UAE fast-tracks digital economy growth

The UAE government’s initiative to adopt advanced technology and enhance the utilisation of artificial intelligence in designing solutions to critical challenges will speed up digital economy growth and contribute to building a better future.

Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, speaking at a meeting in Dubai said the UAE Council for AI and Blockchain seeks to promote collaboration between various departments and pave the way for new opportunities.

Addressing the AI council meeting, the minister said the adoption of new solutions based on technology and digitization would enhance the country’s competitiveness and global leadership.

The UAE Digital Economy Strategy, which was approved by the Cabinet in April 2022, aims to double the contribution of the digital economy to the GDP from 9.7 per cent to 19.4 per cent within the next 10 years. The strategy includes more than 30 initiatives and programmes targeting six sectors and five new areas of growth.

It recognises that information, data and technology are today the primary sources and stores of value. The UAE already has the foundation for the digital economy, boasting one of the world’s deepest FTTH (fibre to the home) penetration rates, reaching 95.7 per cent of homes across the UAE.

According to ‘The Connectivity Index’ issued by Carphone Warehouse in 2021, the UAE achieved first place amongst the Arab countries and the third position globally in launching and deploying 5G networks.

The UAE has embraced 5G to digitally transform vertical industries, enhance productivity and open new opportunities. That focus is paying significant dividends as more businesses go digital. New 5G ecosystems have been built while original 5G-powered applications have been introduced to local industries.

— issacjohn@khaleejtimes.com