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UAE poised to lead AI revolution in the Middle East

Sharjah Investment Forum 2024 contributes to the UAE’s ongoing momentum in developing a tech-driven economy

The world is on the brink of a technological revolution that could jumpstart productivity, boost global growth and raise incomes around the world. Artificial Intelligence could potentially deliver additional economic output of around $13 trillion by 2030, boosting global GDP by about 1.2 percent a year, data shows.

Understandably, the role of deep tech, artificial intelligence tools and techniques in business and the global economy is a hot topic for the UAE, as the nation maps out strategic plans to achieve a quantum leap in economic growth by 2050 while making sure the growth is inclusive, sustainable and pro-humanity.

In Sharjah, the government, policymakers and economic experts have collaborated to make substantial strides in transforming its economy into a more intelligent and adaptive ecosystem through technology and innovation. Last year, the emirate dedicated 35% of its budget to bolster economic diversification and attract foreign direct investment (FDI) in AI and deep tech, green technology, advanced manufacturing, and healthcare technologies.

For the emirate — and the UAE as a whole — there are exciting new opportunities on the horizon to be at the forefront of this AI-driven transformation and lead it in the Middle East. This leadership can be demonstrated through strategic investments in emerging AI hubs, such as India and China, which are rapidly becoming global centres of AI innovation. By establishing joint ventures, technology parks, or R&D centres in these regions, the nation will tap into their vast AI talent pools and bring cutting-edge innovations to the UAE’s shores.

Moreover, the integration of AI in manufacturing and automation presents an unprecedented opportunity. Countries with robust manufacturing bases, like Germany, Japan, and Mexico, are already integrating AI and robotics into their production processes to enhance efficiency and reduce costs. By partnering with these nations or setting up AI-enhanced production facilities within Sharjah’s local economy, its manufacturing sector in particular, will be able to place itself at the vanguard of Industry 4.0.

The upcoming 7th annual edition of the Sharjah Investment Forum (SIF) is a continuation of the UAE’s leadership’s ongoing efforts to understand how AI may impact economic activity, the future of work, and how deep tech is transforming the relationship between FDI and economic growth.

On September 18-19, more than 2,000 international and local delegates including government and corporate leaders will put their heads together to forge an inclusive and sustainable way forward for developed and developing economies to collaboratively harness the myriad innovations and applications of deep tech to foster commercialisation, competitiveness and address critical global challenges.

The two-day forum’s discussion itinerary — led by more than 100 financial and technology pioneers and investment gurus, and renewable energy experts - has been curated to bring deep tech out of its veil of ambiguity and scepticism to offer practical strategies that can be applied to make a considerable and positive impact on the trajectory of future-forward economies.

Governments around the world are investing in smart city projects, and the UAE is no exception. This year, the UAE invested $3 billion in innovation, and SIF 2024, themed ‘A Futuristic Vision for Smart Economies’, takes this incredible momentum forward by offering a platform where we will hold critical discussions that will be defining for the MENA region’s future.