Dubai is on the verge of achieving a number of its goals, including being the world's
smartest city and a hub for business and partnerships, with policies that promote innovation, investment,
and the development and implementation of cutting-edge technology.
In this video, we will look at how Dubai will become the AI capital and its 320 billion
dollars profit strategy.
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So without wasting any more time, let's get into the video.
What is the first thing that comes to your mind when you hear the word Dubai?
It's oil, isn't it?
Artificial Intelligence (AI) is likely to be a massive game-changer in the global economy,
with a lot of money to be made.
We anticipate that by 2031, AI will contribute $15.7 trillion to the global economy, more
than China and India combined.
Dubai, the UAE's and one of the world's leading economies, has moved its attention to new
and future technologies to help enhance efficiency and profitability in major industries.
According to research, the federal government of Dubai undertakes about 250 million paper
transactions annually in the form of paperwork and legal documentation.
Furthermore, these transactions are completed by hand, resulting in the expenditure of nearly
190 million hours of labour!
Due to the high expenses of the process, Dubai's government developed its 'Artificial Intelligence
Strategy 2031,' which aims to integrate AI-based technologies into the public sector in order
to reduce costs and increase profitability.
To that goal, the government has launched over 100 smart initiatives and 1,000 smart
services to improve seamlessness and sustainability, as well as to revolutionize how government
services are given to citizens, hence enhancing their happiness quotient.
Dubai was recently recognized by the United Nations as a role model for a smart, sustainable,
and resilient metropolis as a result of its ground-breaking initiatives.
The city is poised to become one of the world's smartest cities and a leader in technology
and innovation, with initiatives such as the Dubai Data Strategy, Dubai 10X, Smart Dubai
2021, Dubai Blockchain Strategy, and Dubai Pulse Platform, among others, influencing
the lives of not only its citizens but also businesses that will benefit from these endeavours.
The city is making daily procedures and operations more efficient by creating a world-class infrastructure
that supports and fosters the development, business, and innovation.
Education, transportation, defence, space exploration, and energy are among the industries
Dubai seeks to improve through AI.
The Ministry of Artificial Intelligence in Dubai, led by His Highness Omar Sultan Al
Olama, is investing billions of dollars in the adoption, development, and deployment
of AI.
His Highness Omar Sultan Al Olama had previously said, "In 10 years, Dubai will become the
capital of AI in service and government."
His ultimate vision is to make everyone in Dubai, including residents and visitors, feel
like they are living in the future.
Dubai's government has been significantly investing in AI-based solution providers in
order to establish itself as a worldwide leader.
Dubai has received more than US$ 21 billion in foreign direct investments in the field
of AI alone as a result of its heightened interest.
When did all of these plans and projects start in Dubai?
Make sure to see the video completely to find out and consider subscribing to the channel.
Dubai's push into cutting-edge technology began in 2016, when His Highness Sheikh Mohammed
bin Rashid Al Maktoum, the ruler of Dubai, unveiled the inaugural US$ 270 million Vision
Fund, which included a specialized accelerator programme.
The fund has given a stable basis for growing start-ups and enterprises in the field of
AI research and development during the previous four years.
The success rate of Dubai's accelerator programme has investors all around the world enthralled.
Over 4,000 applications were received in only a few years.
Dubai's commitment to merging private organizations into governmental duties in order to improve
the lives of its citizens better is what actually sets it apart from the others.
Dubai is able to attract the brightest individuals to its country, handle key issues in various
sectors, and offer cutting-edge solutions by combining government organizations with
these private entities.
This has lifted regional players' spirits, as local firms have begun experimenting with
AI technology with noteworthy results.
This has defined Dubai's success, as it currently stands head and shoulders above the competition
when it comes to AI-based technology.
Dubai is well on its way to becoming the world's smartest city, a podium place it intends to
carve itself into by the year 2021 by investing significantly in businesses to increase their
interests in the Middle East.
This strategy has sparked a desire for next-generation apps that can help lead the charge in this
revolution for various government services as well as industries by creating solutions
to bridging gaps.
Dubai is the largest centre for Information and Communication Technology (ICT) business
in the MENA (the Middle East and North Africa) region, with over 1,600 businesses in the
industry.
Progressive policies and initiatives have contributed to the city's status as the third-best
in the world to live and work.
More investors are coming to the region due to government-backed residency programmes
and legislation allowing for 100 per cent foreign ownership.
In tandem with IBM, Dubai has established a first-of-its-kind AI Lab, which uses AI
technology and machine learning to improve government and city experiences and services.
It also aims to assist the community and companies in making better use of technology to improve
their functioning and operations.
In the meanwhile, an increasing number of cloud service providers, such as IBM, are
establishing data centres in the UAE.
According to several local firms, while the region is regarded as being culturally conservative,
its AI strategies are more liberal and aggressive.
Governments and companies across the Middle East recognized the worldwide move toward
AI and sophisticated technologies in the aftermath of the fourth industrial revolution.
They had to decide whether to participate in the technological revolution or risk being
left behind.
When it comes to the region's economic impact, being left behind was not an option.
According to research, AI's potential contribution to the world economy could reach about $16
trillion by 2030, with the Middle East accounting for 2% of the total global AI benefits.
This translates to 320 billion dollars.
The UAE, where AI is predicted to contribute close to 14 percent of GDP, and Saudi Arabia,
where AI is expected to contribute close to 13 percent of GDP in 2030, are expected to
benefit the most.
The contribution of AI to these two nations' economies is comparable to the economies of
Southern Europe and developed Asia.
Through the invention of new innovative services and entirely new business models, AI has the
potential to radically disrupt markets in the Middle East.
The initial wave of digitalization has already had an impact.
In ten or even five years, some of the industry leaders may become businesses you've never
heard of, thanks to AI's explosion.
Tomorrow's market leaders are likely to be studying possibilities and formulating tactics.
In the present situation, the area will be able to profit from the AI phenomena and pump
US$320 billion into the economy.
There is so much more 'up for grabs' and countless chances if governments and corporations foster
and develop AI to its full potential.
The adoption potential of AI varies per sector.
According to studies, the financial industry offers the greatest opportunity for AI in
the Middle East, with 25 percent of all AI investment in the area expected to be spent
on creating AI solutions by 2021.
The industrial sector is followed by the public sector, which includes education and healthcare.
AI's influence in the industrial sector will depend on factors like the ability to automate
processes: AI is most likely to benefit labour-intensive industries like retail and health care, which
have more room for automation.
AI adoption is predicted to boost labour productivity in these areas significantly.
Despite the larger potential for direct benefits in specific industries, the gains are unlikely
to be concentrated in the industries that develop and use AI technology.
As these industries develop as a result of AI's direct effects, their need for inputs
from other sectors will rise as well.
Similarly, the higher pay linked with better labour productivity in these industries will
boost consumer demand across the economy.
These indirect and induced effects of AI are expected to be felt by businesses and consumers
across the economy, and they will contribute to AI's overall economic impact.
The world is moving towards AI, and the area has the potential to have a vital role in
the global stage at this early stage of development.
Based on recent initiatives and developments in the UAE, particularly in Dubai, the city
appears to be on course to meet its objectives.
However, there are more unexplored prospects that might boost AI's economic influence in
the region.
The federal government still has a long way to go, but one thing is obvious: even if Dubai
doesn't accomplish its goal, it will not be due to a lack of effort.
That brings us to the end of today's video.
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