Abdallah Abu Al Sheikh, Founder of Astra Tech, and CEO of Botim, said that AI is projected to have a transformative impact on the UAE's economy, contributing up to 14% of its GDP by 2030, which is equivalent to approximately $100 billion (AED367 billion).
Abu Al Sheikh said in statements on the sidelines of the inaugural Dubai AI & Web3 Festival that the UAE is firmly establishing itself as a dominant force in the global AI economy.
With the sector on the brink of a major expansion, projections indicate the country's AI market could swell to $50 billion by 2031, he explained.
He added that Artificial intelligence is revolutionising industries such as healthcare, finance, and government. Its adoption, he added, is fueling growth by improving operational efficiency and providing personalized services.
He explained that the UAE enjoys a strategic position as a global hub for technology and innovation, thanks to its wise leadership and decisive investments in digital infrastructure, explaining that through initiatives such as the National Innovation Strategy and the Dubai Smart City Initiatives, the UAE has become a business environment designed to attract high-growth technology companies.
He pointed out that the digital economy in the UAE contributed 4.3 percent of the GDP in 2022, and is expected to grow further as technology companies flourish in this ecosystem.