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Monday, June 24, 2024

UAE Enterprises Shift Focus to Significant AI Investments as Technology Takes Center Stage

In 2023, the spotlight in the UAE’s tech industry shifts from “clouds” to Artificial Intelligence (AI) with enterprises preparing for significant investments. As Gitex 2023, the Middle East’s premier tech event, approaches, AI is set to dominate conversations and actions. UAE government entities, early adopters of AI in their services, will play a leading role.

Gen AI Innovations Transforming Healthcare

With remarkable sophistication, innovations like the Gen AI platform “Med42” from Abu Dhabi’s M42 healthtech company are revolutionizing the healthcare sector. Last week, the Abu Dhabi healthtech company M42 introduced its version of a Gen AI platform, the Med42, offering impressive capabilities for healthcare delivery.

Metaverse Plans Take a Backseat as AI Gains Momentum

While Metaverse adoption plans seem to have taken a backseat since Gitex ’22, businesses are accelerating their AI investment plans, focusing on leveraging AI’s capabilities for growth and innovation.

UAE’s Growing AI Investment Spree

The Gulf’s AI investment spree is just beginning, with organizations, public and private, committing to enhancing their digital services. The region has also seen the emergence of numerous AI companies and startups specializing in industry-specific solutions.

Funding Opportunities Drive UAE’s Emergence as an AI Hub

With increased funding opportunities, the UAE is poised to become the largest hub for AI-driven startups. Recently, the UAE AI startup Bedu secured $7 million in pre-seed funding, reflecting the region’s growing infrastructure for AI entrepreneurship.

AI Revolution Across Sectors

AI’s seamless integration into services benefits customers without them even realizing it. The AI revolution is evident across sectors, from healthcare to property management and transportation. UAE’s stock markets have already experienced the impact, with successful floats of AI-linked services like Bayanat and Presight, offering substantial returns to investors.

AI as a Necessity for Competitiveness

Businesses are capitalizing on AI’s capabilities to optimize operations, provide personalized recommendations, and automate tasks, making AI more than just a technology but a necessity for remaining competitive.

AI’s Promising Future

At a Dubai AI summit, Careem shared how Gen AI has improved pricing, routing, and productivity. The consultancy PwC anticipates AI automating a significant part of daily tasks in the next 18-20 months, marking the imminent evolution toward “Artificial General Intelligence.”

AI Deployment: A Necessity for Enterprises

Enterprises must prioritize deploying AI into their operations, as the AI bandwagon gains momentum. The need for digital intelligence is clear, and decision-making cannot afford to wait.

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