The science of AI and the art of economic diversity

The science of AI and the art of economic diversity

Here’s how the UAE stands to benefit from a rise in the number of AI start-ups and how the technology holds the potential for an economically diversified nation.


In the mid-1950s, when John McCarthy coined the term “artificial intelligence” (AI), he used it to define the science and engineering of making intelligent machines. Considered the father of AI, John McCarthy was a prominent computer scientist and cognitive prodigy whose work in the field remains the cornerstone of all the innovations, from robotics in healthcare to self-driving cars. 

However, the impact of AI and its aftereffects have only started to appear and surface now as the world is gradually seeing a propelling growth in the number and variety of AI companies and start-ups. If you look at the numbers, nine out of ten leading businesses currently have investments in AI technologies, and the substantial rise that the technology is witnessing will lead to the elimination of over 85 million jobs and the creation of 97 million new ones by 2025 globally. Pick up any AI innovation and it is clear that the future is unimaginable without it. 

Understanding AI and growth must begin with an examination of the economic function of emerging innovations, especially if they contribute to productivity and have any impact on the economic make-up of a country or region. In a study conducted by Accenture, it was found that AI’s impact is transformative—it can add up to 1.6 percentage points to the rate of growth in the UAE, and the potential GVA of that AI-augmented growth is equally significant at $182 billion for the Emirates.

The potential that AI holds to help diversify the economic landscape is perhaps one of the least talked about topics. AI is not only capable of improving existing industries but can also lead to the creation of new subsectors that can act as a steady stream of economic contribution to a nation. The diversification of industries, beyond oil and hydrocarbons is one of the major factors that has led to the exemplary development the UAE has experienced in the past years. AI is only bound to further accentuate this pattern. With the help of a fast-emerging AI landscape, the UAE’s economy is looking at strong diversification in its economy.

Bringing together the best minds in AI to discuss the ways the technology can help accelerate economic diversification, the 35th edition of the World AI Show & Awards is being held under the aegis of the Private Office of Sheikh Saeed Bin Ahmed Al Maktoum on the 25th–26th May 2022, at the Jumeirah Emirates Tower, Dubai. The event is consistent with the Private Office of Sheikh Saeed Bin Ahmed Al Maktoum’s goal of facilitating learning and experience sharing among stakeholders in order to better understand emerging technologies and their impact on society.

Deemed as the world’s longest-running AI Show series, the event will feature expert keynotes and engaging panel discussions designed specifically to help meaningful interactions in the ever-evolving AI and the RPA ecosystem. The show will also launch the inaugural World AI Awards, which will acknowledge and recognise excellence, as well as innovation, hard work, and achievement of organisations that exemplify the use of emerging technologies. 

The event is a must-attend for tech enthusiasts from across the world. What better way to understand a technology than a platform where knowledge, expertise, and experience align to brace up for the upcoming challenges and become future-ready, AI-ready.

 

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