Middle East countries attract over $21bn foreign investment in AI, robotics. AI in the ‘beast’s neighborhood.’

Middle East countries attract over $21bn foreign investment in AI, robotics.

Dubai has attracted more than $21 billion of foreign direct investment (FDI) for artificial intelligence and robotics project between 2015 and 2018.

Dubai ranked first globally in attracting FDI for AI, with the most coming from the European Union and the United States — $5.7 billion and $3.9 billion respectively.

While AI adoption will account for 45 percent of the world economy’s total gains by 2030, the UAE ranks first in the Arab world in terms of expected annual growth of AI’s contribution to the economy at 33.5 percent, followed by Saudi Arabia at 31.3 percent, the rest of the GCC region at 28.8 percent and Egypt at 25.5 percent.

These figures were released in connection with Annual Investment Meeting (AIM 2019), which will be held from April 8-10 in Dubai.

The organisers of AIM said that digitalisation is becoming an increasingly important part of globalisation, and the fact that Dubai ranks top confirms that the city is fast emerging as the global destination for investment in smart technologies.

“Digital growth is significant to the growth of the economy. In the UAE, it is in line with UAE Vision 2021, which aims to position the country as a top spot for tech investments,” said Dawood Al Shezawi, CEO of Annual Investment Organising Committee.

“Disruptive technologies like AI, blockchain, internet of things (IoT) boost the productive capacity of countries and also the global GDP. To maximize its benefits, countries need to integrate new avenues that will drive more investments in these solutions,” he added.

At AIM, experts will highlight strategies and mechanisms for enhancing tech solutions to draw FDIs, in addition to highlighting internal and external incentives that encourage companies to adopt these solutions.

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