|
Listen to this story:
|
- Private sector AI investments could add Dh335 billion to UAE’s economy by 2031.
- Global AI market is projected to reach $200 billion by 2025, up from $142.3 billion in 2023.
- Experts emphasize responsible investment in AI for sustainable economic growth.
The Potential of AI in UAE
Investment in Artificial Intelligence (AI) is poised to significantly boost the UAE’s economy, potentially adding an extra Dh335 billion ($91.28 billion) by 2031. This forecast was highlighted at the “Artificial Intelligence (AI) For All: Empowering Responsible Investment” conference, organized by the Dubai Stockbrokers and Investment Services Group (DSIG) at the Dubai Chambers head office.
Government Vision and Industry Insights
“The UAE aims to become a global leader in AI by 2031, aligning with our Centennial 2071 Vision,” said HE Omar Sultan Al Olama, UAE Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications. “This initiative will create new economic opportunities and foster growth across various sectors.“
Growing Investment in AI
Private sector involvement in AI is crucial. Sameera Fernandes, Chairwoman of DSIG and Chief Sustainability Officer of Century Financial, urged, “Increased investment in AI will not only make the private sector smarter but also ensure long-term sustainability.” Global corporate investment in AI has surged, totaling $934.2 billion from 2013 to 2022, with a peak of $276.1 billion in 2021 due to the rise of technologies like ChatGPT.
The Future of AI
Looking ahead, AI technologies are set to revolutionize productivity and efficiency. By 2026, over 60% of generative AI solutions will integrate multimodal AI models, according to recent studies. The global AI market, valued at $142.3 billion in 2023, is expected to reach $200 billion by 2025, driven by sustained investments.
Sustainable Investment
Fernandes emphasized the need for responsible and forward-looking investments: “As we navigate the Fourth Industrial Revolution, it’s essential to invest in digital assets and businesses to maintain our leadership in innovation and transformation. Developing digital skills is equally important to manage the evolving economy.“
Related Article: UAE Signs MoU to Advance Sustainable Energy with Focus on Innovation and Carbon Capture
Global and Regional Context
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% of GDP in leading economies.
As the AI landscape evolves, the UAE’s private sector is encouraged to seize the opportunity to invest in AI. This not only promises substantial economic returns but also aligns with the nation’s vision of becoming a leader in innovation and technology.