Dubai: AI usage in UAE, developed countries is nearly 100%, says top minister

The usage of artificial intelligence (AI) in the UAE and other developed countries is nearly 100 per cent, said Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications at the Government of the UAE.

“I heard that only 33 per cent of people use AI daily. I found that quite amusing. Because I believe AI usage is closer to 100 per cent in the UAE or some advanced countries. This is because today what answers your questions is mostly Google. This is an AI search engine. We get our content on platforms like YouTube, Facebook and others. So, AI is embedded in everything that we do,” Al Olama said during a fireside chat on the second day of the Capital Market Summit in Dubai on Wednesday.

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“If you are in a country that does not have connectivity and electricity, then 33 per cent would probably make sense. Even though I think Starlink today overcomes that challenge of connectivity,” he said during the discussion.

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The two-day summit saw the participation of over 1,500 business leaders, decision-makers and global financial experts. The third edition of the summit explored the impact of AI) and technology on capital markets, IPO trends and opportunities for high-growth companies, cross-border capital flows, the evolving role of retail investors, as well as the transformation of private markets.

Al Olama pointed out that what the country has achieved in terms of technological advancement and AI adoption is the result of 25 years of transformation, led by the UAE government.

The UAE AI minister stressed that every single person needs to start using AI tools to enhance themselves. “Because those who left behind are going to be at a loss rather than those that adopt it.”

He noted that there will be job losses due to AI, but there will be job creation as well because of this new technology.

“The best investors are those that do not follow trends. With AI, what I think is going to happen is most mediocre firms that give investment advice are going to lose their jobs because AI is going to do so much. It's going to be cheap, scalable and free. So but the very best investment fund and analytics companies are going to do even better because they're going to have something that people typically can't get from an agent,” he said.

Waheed Abbas

Waheed Abbas is Assistant Editor, covering real estate, aviation and other business stories that dir...Read More

waheedabbas@khaleejtimes.com