Here’s Why Dubai Is Primed To Lead The Global Race In Artificial Intelligence
Entrepreneur contributors’ opinions are their own.
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Dubai, the city famous for its skyscrapers, luxurious lifestyle and soaring buildings, has set a new target: to become the capital of artificial intelligence (AI).
Already, the foundations are being laid. The UAE was first to appoint a Minister for Artificial Intelligence (AI) in 2017. When OpenAI launched ChatGPT, paving the way for the future of chatbots in November last year, Dubai had already attracted a large number of entrepreneurs.
Dubai International Financial Centre, DIFC, reports that in 2022 more than forty tech companies are expected to open offices or establish a formal presence.
Money is a good indicator of Dubai’s tech growth. According to The Financial TimesDubai ranked as the top city for greenfield foreign direct investments (FDIs) in both the years 2021-2022. In 2022, alone, US$23 billion was invested in the city. Dubai’s international reputation is on the rise.
In recent years, the Dubai International Chamber has opened offices in many countries around the world, including the UK and Singapore.
The race for AI dominance will be the most important and consequential tech race since the search engine sprint. Dubai needs to be more than just a tech-savvy city. It needs policies and strategies specific to the AI sector.
Recent announcements highlight Dubai’s commitment in this area. The DIFC announced the establishment of an “AI & Web3.0 Hub” to attract 500 tech companies by 2028. According to Arif Amari, Chief Executive Officer of DIFC Authority, the hub will be a “catalyst” for growth that will attract “global entrepreneurs, startups, venture investors, and industry leaders”.
In October, the city will host a generative AI assembly that will bring public and private organisations together to discuss this emerging technology and its possibilities. And the UAE has thrown its weight behind AI investment, investing $73 millions in AI by 2020. They predict that the AI industry will be worth $1.9 billion across the Emirates by 2026.
The UAE AI seal is a new marker that has been introduced to identify ethical, high-quality AI companies. It is hoped that this will attract more talent and businesses across the world.
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AI technology is advancing rapidly. A collaborative, agile environment will be key to achieving breakthroughs in this space. It is one that is focused on sharing ideas and expertise. A contagious drive to push boundaries and work hard is also important.
Dubai, according to me, is uniquely placed to facilitate all this, and will, therefore, be the host of AI technology that will dominate industry in the future. It is located between East and West and can trade information and talent with other business hubs around the world. It’s also brimming over with forward-thinking and determined entrepreneurs. The appetite for innovation is something I’ve not felt anywhere else.
Dubai has the location and entrepreneurial spirit, as well as the regulatory environment, to be a leader in AI. Dubai would reap immense benefits. The city would become the incubator and host to a multitude of world-changing and life-changing technology. Its reputation would grow and attract more innovators in the tech industry.
AI innovations that emerge here will also solidify the city’s position as a leading smart city. AI-driven automaton will increase efficiency and reduce costs, allowing infrastructure investments to be made. Automation will also allow me to spend more time on lifestyle activities, one of my main reasons for moving to Dubai. The city will be able to better attract top talent for tech advancements.
AI can be a very lucrative business. Goldman Sachs reported that generative AI may result in an increase of 7% in the global gross domestic products (GDP) and increase productivity by 1.5% in the next decade. A tech hub that is able to capture a substantial portion of this rapidly growing industry can expect rapid growth.
I’m convinced that Dubai could be a winner in the AI Race if it makes a strategic shift to AI. The path to success can never be guaranteed. OpenAI is a leader in AI and it’s based in Silicon Valley, the “old guard”, tech hub. The rest of world knows the potential of AI. Dubai is the newcomer in the race. It has a mountain to climb to compete with the tech hubs which have been dominating for decades. The city has all it takes to be successful and meet the challenge.
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