(MENAFN- Khaleej Times)
Private sector investment in Artificial Intelligence (AI) is expected to boost the UAE's economy, adding an extra Dh335 billion by 2031, according to industry experts and officials.
Speakers at a conference held in Dubai said it is crucial that all industry stakeholders must work closely to invest in AI, which will be the next biggest game-changer for the GCC economies and help them in their transformational journey from hydrocarbon-dependent Economy to a more digitised and sustainable economy.
The event titled: Artificial Intelligence (AI) For All: Empowering Responsible Investment, organised by the Dubai Stockbrokers and Investment Services Group (DSIG), was held at the Dubai Chambers head office.
According to Omar Sultan Al Olama, UAE Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, the UAE has a vision to become one of the leading nations in AI by 2031 in line with the UAE Centennial 2071 Vision, creating new economic, educational, and social opportunities for citizens, governments and businesses and generating up to Dh335 billion in extra growth.
Stressing that private sector involvement in AI is crucial, Sameera Fernandes, chairwoman of DSIG and chief sustainability officer of Century Financial, said:“Increased investment in AI will not only make the private sector smarter but also ensure long-term sustainability.”
Global corporate investment in AI has increased dramatically over the past decade. A Stanford University analysis estimates the sum of assets and acquisitions from minority stakes, private investments, and public offerings totalled $934.2 billion from 2013 to 2022. Recent investment peaked in 2021 at $276.1 billion with the emergence of ChatGPT.
“The UAE Government wants the country to become one of the top global hubs in innovation, technology, especially AI. Unfortunately, private sector investment in this sector is not great. Increased investment in AI will help the private sector to not only become much smarter, but also sustainable in the long run,” Fernandes told delegates at the seminar.
“In future people will produce more with fewer efforts through the use of technology in which machine learning, robotics, algorithms, big data, the Internet of Things will play a crucial role in advancing the economies to the next level. The UAE Government has already started to deploy these technologies so that the private sector could invest and grow these sectors, such as driverless cars and flying taxis that will hit the UAE roads once the testing phases of these technologies are over,” said Fernandes.
“As we are already in the Fourth Industrial Revolution, investment should be made in digital assets and businesses that will help the UAE to remain at the forefront of innovation and transformation so that we can lead the world in economic activities,” she said.“Our private sector should also invest in developing human talents to manage the new-age economy with digital skills so that they can lead the new economy.”
While the UAE pushes for greater AI investment, global leaders like the United States and China have already committed substantial resources-$328.5 billion and $195 billion, respectively, over the last five years. The UK follows with $25.5 billion. AI's potential to enhance economic productivity is significant, with studies suggesting it could contribute up to 4.0 per cent of GDP in leading economies.
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