Industry News

How Britain is supercharging the UAE's artificial intelligence ambitions

Artificial intelligence (AI) partnerships and investments are likely to increase significantly between the UK and the UAE in the coming years, according to officials.

Britain is set to ramp up its partnerships with Gulf nations on the use of AI in multiple sectors including education, healthcare and agriculture, Simon Penney, Her Majesty’s Trade Commissioner for the Middle East told Arabian Business.

“UK–UAE collaboration on AI is already strong and growing,” Penney said, adding that the UK Pavilion at Expo 2020 Dubai in November this year will showcase the best of UK expertise.

“AI, which will be used throughout the venue, will be a key theme for the UK at Expo throughout the six months.”

Annual spending on AI in the Middle East and Africa region is set to triple to over $100 million in 2021 from $37.5 million in 2017, according to global consulting firm PwC. Around a quarter of this investment in 2021 will be in the financial services sector.

By 2030, AI is expected to provide 19 percent of public sector revenue, 19 percent of retail industry revenue, and 15 percent of transportation and logistics revenue, IT research firm IDC predicts.

In 2017, the UAE instated the world’s first minister of AI, Omar Sultan Al Olama, along with an AI strategy that is leading the transformation of multiple sectors.

The UAE has poured billions of dollars into AI investment and tech startup incubation funds, including its $270m Dubai Future Endowment Fund.

The first UK-UAE Research Forum on Artificial Intelligence was held in May 2019 in the margins of the first UAE’s AI Everything event.

Source: ArabianBusiness Industries

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