Today's Edition
SARA ALZAABI (ABU DHABI)
Abu Dhabi is strengthening its AI presence by launching innovation-driven growth initiatives, according to Shaik Hamdan, CEO of Next IT & Systems, a prominent software development group in the region.
In an interview with Aletihad, Hamdan said that investors were attracted to the AI sector during the UAE's Annual Investment Meeting Congress (AIM) 2024, where the Swiss Investor Consortium, BRICS Investment Fund, established a new AI-dedicated investment fund in Abu Dhabi with initial capital commitment of $100 million.
The BRICS Investment Fund seeks to support prospects for foreign direct investment (FDI) and strategic alliances by investing in growth firms and initiatives.
In Hamdan's view, the establishment of the BRICS Investment Fund by the Swiss Investor Consortium marks a significant milestone, fostering growth and development. Additionally, the fund promotes FDI, attracting foreign capital and expertise to strengthen the UAE's AI landscape. This strategic investment approach underscores the potential of AI for economic development and innovation in the region, Hamdan said.
"Various sectors within the UAE's AI industry will benefit from the investment fund's $100 million commitment, including but not limited to technology, healthcare, education, transportation, finance, and more. The fund's focus on growth companies and initiatives will drive innovation and progress across multiple sectors," he added.
Hamdan, a pioneer in introducing robots, AI, and blockchain to companies, has helped firms expand operations globally and mentored numerous companies.
Additionally, he led software integration projects with Abu Dhabi government agencies, including projects with a focus on enhancing operational efficiency and resource utilisation.
Speaking about challenges and their resolutions, he pointed out that software integration encounters obstacles such as stakeholder availability, legacy system integration, change management, and user adoption.
To address these challenges effectively, project managers should prioritise clear communication, schedule regular meetings, utilise collaboration tools, and concentrate on thorough system assessments, robust APIs, and rigorous testing, he added.
Next IT & Systems, established in 2011, is a UAE-based technology company that provides customised solutions in artificial intelligence, machine learning, robotics, blockchain, augmented reality, and deep learning for various industries.
