DRIVING ECONOMIC GROWTH THROUGH WITH FUTURISTIC TECHNOLOGY

Artificial Intelligence (AI) to improve the global economy and achieve sustainable progress

In the wake of global economic disruption, the need to drive a sustainable recovery has become increasingly urgent. Amid these challenges, technology is emerging as a powerful force, offering innovative solutions to drive economic growth while mitigating environmental impacts.

The past few years have provided invaluable insight into the critical role that strong digital infrastructure plays in keeping daily life going. Dubai's ability to adapt and thrive in difficult times is a testament to the effectiveness of our digital ecosystem in sustaining societal and economic activity — even in the face of unprecedented challenges.

Global View

In an era marked by various shocks and variables, the economy continues to undergo transformation. This requires vigilance, adaptability, and anticipation.

The latest insights from global economic forums and reports underscore the critical role of technology, upskilling and innovation in navigating the evolving global economic landscape. The policymakers and business leaders gathered at the World Economic Forum in Davos and other similar platforms face a major challenge: delivering high growth in a volatile, low-growth economy.

The UAE's involvement in the 54th session of the World Economic Forum 2024 strengthens our government's commitment to raising its economic profile and global competitiveness in all sectors that support its economy. By actively participating, the UAE shares experiences and contributes to developing a sustainable national and global economy.

Discussions in the country cover economics, diplomacy, education, and technology, with a focus on topics such as Artificial Intelligence (AI), global trade, economic development, and geopolitics.

The Power of AI

In facing today's challenges, technology has emerged as a beacon of optimism. Take AI, for example, which presents opportunities to increase efficiency, productivity and efficacy across a variety of domains. Among them are education, health, transportation and environmental preservation. However, realizing major advances requires concerted international cooperation to harness the full potential of AI while mitigating potential risks.

In October 2023, Digital Dubai announced the launch of the DubaiAI platform in collaboration with the Dubai Center for Artificial Intelligence (DCAI). This platform allows users to easily and seamlessly access services and information around the city. The launch of this platform will improve the quality of life from a digital perspective relating to life, work, tourism and other important sectors in people's daily lives and improve the foundation of our economy.

In addition to our DubaiAI platform, a dedicated task force across 30 government entities in Dubai has been created to harness the power of AI to transform government operations and services under the Dubai Center for AI. This task force will play an important role in supporting the implementation of various initiatives and projects, ensuring collaboration and knowledge sharing between entities and cooperation with local and global partners in the private sector.

The impact of AI and synthetic data

The generative AI sector is expected to grow from USD 10 billion in 2022 to USD 110.8 billion in 2030, with a compound annual growth rate of 34.3 percent globally. Meanwhile, synthetic data is a powerful tool for predicting industry trends and optimizing resource allocation. According to a MarketsandMarkets report, the synthetic data market is projected to reach USD 1.3 billion by 2027.

In the UAE, the adoption of synthetic data technology has seen a significant increase, with industries ranging from healthcare to finance leveraging synthetic data for predictive analysis and risk management. Synthetic data also revolutionizes decision-making processes by enabling forecasting market dynamics, identifying emerging opportunities and optimizing production processes.

By leveraging synthetic data, the public and private sectors can improve operational efficiency, reduce waste, and drive sustainable growth.

Recent data also highlights the important role of government investment in nurturing talent and driving technological innovation.

The UAE's rise as a global leader in innovation is illustrated by its top ranking in the Gulf Cooperation Council, second in the Arab world, and 32nd globally in innovation capability. This is in accordance with the 2023 Global Innovation Index.

Initiatives such as the National Innovation Strategy and the Mohamed bin Zayed University of Artificial Intelligence are examples of the government's commitment to creating an environment conducive to innovation and entrepreneurship. The investment positions the UAE as a center of innovation and technological excellence, driving sustainable economic recovery in the region and beyond.

The Intersection Between Technology and Sustainability

Climate change, global conflict and disruption of supply chains are increasingly complicating economic conditions. The need for an economy that is dynamic, growing and attractive to international investors is of paramount importance. This means cultivating a society with world-class skills and capabilities, especially in technology, and ensuring equal opportunities for everyone.

The convergence of technology and sustainability offers a path to an inclusive and resilient economic recovery.

By leveraging technology as a catalyst for positive change, countries can unlock new opportunities for growth, prosperity and sustainable development.