The UAE expects artificial intelligence (AI) to contribute 14 percent to the country’s gross domestic product (GDP) by 2030. Moreover, AI will increase productivity by 50 percent, stated Omar Sultan Al Olama, minister of state for artificial intelligence, digital economy, and remote work applications during his participation in the Digital Readiness Retreat.
Al Olama also expected the economic returns of AI to reach $320 billion in the Middle East, underscoring the potential and opportunities of this technology to change the landscape of sectors and economies around the world and redefine jobs, skills and qualifications.
AI’s opportunities and challenges
While AI holds great potential to increase productivity and contribute to the UAE’s economic growth, Al Olama highlights some of its most prominent challenges. Using deep fakes, $25 million was stolen from a global company, and AI facilitated the rapid production of thousands of toxic compounds in less than six hours, he said as an example.
However, factories globally save millions of dollars by significantly reducing costs through AI. Moreover, companies across the UAE have achieved a commercial value of AED1.84 billion by leveraging AI techniques. In addition, the Environment Agency in Abu Dhabi utilized AI to monitor soil and verify the quality of 250 sites covering an area of 3.8 million square meters in just 50 days. This underscores the importance of using AI responsibly to benefit communities and enhance human safety.
Read: Qatar announces $2.47 billion AI incentive package
UAE’s flexible legislative environment supports innovations
Minister Al Olama also highlighted the fast adoption of AI globally, necessitating governments to rapidly adapt to ensure leadership in this field. Hence, the government’s role today lies in keeping pace with global changes to lead the future.
The UAE, in particular, acknowledged this transformation early on and developed data centers. Moreover, the UAE has heavily focused on developing skills in this sector which contributed to its leading position and the third globally in AI intelligence talent relative to its population size. Furthermore, the UAE has focused on developing educational institutions to keep up with global development like AI language models and other major projects.
Finally, Al Olama stated that the UAE’s flexible legislative environment and constant collaborations with private sector institutions aim to foster a conducive environment for prosperity and development.
For more news on technology, click here.