UAE’s economy is going to get a booster shot of $96 billion
A study by PwC predicts that rapid adoption of artificial intelligence (AI) solutions will increase the UAE’s GDP by $96 billion by 2030, enabling organizations to better meet and predict customer and citizen trends and drive digital business innovation.
As the UAE Strategy for AI guides nationwide transformation, AI and machine learning are entering the mainstream. PwC predicts that AI will contribute USD 96 billion in UAE GDP 2030.
By industry, Accenture says finance (USD 37 billion), healthcare (USD 22 billion), and transport and storage (USD 19 billion) will see the biggest growth by 2035.
“Artificial intelligence solutions can enable new innovations that can augment the existing workforce, optimizing costs, efficiency, and innovation. Banks can analyze credit and loan repayments, hospitals can predict patient treatment success, and government agencies can enhance mega-events management,” said Savitha Bhaskar, COO at Condo Protego, the UAE-based IT infrastructure and information management consultancy and solutions provider.
However, AI on its own is not enough. Organizations also need to have in place the next step, machine learning, where machines or applications learn from massive data sets, and uncover patterns that are largely beyond what people could uncover themselves.
“AI and machine learning solutions should meet business needs, and not merely have futuristic technology for technology’s sake. The massive computing power needed for AI and machine learning also means that organizations need to invest in high-performance information management infrastructure,” added Savitha Bhaskar.
At the forefront
The UAE is the most aggressive in the region when it comes to technology programs adoption. The UAE is steadfast in its efforts to take the region towards a technology-rich environment.
In April this year, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, recently launched the ‘UAE Blockchain Strategy 2021’.
“The adoption of this technology will reflect on the quality of life in the UAE and will enhance happiness levels for citizens,” said Sheikh Mohammed at the launch.
“50 percent of government transactions on the federal level will be conducted using blockchain technology by 2021,” he added.
“Adaptation to advanced technologies and utilising them in serving society and enhancing the efficiency of government performance is a firmly established approach adopted by the UAE,” Shaikh Mohammad said.