Abdallah Abu Al Sheikh, founder of Astra Tech and CEO of Botim, highlighted the substantial economic impact artificial intelligence (AI) is expected to have on the UAE’s economy. Speaking at the Dubai AI & Web3 Festival, he noted that AI could contribute up to 14% of the UAE’s GDP by 2030, which translates to around $100 billion (AED367 billion).
Abu Al Sheikh emphasized that the UAE is poised to become a leading player in the global AI landscape, with the AI market projected to reach $50 billion by 2031. He credited the UAE’s strategic advancements in technology and innovation, supported by robust leadership and significant digital infrastructure investments, for setting the stage for this growth.
He further explained that AI is transforming key sectors such as healthcare, finance, and government operations in the UAE, enhancing efficiency and personalizing services. Initiatives like the National Innovation Strategy and Dubai Smart City Initiatives have been pivotal in fostering a conducive business environment for high-growth tech companies. He also mentioned that the digital economy’s contribution to the UAE’s GDP was 4.3 percent in 2022, with expectations for further growth as the tech ecosystem continues to evolve.
