of Artificial Intelligence.
8topuz is an example of a business that is benefiting from these strategic partnerships. With SEED Group, and 8topuz forging a new partnership to provide a solution for any investor/trader looking for an automated trading solution in the United Arab Emirates (UAE).
These mutually beneficial partnerships are allowing AI businesses and investors from countries such as the UAE to accelerate their businesses and presence within the MENA region.