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United Arab Emirates Aims to Convert Oil Fortunes into AI and Tech Advances

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The Middle East region brought in $1.73 billion of investment in the first half of 2022 with 354 deals. This is a 64% increase from last year. According to the country’s economy ministry, the UAE has raised 46% of its venture capital in the Middle East and Africa in 2021.

Establishing the Sharjah Research Technology and Innovation Park in 2016 to serve as an incubator for businesses in various sectors such as water management, renewable energy, transport, manufacturing and agriculture will help the UAE reach its goal of becoming a technology and start-up. I started concentrating. Hub is very fast.

Some of the latest technology to come out of the United Arab Emirates includes a region that plans to invest $800 million in funds to support space initiatives. The United Arab Emirates recently set up the “World’s Largest Vertical Farm” and invested heavily in local prop tech startup Huspy.

In 2017, the UAE established the Ministry of Artificial Intelligence and appointed His Excellency Omar bin Sultan Al Orama, who previously worked in the banking and telecommunications sectors, to the post.

According to HE Al Olama’s interview with TechCrunch, Al Olama wants to welcome new venture capital and investment from the region. According to Al Olama, the UAE continues to have the largest share of assets despite the denser population and larger market elsewhere in the region. This proves that the startup boom that began a few years ago is still growing.

Al Orama believes the set of advantages that have made the UAE so successful is not just being tax-free, but being one of the top financial centers. A safe investment in your business there. It also has a high smartphone penetration rate and a fairly good infrastructure in terms of road conditions and mobile phone usage.

Al Orama said it is difficult to get a visa to immigrate to the UAE in most cases when applying to other countries. However, in the United Arab Emirates, long-term or permanent residency can be obtained quickly if you are talented and work primarily in the digital sector. Another point is that you can start your business in 1 day with no limits. Third, several programs are available, including government contracts, incubators, and accelerators.

Dr. Al-Ollama firmly believes that the primary driver of AI is quality of life, not economic gain. His ultimate goal is to build a responsible artificial intelligence field that will serve both today and the future.

Sources

1/ https://Google.com/

2/ https://www.techjuice.pk/uae-aims-to-convert-its-oil-fortune-into-ai-tech-advancement/

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