Dubai aims to be global capital of digital economy

Dubai aims to be the global capital of the digital economy and lead in the adoption and development of artificial intelligence (AI) across all industries, said Essa Kazim, governor of Dubai International Financial Centre (DIFC).

“We are proud to be a driving force in shaping the future of finance across the Middle East, Africa and South Asia. Our vision goes beyond finance. We aim to lead the adoption and development of AI across all innovative industries. We seek to establish Dubai as the global capital of the digital economy,” Kazim said while delivering a keynote address at the second edition of the AI Festival.

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“Since the launch of the Dubai universal blueprint for artificial intelligence a year ago, we have made significant strides… We also launched the Dubai AI licence, which has already attracted over 180 AI companies to the Dubai AI campus. This campus is now spearheading more than 20 initiatives in collaboration with leading global and local organisations across both public and private sectors,” the DIFC governor said.

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According to PwC, AI is projected to contribute an astonishing $16 trillion to the global economy by 2030.

Kazim added that the AI market in UAE is forecast to grow from $3.5 billion in 2024 to an impressive $46 billion by 2030, a compound annual growth rate of 44 per cent. “The rapid growth reflects Dubai’s commitment to leveraging AI as a catalyst for progress. It aligns with our ambitious D33 Agenda which seeks to double the size of our economy and position Dubai among the world’s top three business hubs and secure a place among the top four global financial centres,” he said.

He noted that the most significant impact of AI on the financial service sector is its ability to drive smarter, faster and more inclusive decision-making by automating processes, enhancing risk management and delivering personalised customer experiences at scale.

Quoting a Deloitte report, he elaborated that AI can increase the productivity of financial services firms by up to 30 per cent.  

Within the DIFC, he said, the financial free zone has automated 26 key services in the first phase of our AI transformation. As a result, over 15 per cent of all DIFC service requests are now fully managed by AI, enabling instant, seamless processing for our clients.

Waheed Abbas

Waheed Abbas is Assistant Editor, covering real estate, aviation and other business stories that directly affect the lives of UAE consumers. He frequently reports human interest stories, too.

waheedabbas@khaleejtimes.com