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 us with 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, 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. Policymakers and business leaders gathered at the World Economic Forum in Davos: realizing high growth in a volatile and low-growth economy.
The UAE's involvement in the 54th session of the World Economic Forum 2024 strengthens the UAE's commitment to raising its economic profile and global competitiveness in all sectors that support the national 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 the challenges of today's life, technology has emerged as a beacon of optimism.
for example AI, which provides 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 the UAE, the Dubai Ethical AI Toolkit has been created to provide practical assistance across the city's ecosystem. This supports industry, academia and individuals in understanding how AI systems can be used responsibly. It consists of principles and guidelines as well as self-assessment tools for developers. The ultimate goal is to achieve broad agreement and implementation of mutually agreed policies to inform the ethical use of AI worldwide, not only for international security and ethics but also as a driver of a better global economy.
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.
The launch of this initiative is in line with the directives of His Highness Sheikh Muhammad bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to apply the latest AI technologies in various sectors.
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.
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. As we face the complexities of the modern world, we need to seize opportunities to innovate, empower businesses, and build a more prosperous and sustainable future for all.
ref : economymiddleeast.com