Friday , May 24 2019

Dubai attracts $21.6 billion FDI in technology sector in 3 years

DUBAI / Emirates Business

Dubai ranked first globally in attracting foreign direct investments (FDIs) for artificial intelligence (AI) and robotics; while the UAE ranked sixth in the global smart service index, surpassing the US, UK and South Korea. The emirate has attracted from 2015 to 2018 $21.6 billion worth of FDI in high-end technology transfers, with the most from the European Union and the US
— $5.7 billion and $3.9 billion, respectively.
These figures were released in connection with Annual Investment Meeting (AIM 2019), which will be held from April 8 to 10 in Dubai. The organisers of AIM said that digitalisation is becoming an increasingly important part of globalisation, and the fact that Dubai ranks on the top position for artificial intelligence and robotics confirms that the city is fast emerging as the global destination for investment in smart technologies.
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 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.
“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 Organizing Committee.

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