Artificial intelligence is set to give the UAE economy a $182 billion boost by 2035, according to a new report.
The country's financial sector is set to benefit the most from AI, followed by healthcare, transport and storage industries, according to a report by global consulting services firm Accenture.
“The level of growth that AI stands to bring to the UAE’s economy is unparalleled,” said Amr El Saadani, managing director of Accenture’s Financial Services practice in the Middle East and Turkey. “With governments in the region looking to break free from a decades-long dependence on oil, AI can act as a key driver to future growth."
The UAE has underscored its commitment to developments in tech and innovation with the appointment of the country's Minister of State for Artificial Intelligence, Omar Al Olama, in a cabinet reshuffle announced in October. The Middle East is facing the critical task of creating more jobs for its fast-growing population of young people. Done in the right way, AI can boost employment, economic growth and business profitability, according to Accenture.
"As the division of labour between man and machine changes, policy makers need to reevaluate the type of knowledge and skills imparted to future generations," according to the report.
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The UAE's financial services sector, healthcare, and transport and storage industries, could see gains of $37bn, $22bn and $19bn, respectively, in their annual gross value added, a measure of the output value of all goods and services in a sector, the report said.
Even labour-intensive sectors such as education and construction will see increases of $6bn and $8bn, respectively, in their gross value added by 2035, as AI enables workers to be more productive, thus boosting profitability.
"While AI-led growth will be felt across a wide variety of industries, the financial services sector has the most to gain — which isn’t surprising, given that many of its jobs can be significantly augmented with AI and machine learning," Mr El Saadani said.
The report identifies five key strategies for policy makers to consider when looking to implement AI: growing the local talent pipeline using AI; advocating for a code of ethics for AI; becoming the global testbed for social AI; preparing the next generation of workers for the AI future; and minimising the impact of labour market dislocation.
"To overcome the social and economic challenges that can arise from a shift of this magnitude, governments will have to put in place a robust roadmap to enable their countries to fully reap the rewards of this powerful technology," Mr El Saadani said.
COMPANY%20PROFILE
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TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
Match info
Huddersfield Town 0
Chelsea 3
Kante (34'), Jorginho (45' pen), Pedro (80')
START-UPS%20IN%20BATCH%204%20OF%20SANABIL%20500'S%20ACCELERATOR%20PROGRAMME
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Tightening the screw on rogue recruiters
The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.
Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.
A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.
The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.
The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.
Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.
Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment
But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
The Vines - In Miracle Land
Two stars
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
If%20you%20go
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The%20specs%3A%202024%20Mercedes%20E200
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Sinopharm vaccine explained
The Sinopharm vaccine was created using techniques that have been around for decades.
“This is an inactivated vaccine. Simply what it means is that the virus is taken, cultured and inactivated," said Dr Nawal Al Kaabi, chair of the UAE's National Covid-19 Clinical Management Committee.
"What is left is a skeleton of the virus so it looks like a virus, but it is not live."
This is then injected into the body.
"The body will recognise it and form antibodies but because it is inactive, we will need more than one dose. The body will not develop immunity with one dose," she said.
"You have to be exposed more than one time to what we call the antigen."
The vaccine should offer protection for at least months, but no one knows how long beyond that.
Dr Al Kaabi said early vaccine volunteers in China were given shots last spring and still have antibodies today.
“Since it is inactivated, it will not last forever," she said.
Fixtures
Tuesday - 5.15pm: Team Lebanon v Alger Corsaires; 8.30pm: Abu Dhabi Storms v Pharaohs
Wednesday - 5.15pm: Pharaohs v Carthage Eagles; 8.30pm: Alger Corsaires v Abu Dhabi Storms
Thursday - 4.30pm: Team Lebanon v Pharaohs; 7.30pm: Abu Dhabi Storms v Carthage Eagles
Friday - 4.30pm: Pharaohs v Alger Corsaires; 7.30pm: Carthage Eagles v Team Lebanon
Saturday - 4.30pm: Carthage Eagles v Alger Corsaires; 7.30pm: Abu Dhabi Storms v Team Lebanon
FIXTURES
December 28
Stan Wawrinka v Pablo Carreno Busta, 5pm
Milos Raonic v Dominic Thiem, no earlier then 7pm
December 29 - semi-finals
Rafael Nadal v Stan Wawrinka / Pablo Carreno Busta, 5pm
Novak Djokovic v Milos Raonic / Dominic Thiem, no earlier then 7pm
December 30
3rd/4th place play-off, 5pm
Final, 7pm
Company profile
Name: Dukkantek
Started: January 2021
Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani
Based: UAE
Number of employees: 140
Sector: B2B Vertical SaaS(software as a service)
Investment: $5.2 million
Funding stage: Seed round
Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
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The%20specs
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Padmaavat
Director: Sanjay Leela Bhansali
Starring: Ranveer Singh, Deepika Padukone, Shahid Kapoor, Jim Sarbh
3.5/5
MANDOOB
%3Cp%3EDirector%3A%20Ali%20Kalthami%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Mohammed%20Dokhei%2C%20Sarah%20Taibah%2C%20Hajar%20Alshammari%3C%2Fp%3E%0A%3Cp%3ERating%3A%204%2F5%3C%2Fp%3E%0A%3Cp%3E%3C%2Fp%3E%0A
UAE%20SQUAD
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UAE currency: the story behind the money in your pockets