Artificial intelligence (AI) could help increase the UAE’s gross domestic product by 35 percent by 2031, according to a new report.
The Ministry of Economy said that the economic impact of the country’s investment in the technologies of the “Fourth Generation of the Industrial Revolution,” most notably artificial intelligence, AI, will not be restricted by cost, consumption, production and productivity, and will achieve major economic growth through smart investment in various sectors, based on many international studies that predict that the UAE will become the global centre of AI by 2030.
The Ministry of Economy said that AI technologies will cut the government’s annual spending by 50 percent, through reducing the number of paper-based transactions and saving millions of hours that are wasted annually when completing these transactions.
The report also predicts that the UAE’s AI strategy will generate an annual economic return, in many sectors, of around AED22 billion, through raising individual productivity by 13 percent, saving 396 million hours annually from commuting, reducing transportation costs by 44 percent, which is equivalent to AED900 million.
It will also limit carbon emissions and environmental pollution by 12 percent, which is equivalent to AED5.1 billion, limiting traffic accidents and their resulting losses by 12 percent, which will save AED2 billion annually, reducing the need for parking spaces by 20 percent, and saving AED18 billion by raising the efficiency of the transportation sector in Dubai by 2030.
The report also expects the UAE to benefit from the development of AI, not only in terms of improving project performance but also in terms of reducing the number of foreign workers and rebalancing the structure of the population and job market, which will reduce the value of financial transfers sent abroad from the country’s economy.
In October 2017, the Vice President, Prime Minister and Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, announced the launch of the “UAE Strategy for Artificial Intelligence,” which is the first major project of the UAE Centennial 2071 that aims to improve government performance, accelerate the country’s development, and create innovative and creative working environments with high levels of productivity.
