Abu Dhabi sees boom in AI companies reflecting rapid growth
Date
9/11/2024 9:18:08 AM
(MENAFN) By the end of the second quarter of this year, the Abu Dhabi Chamber of Commerce and Industry reported the registration of over 400 new companies in the emirate, showcasing a significant surge in business activity and a heightened interest, particularly in the artificial intelligence sector. According to a new research study by the Chamber, which was highlighted by a news agency, Abu Dhabi experienced the formation of an artificial intelligence company approximately every two days during the first half of this year. This trend positions artificial intelligence as the fastest-growing sector in terms of new company registrations, underscoring the emirate's ongoing efforts to establish itself as a leading global hub for innovation and AI.
The study indicates that nearly 90 new AI companies were founded in just six months, marking a substantial 41.3 percent increase in the number of such enterprises compared to the same period in 2023. This surge reflects a broader trend observed over the past few years; a previous report released by the Chamber in February revealed that the number of AI companies in Abu Dhabi had grown at a compound annual rate of 67 percent from 2021 to 2023. This impressive growth highlights Abu Dhabi's successful strategy to foster innovation and attract businesses in cutting-edge technologies.
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