AI-driven innovation among businesses in the UAE
The UAE is swiftly solidifying its position as a leader in AI, unlocking vast opportunities for businesses to harness this technology. With a well-structured and robust approach, the UAE is propelling business growth and driving economic expansion through AI adoption.
The country is witnessing a surge in AI-driven innovation, where companies are leveraging AI to disrupt traditional business models and create new market opportunities. By adopting AI technologies, businesses can enhance their product development, optimize operations, and offer innovative solutions that cater to niche markets.
Local initiatives play a pivotal role in supporting the integration of AI across all types of business, including startups and SMEs. For example, the UAE has a vision to become one of the leading nations in AI by 2031 in alignment with the UAE Centennial 2071, creating new economic, educational, and social opportunities for citizens, governments and businesses and generating up to AED 335 billion in extra growth.[1] This vision not only drives the UAE’s economic growth and diversification, but also strengthens the country’s position as the regional hub for AI startups and businesses.
Upskilling the workforce
As the UAE seeks to position itself as a leader in technology adoption, there is a pressing need to upskill and reskill the workforce to meet the demand of an AI-powered economy. The UAE has acted on multiple fronts to develop its AI talents, investing in the country’s AI infrastructure, building partnerships, and launching key initiatives.
The UAE has launched the Dubai AI Campus, which aims to attract over 500 tech companies and create more than 3,000 jobs in the AI sector. The UAE has also partnered with various educational institutions to promote AI learning. These include the Mohamed bin Zayed University of Artificial Intelligence, which offers specialized AI programs and internships. In addition, the National Programme for Artificial Intelligence has collaborated with the University of Birmingham to equip national talents with future tools and skills and enhancing their knowledge with the latest global developments in the fields of AI and generative AI.
These initiatives contributed to positioning the UAE as the third globally in attracting AI talent, as reported in the AI Index report published by Stanford University.
Regional overview
On a broader scale, the Middle East is also set to witness a significant growth driven by generative AI. As the Fourth Industrial Revolution unfolds, generative artificial intelligence (AI) has proved to be a transformative force that has the potential to reshape industries and redefine how we interact with technology. The Middle East is poised to benefit significantly from this evolution, with the region’s generative AI economy projected to reach nearly $24 billion per year by 2030[2].
Generative AI represents a paradigm shift in how businesses operate. By automating tasks and enhancing decision-making processes, organizations can streamline operations and improve efficiency. It is anticipated that generative AI will have the largest impact in sectors such as media and entertainment, healthcare, and banking, with potential economic gains of $8.5 billion, $3.8 billion, and $3.5 billion respectively across the Gulf Cooperation Council (GCC) region.[3] This shift enables businesses to focus on strategic initiatives rather than ordinary tasks.
According to report published in July by Strategy&, the consulting arm of PwC, the generative AI-supported improvements in tech efficiency and efficacy will have the biggest impact in Saudi Arabia and the UAE in terms of annual economic boosts of $12.2 billion and $5.3 billion respectively.[4]
In addition, 73% of C-level executives in the region are planning to increase their investments in AI technologies this year, according to a report by Accenture [5]. This momentum reflects a growing recognition of AI’s potential to drive innovation and improve customer experiences across various sectors.
In conclusion, generative AI is not just a technological advancement; it is a catalyst for change that has the potential to redefine industries and elevate customer experiences in the UAE and the Middle East. As we navigate this new industrial revolution, with governments actively supporting and promoting AI integration, it is essential for businesses to embrace these innovations. By doing so, we can unlock the full potential of generative AI and shape a future where technology enhances human creativity and connection.
[1] https://ai.gov.ae/wp-content/uploads/2021/07/UAE-National-Strategy-for-Artificial-Intelligence-2031.pdf
[2] https://www.consultancy-me.com/news/6856/middle-easts-gen-ai-economy-could-reach-24-billion-per-year-by-2030
[3] https://www.consultancy-me.com/news/6856/middle-easts-gen-ai-economy-could-reach-24-billion-per-year-by-2030
[4] https://www.pwc.com/m1/en/media-centre/articles/generative-ai-presents-both-opportunity-and-risk.html#:~:text=Management%20consultancy%20Strategy%26%20estimates%20that,are%20adopting%20GenAI%20is%20remarkable.
[5] https://newsroom.accenture.com/news/2023/among-c-suite-leaders-ai-is-top-digital-priority-in-the-path-to-operational-resilience-finds-accenture-study
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