Dubai is quickly emerging as a global hub for artificial intelligence, with data from eToro showing that the country has a young and digitally savvy population that is early adopters of AI technologies. A recent survey revealed that 71% of UAE investors own AI-related stocks, indicating a high level of trust in and engagement with this innovative technology. This momentum is evident in both eToro and the wider local economy, with NVIDIA being the 5th most-owned stock on the platform and foreign investors increasing their investments in the country.
The UAE has taken significant steps to solidify its position as a leader in AI adoption, with plans to train one million people in AI over the next three years through the AI prompt program overseen by the Dubai Future Foundation. The country aims to shift its focus from oil to AI, with the goal of generating 40% of its GDP from artificial intelligence by 2031. This shift is supported by substantial investments, the appointment of the world’s first Minister of State for AI, and initiatives to attract scientists and support startups.
AI prompt engineering is emphasized as a crucial skill for maximizing the potential of generative AI and is expected to be a key skill in the future workforce. The UAE´s Minister of State for AI, Digital Economy, and Remote Work Applications, Omar Al Olama, highlights the importance of developing practical prompt engineering skills for enhancing quality of life through AI. The UAE is also becoming an attractive strategic partner for global tech giants, with Microsoft, Google, and IBM already participating in AI collaborations and initiatives.
Microsoft’s recent $1.5 billion investment in G42, the leading UAE-based AI technology holding company, further cements the Gulf state’s position as a global AI hub. This strategic investment is expected to enhance the UAE’s role in the development of artificial intelligence and provide opportunities for innovation and growth for partners and customers. With an AI university established in 2019 and a $100 billion AI fund set up by the sovereign wealth fund Mubadala, the UAE is well-positioned to drive AI advancements and foster collaborations with global tech companies.
In conclusion, Dubai and the UAE are making significant strides in becoming leaders in artificial intelligence adoption and innovation. With a young and digitally native population, high levels of investor trust in AI technologies, and strategic investments in AI prompt programs and skills development, the country is well on its way to transforming into an AI power. As global tech giants increasingly look to partner with the UAE in AI initiatives, the country’s role as a global AI hub is only expected to grow, paving the way for further advancements and collaborations in the field of artificial intelligence.
