ABU DHABI, 27 March 2018: UAE’s Ministry of Economy said many international studies predict that the UAE will become the global centre of Artificial Intelligence (AI) by 2030.
It said this will be because of the economic impact of the country’s investment in technologies of the ‘Fourth Generation of the Industrial Revolution’.
The ministry added, in its report on AI in the UAE, that according to various international studies, AI technologies will increase the country’s GDP by 35 per cent by 2031 and will reduce the government’s annual spending by 50 per cent, through reducing the number of paper-based transactions and saving millions of hours that are wasted annually when completing these transactions, said Wam.
The report also predicts that the UAE’s AI strategy will generate an annual economic return, in many sectors, of around Dh22 billion, through raising individual productivity by 13 per cent, saving 396 million hours annually from commuting, reducing transportation costs by 44 percent, which is equivalent to Dh900 million, limiting carbon emissions and environmental pollution by 12 per cent, which is equivalent to Dh5.1 billion, limiting traffic accidents and their resulting losses by 12 per cent, which will save Dh2 billion annually, reducing the need for parking spaces by 20 per cent, and saving Dh18 billion by raising the efficiency of the transportation sector in Dubai by 2030.
The report also expects the UAE to benefit from the development of AI, not only in terms of improving project performance but also in terms of reducing the number of foreign workers and rebalancing the structure of the population and job market, which will reduce the value of financial transfers sent abroad from the country’s economy.
In October 2017, His Highness Sheikh Mohammed bin Rashid Al Maktoum, he Vice-President and Prime Minister of the UAE and Ruler of Dubai, announced the launch of the “UAE Strategy for Artificial Intelligence,” which is the first major project of the UAE Centennial 2071 that aims to improve government performance, accelerate the country’s development, and create innovative and creative working environments with high levels of productivity.