UAE

Life and Living

World

Opinion

Business

Sports

Entertainment

Lifestyle

Travel

Reviews

Brands

Supplements

KT Events

KT APPDOWNLOAD

Type your keywords

How is AI changing businesses in the UAE?

Serial entrepreneur Yatin K. Thakur, founder of Asiarath, discusses the impact of AI

Read more...
by

Somya Mehta

Published: Thu 24 Oct 2024, 11:41 PM

Last updated: Mon 28 Oct 2024, 1:30 PM

In the current economy, data is revolutionising the way businesses function. From understanding human behaviours and usage patterns to customising designs, artificial intelligence (AI) has the ability to do it all. The UAE has always taken the lead in adopting this new technology, particularly in Dubai, where the government has established a Centre for Artificial Intelligence, led by the Dubai Future Foundation, as well as a Dubai Campus for AI within the Dubai International Financial Centre (DIFC). These initiatives invite innovations and support them by providing access to early adopters. Serial entrepreneur Yatin K. Thakur, founder of Asiarath, discusses the impact of AI on businesses in the UAE and what to anticipate in the future.

Advertising
Advertising

How can businesses in the UAE prepare themselves to leverage AI effectively for growth and innovation?

The UAE has taken the lead in the adoption of AI across various sectors. The Government of Dubai has implemented several initiatives to understand AI and support companies, particularly in the AI sector. Some of these initiatives include the Dubai Centre for AI by the Dubai Future Foundation, the Dubai Campus for AI by DIFC, the Dubai Assembly on AI, the Prompt Engineering Challenge, the AI Retreat, and the Dubai AI and Web3 Festival organised by DIFC in September.

What opportunities do you see for AI-driven businesses in the UAE market?

Smart Governance: Most of the government services have AI bots and auto process handlers to fast-track data processing and transactions.

Smart Cities and Infrastructure: It can optimise urban planning and development.

Supply Chain Optimisation: AI to enhance inventory management, demand forecasting, and logistics.

Predictive Maintenance: AI for managing and optimising energy distribution and consumption and to predict and prevent equipment failures in energy plants.

Manufacturing Automation: AI for automating manufacturing processes, quality control, and predictive maintenance.

Surveillance Systems: AI-powered surveillance for enhanced security.

How does the UAE compare to other markets in terms of AI adoption?

The UAE has a robust national strategy for AI, aiming to become a global leader by 2031. The UAE government established the Ministry of Artificial Intelligence in 2017, and opened dedicated centres of excellence and innovation such as Dubai Centre for Artificial Intelligence (DCAI) as well as Dubai Campus for AI by DIFC. Recently, the government appointed 22 Chief AI Officers across departments.

What strategies should UAE businesses adopt to remain competitive?

It is important for the founders and the senior team to enroll into programmes for upskilling themselves on AI tools. AI is fast developing; it is important to keep learning.

What ethical considerations should businesses keep in mind when implementing AI technologies?

Ultimately, AI is playing with data in all forms. It is important to ensure that you only use relevant data, protect user privacy and ensure robust data security measures are in place to safeguard sensitive information.

How are you preparing your business to adapt to future trends and challenges?

We are fostering innovation by fuelling the growth of AI startups through acceleration, investments, mentorship, and resources. Through our “Launchpad”, which is a joint venture between Dubai Future Foundation and Asiarath, we are enabling market access and establishment for businesses. Our focus is to support AI initiatives.

ALSO READ:

Somya Mehta

Published: Thu 24 Oct 2024, 11:41 PM

Last updated: Mon 28 Oct 2024, 1:30 PM

Recommended for you