Tuesday, 02 January 2024 12:17 GMT

Dubai Chocolate, Minister Of AI Prove Emirate's Clout As Hub Of Global Trends


(MENAFN- Khaleej Times)

The viral rise of Dubai chocolate - a pistachio-filled confection that took over TikTok and captivated dessert lovers from US' Utah to New York - has done more than satisfy sweet cravings.

It's become a symbol of Dubai's growing clout as a global launchpad for brands and digital innovation.

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At the Dubai Business Forum – USA in New York, speakers highlighted how Dubai's creative energy and digital ecosystem are turning it into a hub where trends are born and exported to the world.

Matt Higgins, CEO and Co-Founder of RSE Ventures, said the viral dessert marked a major shift.“I think Dubai chocolate was a turning point. You know, here's a product that emanated. I remember going to my brand saying, I think this is going to be big. I think now there's an expectation that consumer brands can start in Dubai,” he said.“And live shopping is a massive industry now that's also hit a tipping point. I think Dubai has an opportunity to be the capital of live shopping and more consumer brands actually launching from Dubai and exporting it to the rest of the world.”

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The Dubai chocolate phenomenon has since rippled across global markets. According to The Wall Street Journal (WSJ) at Crumbl's Utah headquarters (in Western United States), employees have been developing a new pistachio-chocolate dessert inspired by the trend. Earlier this year, Shake Shack's Dubai Chocolate Pistachio Shake reportedly sold out in hours across the US, while Lidl's Dubai-style chocolate bar vanished from shelves within a day of its launch.

Dubai's AI minister becomes global tech icon

Industry experts emphasized that this global appetite for Dubai-origin trends is closely linked to the emirate's deep digital infrastructure and its embrace of AI-driven innovation.

Arshad Ghafur, President, Middle East & North Africa, Bank of America, noted,“I think it's evidenced by the number of electronic retail transactions that happen, the fact that you could be in one place and buy product from anywhere in the world. The digital penetration in the Middle East is extremely high relative to other places. And I think that actually lends itself towards an economy that is digitally or economically focused. I think that's going to continue.”

Meanwhile, this intersection of digital commerce and technology was a recurring theme at the forum. Higgins pointed out that Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, in the Government of UAE has become a global symbol of tech leadership.“When we talk about Minister of AI... there'll only ever be one minister of AI for me, no matter how many eventually spread around the world,” Higgins said.

“It's not an exaggeration to say that that is such a competitive differentiator - how many people around the world say the word Omar and they know who you're talking about... Every startup, every AI startup today is being advised that one of their first stops should be the UAE, specifically Dubai, to meet with Omar," he added.

AI to create new jobs, new economies

For Dubai, the drive toward AI and digital transformation is about more than technology - it's about building a sustainable and inclusive economic future.

Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, explained that Dubai's AI focus“is not for luxury or foreign trends. It's really to become more productive in terms of economy, better social welfare and for improving the whole ecosystem and the city.”

He added that the emirate aims for its digital economy to contribute up to 20 per cent of GDP by 2031.“To be able to do that, we need to do a lot of policy reforms. A lot of investors from the US already are noticing opportunities in the digital economy... Last four years, we had $1 billion coming from the US with around more than 140 investors of different size, and this number keeps increasing.”

Lootah emphasized that Dubai's approach to AI is about empowerment rather than disruption.“The world constantly fears what will AI do (how will it) to impact jobs,” he said.“What we believe is, how can we utilize the latest technologies and unlock growth opportunities. We always believe that it will create new types of jobs and new types of economies.”

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Khaleej Times

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