The UAE is the largest gainer from the global benefits of artificial intelligence by 2030

Aug 5th
14% of the state’s share out of $230 billion
Dubai, the future capital of the world in Blockchain

Dubai:

PricewaterhouseCoopers released its latest report, which highlights the potential for artificial intelligence to disrupt markets and drive the creation of innovative services and business models in the Middle East. The report predicts that the region will gain 2% of the total global benefits of artificial intelligence by 2030. The report stated that the UAE will see the largest impact, amounting to about 14% of the GDP for the year 2030.

The report further estimates that the potential impact of AI in the Middle East could reach $320 billion. It is estimated that the Middle East will spend $3 billion on AI in 2023, with this amount more than doubling to $6.4 billion by 2026. The region is expected to see annual spending growth of nearly 30% in this technology over the next decade. the next three years, which is the fastest growth rate in the world over the coming years. Moreover, more than 80% of CEOs in the Middle East believe that artificial intelligence is critical to the future of their business, and more than 70% of them are investing in such technologies.

Dubai has been at the forefront of adopting blockchain technologies, with ambitious plans to become the world’s blockchain capital, as the UAE leadership seeks to fully digitize government through the use of blockchain for all government documents, demonstrating a firm commitment to embracing this technology in various sectors.

New business models

It did not take long for the effects of Artificial Intelligence (AI) and Blockchain technologies to be felt on businesses, as their growing use gradually shaped new business models, improving performance and enhancing efficiency across the entire economic spectrum. Financial markets in the GCC and beyond are among the many One of the sectors affected by this digital transformation.

On the other hand, the integration of AI helps improve data analysis and enables rapid processing of large financial data, leading to better decision-making and risk assessment. Automated trading algorithms quickly execute trades based on market trends and patterns, while artificial intelligence helps manage risk by identifying and mitigating potential risks through data analysis.

Safe and transparent transactions

In contrast, blockchain technology enhances security in financial markets, ensuring safe and transparent transactions, helps reduce fraud and enhances confidence in regional financial markets, and simplifies financial operations, such as settlements and record keeping, driving efficiency and reducing costs.

According to Ritu Singh, the regional director of the Stonex Group, the combination of artificial intelligence and blockchain technologies is expected to have a profound impact on the financial markets in the Middle East. She adds, “While the investment capital dedicated to AI and blockchain in this part of the world is not yet clear, its expected impact and remarkable progress in the region indicates a growing interest and investment in such transformative technologies, contributing to reshaping the financial landscape.” ».