The world is on the brink of a technological revolution poised to enhance productivity, spur global growth, and raise incomes worldwide. Artificial Intelligence (AI) could contribute an additional $13 trillion to the global economy by 2030, boosting global GDP by about 1.2 percent annually.
In the UAE, the integration of AI, deep tech, and innovative technologies is a key focus as the nation outlines strategic plans to achieve significant economic growth by 2050, ensuring that this growth is inclusive, sustainable, and centered on humanity. Sharjah, in particular, has made significant strides in transforming its economy into a more intelligent and adaptive ecosystem through technology and innovation.
Last year, Sharjah allocated 35% of its budget to support economic diversification and attract foreign direct investment (FDI) in AI, deep tech, green technology, advanced manufacturing, and healthcare technologies. The emirate, along with the UAE as a whole, is positioning itself to be a leader in this AI-driven transformation, particularly in the Middle East.
To capitalize on this leadership position, the UAE is exploring strategic investments in emerging AI hubs such as India and China, which are rapidly becoming global centers of AI innovation. Establishing joint ventures, technology parks, or R&D centers in these regions will allow the UAE to tap into vast AI talent pools and bring cutting-edge innovations back home.
AI’s integration into manufacturing and automation presents unprecedented opportunities for Sharjah. By partnering with countries like Germany, Japan, and Mexico, which are already integrating AI and robotics into their production processes, Sharjah can enhance its manufacturing sector and lead the charge in Industry 4.0.
Mohamed Al Musharrkh, CEO of the Sharjah FDI Office (Invest in Sharjah), emphasized the importance of these developments at the upcoming 7th annual Sharjah Investment Forum (SIF). The forum, scheduled for September 18-19, will gather over 2,000 international and local delegates, including government and corporate leaders, to explore how AI and deep tech are transforming the global economy.
The two-day forum will feature discussions led by more than 100 financial and technology pioneers, investment experts, and renewable energy specialists. These discussions will aim to demystify deep tech and provide practical strategies for harnessing its potential to drive future economic growth.
Governments worldwide, including the UAE, are heavily investing in smart city projects. With the UAE’s recent $3 billion investment in innovation, SIF 2024, themed “A Futuristic Vision for Smart Economies,” will continue this momentum by offering a platform for critical discussions that will shape the future of the MENA region’s economy.
