The strategic investments in AI to propel the market growth in the UAE.
The United Arab Emirates (UAE), a prominent hub for international trade and business in the Middle East and North Africa (MENA) region, has rapidly evolved into a highly competitive market for the Information Communication Technology (ICT) industry. In line with its commitment to diversify its revenue sources and foster private sector growth, the UAE government has embarked on a journey to build a thriving knowledge-based economy. This vision includes establishing an open, efficient, effective, and globally integrated business environment, which has positioned the UAE as a global technology leader.
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Source: Interviews with Experts, Whitepapers, MarketsandMarkets Analysis
The UAE government has taken a series of strategic steps to drive the development of a knowledge-based economy, which has resulted in the emergence of more than 11,000 startups. These startups, nurtured by a supportive ecosystem and favorable regulations, have been instrumental in driving innovation across various sectors. The UAE’s substantial investments in emerging technologies, with a particular focus on AI, are expected to reach over USD 33 billion by 2027, contributing to the rapid transformation of the nation into a smart and technologically advanced environment. Smart cities have sprung up, featuring autonomous transportation systems, advanced healthcare, renewable energy solutions, and more.
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The UAE’s Fourth Industrial Revolution Strategy serves as a unique and practical framework, guiding policymakers in their efforts to adopt advanced technologies and transform emerging challenges into opportunities that benefit not only the UAE but also the global community. The absence of significant trade barriers in the UAE, particularly in Dubai, has made it a preferred destination for businesses looking to serve the entire MENA region. This, in turn, fuels a growing demand for IT software and services within the UAE.
Moreover, investments are driving demand for ICT products and services across a wide array of sectors, including healthcare, space, aviation, aerospace, defense, transportation, retail, financial services, hospitality, and various segments connected to the UAE’s ambitious economic diversification plans. The UAE government has also implemented policies to encourage the use of open data, and in September 2021, it published a federal decree law concerning Personal Data Protection, ensuring the confidentiality of information and safeguarding individuals’ privacy within the country.
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One of the most remarkable aspects of the UAE’s AI investment is the expected commercial benefits, particularly in Generative AI, which are estimated to reach a staggering USD 5.3 billion by 2030. This translates to a remarkable return rate of nearly 990% on every dollar spent, highlighting the substantial commercial potential that AI holds for the UAE. In addition to the economic benefits, AI investments support human capital development by upskilling the national workforce in AI-related and other domains. Furthermore, AI plays a pivotal role in refining policies and regulations, helping establish a robust AI infrastructure, governance framework, and responsible data usage practices that solidify the UAE’s position as a global leader in ethical technology and AI innovation. The UAE’s commitment to technological advancement and economic diversification through AI underscores its ambition to lead the way in shaping the future of the ICT industry and beyond.
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