In the aftermath of global economic disruptions, the imperative to foster a sustainable recovery has become more urgent than ever. Amidst this challenge, technology emerges as a potent force, offering innovative solutions to drive economic growth while mitigating environmental impact. I’ve been fortunate to see the transformative potential of technology in shaping a resilient economy.
The past few years have provided invaluable insights into the pivotal role of robust digital infrastructure in maintaining the continuity of daily life. Dubai’s ability to adapt and thrive during adversity serves as a testament to the effectiveness of our digital ecosystem in sustaining societal and economic activities — even in the face of unprecedented challenges.
The global outlook
In an era characterized by numerous shocks and variables, the economy undergoes constant transformation. It necessitates vigilance, adaptability, and anticipation.
Recent insights from global economic forums and reports underscore the critical role of technology, skill upgrading, and innovation in navigating the ever-evolving landscape of global economics. Policymakers and business leaders gathering at the World Economic Forum in Davos and other similar platforms faced a daunting challenge: delivering high growth in a volatile, low-growth economy.
The UAE’s engagement in the 54th session of the World Economic Forum 2024 solidified our government’s commitment to enhancing its economic profile and global competitiveness across all sectors that support the national economy. By actively participating, the UAE shared its experiences and contributed to developing a sustainable national and global economy.
The country’s discussions covered economy, diplomacy, education, and technology, focusing on subjects like Artificial Intelligence (AI), global trade, economic developments, and geopolitics. These topics are fundamental to our time and will continue to be focus areas for the UAE as a nation.
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The power of AI
In the face of present challenges, technology emerges as a beacon of optimism.
Take, for example, AI, which presents an opportunity to elevate efficiency, productivity, and efficacy across various domains. These include education, healthcare, transportation, and environmental preservation. Yet, realizing substantial advancements necessitates concerted international cooperation to harness AI’s potential to the fullest while mitigating potential risks.
In the UAE, Dubai’s Ethical AI Toolkit has been created to provide practical help across a city ecosystem. It supports industry, academia, and individuals in understanding how AI systems can be used responsibly. It consists of principles and guidelines and a self-assessment tool for developers. The eventual goal is to reach widespread agreement and adoption of commonly agreed-upon policies to inform the ethical use of AI worldwide, not only for international security and ethics but also as a promoter of a better global economy.
More initiatives
In October 2023, Digital Dubai announced the launch of the DubaiAI platform in partnership with the Dubai Center for Artificial Intelligence (DCAI). The platform allows users to access services and information easily and seamlessly around the city. Launching this platform enhances quality of life from a digital standpoint as it relates to living, work, tourism, and other vital sectors of people’s daily lives and improves the baseline for our economy.
In addition to our DubaiAI platform, special taskforces within 30 government entities in Dubai have been formed to harness the power of AI to transform government operations and services under the Dubai Center for AI. The task forces will play a pivotal role in supporting the implementation of various initiatives and projects, ensuring collaboration and knowledge-sharing between the entities and cooperation with local and global partners in the private sector.
The launch of this initiative is in line with the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to apply the latest AI technologies in various sectors.
The impact of AI and synthetic data
The generative AI sector is expected to grow from USD10 billion in 2022 to USD 110.8 billion by 2030, with a 34.3 percent compound annual growth rate globally. Meanwhile, synthetic data is a formidable tool for predicting industry trends and optimizing resource allocation. According to a report by MarketsandMarkets, the synthetic data market is projected to reach USD 1.3 billion by 2027.
In the UAE, the adoption of synthetic data technologies has witnessed a significant uptick, with industries ranging from healthcare to finance leveraging synthetic data for predictive analytics and risk management. Synthetic data also revolutionizes decision-making processes by allowing forecasting market dynamics, identifying emerging opportunities, and optimizing production processes.
By harnessing synthetic data, public and private sectors can enhance operational efficiency, reduce waste, and drive sustainable growth.
Government investments
Recent data also highlights the pivotal role of government investments in nurturing talent and catalyzing technological innovation.
The UAE’s ascent as a global leader in innovation is emphasized by its top ranking in the Gulf Cooperation Council, second ranking in the Arab world and 32nd ranking globally in innovation capabilities. This is according to the Global Innovation Index 2023.
Initiatives such as the National Innovation Strategy and the Mohamed bin Zayed University of Artificial Intelligence exemplify the government’s commitment to fostering an environment conducive to innovation and entrepreneurship. Such investments position the UAE as a hub for innovation and technological excellence, fostering sustainable economic recovery in the region and beyond.
The intersection of technology and sustainability
Climate change, global conflicts, and disrupted supply chains further complicate the economic landscape. The need for a dynamic economy that’s vibrant, growing, and attractive to international investors is paramount. This entails nurturing a society with world-class skills and capabilities, particularly in technology, and ensuring equal opportunities for all.
The convergence of technology and sustainability offers a pathway toward an inclusive and resilient economic recovery.
By leveraging technology as a catalyst for positive change, nations can unlock new opportunities for growth, prosperity, and sustainable development. As we navigate the complexities of the modern world, let us seize the opportunity to embrace innovation, empower businesses, and build a more prosperous and sustainable tomorrow for all.
About H.E. Hamad Obaid Al Mansoori
H.E. Hamad Obaid Al Mansoori is a leading advocate for technological advancement and sustainable development. He is the Director-General of Digital Dubai, Member of The Executive Council of Dubai (TEC), Chairman of the Board of Directors at the Mohammad bin Rashid Space Center, and recipient of the Prime Minister’s Medal as Distinguished Director-General.
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