Dubai World’s Top city for investments in Artificial intelligence, roboticsAuthor businessconsultantsdubai
The rise of artificial intelligence in Dubai, from intriguing possibility to practical real world solutions, this new technology is already becoming a part of everyday lives of Dubai residents.
In fact, the city has emerged as the world’s top ranked location in attracting foreign direct investments (FDIs) for artificial intelligence and robotics sector. The UAE ranked 6th in the Global Smart Services Index, going ahead than US, UK and South Korea, according to a study by Financial times FDI markets.
Dubai has attracted $21.6 billion FDI in high-end technology transfers, with the most from European Union i.e. $5.7 billion and from US i.e. $3.9 billion.
AI in the UAE
According to Khaleej Times, AI adoption will account for 45% of the world economy’s total gains by 2030, the UAE ranks first in the Arab world in terms of expected annual growth of AI contribution to the economy at 33.5%, followed by Saudi Arabia at 31.3%, the rest of the GCC region at 28.8% and Egypt at 25.5%.
These figures are released by the government as Annual investment Meeting (AIM) will be held in April 2019 in Dubai. The organizers of this meeting believe that digitalization is becoming an essential part of the globalization and the fact the Dubai is the leading destination for artificial intelligence and robotics means that the city is progressing towards becoming a global destination for investment in smart technologies and the world’s favorite place to go for business setup in Dubai in the field of high and futuristic technology.
According to Dawood Al Shezawi, CEO Annual Investment Organizing Committee,
“Digital growth is significant to the growth of the economy. In the UAE, it is in line with UAE Vision 2021, which aims to position the country as a top spot for tech investments.”
The UAE’s first Minister for Artificial Intelligence, Omar bin Sultan Al Olama believes that Dubai will be the capital of AI in service and government in 10 years. Also known as the city of the future, Dubai is investing billions of dollars in technological innovation and to encourage business investment in Dubai in the field of AI since this is a very interesting area and there are huge opportunities in terms of innovation.
The focus of Dubai government is to create and provide AI services that enhance experience of residents and tourists in Dubai so that they feel they are living in the city of future.
Key AI Projects in Dubai
- One of the key areas of AI development is the autonomous or smart transportation services. According to Dubai RTA-Roads and Transports Authority, 25% of all vehicles in Dubai will have autonomous capabilities by 2030.
- Government of Dubai is working with German tech startup Volocopter, which is currently trialing 2-seater automated drone style helicopters will have the capability to transport passengers high above Dubai at speeds of up to 100km/h.
- Dubai-based start-up Derq is also working with the RTA and Smart Dubai on trials of its road accident prevention technology, which utilizes sensors fixed to vehicles in conjunction with a sequence of roadside scanners to predict and caution of possible road hazards before they can result in accidents.
- Dubai Police’s new AI technology includes Smart military suit, Self-driving motorcycle, Money transfer service for prison inmates, Dubai Police chatbots, Robot to service clients, Smart Security Patrol System, Virtual Smartphone Plugin, Smart Hand Clock for Emergency Situations and AI clinic.
UAE Vice President, Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum inaugurated the $270 million Future Endowment Fund in 2016 in order to encourage tech entrepreneurs to start or expand their business in Dubai.
Annual Investment Meeting that is going to be held next month in Dubai is the world’s leading platform for FDI and power-packed with international investment community. It will gather well-known policy makers, business leaders, regional and international investors, successful entrepreneurs, renowned academics and financial experts who will provide up-to-date information and strategies on how to enhance tech solutions to attract FDI. The 3 day exhibition will also provide opportunities for governments and private organizations to unveil and promote their projects to a much diverse audience.