Dubai is rapidly emerging as a worldwide hub for artificial intelligence, as trends indicate. Data from eToro reveals that this region is a thriving environment, particularly in a nation where the populace is young and digitally savvy, already embracing AI early on. According to Ben Laidler, global markets strategist at eToro, 'Our recent retail investor survey indicated that 71% of UAE investors possess AI-related stocks. A majority are also receptive to AI managing their investments, reflecting high trust and engagement.'
The UAE has made substantial strides in positioning itself as a frontrunner in adopting artificial intelligence technologies. The momentum for AI is evident, not only within eToro but across the broader local economy. Laidler noted, 'AI frontrunner NVIDIA ranks as the 5th most owned stock on our platform in the UAE, with ownership increasing by 48% over the last three months. Meanwhile, foreign investors are ramping up local investments, exemplified by Microsoft’s recent $1.5 billion investment in G42.'
In line with this, the city recently committed to training a million individuals in AI prompting over the next three years, with the Dubai Future Foundation managing the AI prompt program, the first of its kind globally. The UAE is gearing up for a post-oil future, aiming to transition from an oil-based economy to an AI powerhouse. By 2031, it plans for 40% of its GDP to be AI-driven. To achieve this, the UAE is investing billions, has appointed the world's first Minister of State for AI, is drawing scientists to the region, and is providing extensive support for startups.
AI prompt engineering is vital for maximizing the potential of generative AI. It requires a deep understanding of AI models' capabilities, limitations, and nuances, and is forecasted to be one of the most crucial skills in future workplaces. Omar Al Olama, the UAE's Minister of State for AI, Digital Economy, and Remote Work Applications, stated, 'We aim to demonstrate the wide range of applications. These tools can be utilized by both technical and non-technical individuals.' He emphasized the importance of developing practical prompt engineering skills, essential for the workforce of tomorrow and for improving quality of life through AI.
The UAE is increasingly seen as a strategic partner by global tech giants. Microsoft, Google, and IBM have already engaged in the first championship with workshops. Other entities and nations have also shown interest in AI collaborations. An AI university has been operational in the UAE since 2019, and the sovereign wealth fund Mubadala has established a $100 billion AI fund. Microsoft's recent $1.5 billion investment in G42, the leading UAE-based AI technology holding company, underscores the Gulf state's pivotal role in AI development. The US software giant acknowledges the UAE's leadership in AI, stating, 'This strategic investment will bolster the UAE's status as a global AI hub, offering more opportunities for partners and customers to innovate and expand.'
