UAE could emerge as third most important country for AI, says PWC report

KHALED AL KHAWALDEH (ABU DHABI)

A new report from global consulting firm PWC has lauded the UAE’s efforts in becoming an AI hub, saying the country could become the third-most-important hub for the emerging technology behind superpowers, the US and China.

PWC’s monthly market watch for September said the Gulf Cooperation Council (GCC), and in particular the UAE, were well positioned to capitalise on the growing Generative AI industry due to a number of factors including abundant capital, solid infrastructure, government initiative and strong international relationships.

It highlighted the UAE’s leadership in bringing the best technology to the region through its holding company G42 and its partnerships with Nvidia, Open AI and Microsoft.

The report predicted that the formation of a new AI investment vehicle MGX, a collaboration between the wealth fund Mubadala and G42 that promises to deliver $100 billion in deals and investments, to have enormous impact.

All in all, the report observed this would reap substantial benefits for the region citing an ADNOC report that stated the implementation of AI tools yielded savings of $500 million in 2023 as an example of successful implementation of AI which would reverberate down the value chain.

“Businesses in the region have been leaders in integrating AI into their products and daily processes. Abundant access to capital, computing power, and data have led experts to believe that the UAE could emerge as the third-most-important country for AI, following the United States and China,” read the report.