UAE champions future-driven investments with digital principles

UAE champions future-driven investments with digital principles

Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications stated that the UAE under the leadership and vision of President His Highness Sheikh Mohamed bin Zayed Al Nahyan and the proactive approach of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai has established a solid framework of digital principles aiming to drive future investments and has harnessed technological transformations as a strategic means to foster forthcoming opportunities.

This came during the “Digital Readiness” Retreat organised by the Government Development and the Future Office, an esteemed event that gathered over 250 government officials, leaders, and decision-makers from over 50 federal entities. Al Olama contributed virtually with a speech titled “The Power of Digital Approach: Promoting a Digital-Driven National Economy”.

The minister highlighted the significance of the “Digital Readiness” Retreat in shaping the digital future of the UAE and enhancing government capabilities in the coming phase. Emphasising the UAE government's pioneering approach, Al Olama affirmed the UAE’s commitment in embracing digital solutions as a fundamental instrument for fostering interaction and promoting business advancement.

Al Olama further said that the UAE's leading position in Venture capital indicators and the number of digital companies reflects the UAE’s commitment to comprehensive digital transformation. The UAE has solidified this achievement through three key factors such as the UAE’s government belief in technology's transformative power, proactive utilization of the technological revolution, and dedicated investments in digital infrastructure. Moreover, the UAE has developed policies and legislative frameworks that enable the adoption of digital foundations, overcoming legislative challenges through strong collaboration between the government and private sectors.

The minister elaborated on achievements within the realm of the digital economy in UAE, shedding light on the UAE’s record of attracting unicorns in a new phase to achieve global leadership. He emphasised the UAE's commitment to a cooperative approach in sharing success stories and strategies for overcoming challenges.

Al Olama added that the future role of governments worldwide depends on their full awareness and investment in developing secure and effective systems.

Furthermore, he highlighted the forthcoming era's focal point, which revolves around generative AI and empowering society to leverage AI-based solutions predicting substantial revenues reaching trillions of dollars from this futuristic field, thereby reflecting the positive impact on countries' digital economies. Therefore, he stressed the need for comprehensive plans to assess the short and long-term impacts of such initiatives, alongside the continuous adaptation of policies and legislation, ensuring the UAE's proactive approach within this sector.

He noted to "Falcon”, renowned as one of the highly proficient and accomplished generative AI systems. With an impressive capacity of 40 billion variable factors, this system serves as a catalyst for fostering visions aimed at guaranteeing its secure utilisation. Moreover, it promotes the creation of a robust framework that empowers businesses and serves as a benchmark for countries striving for sustained achievements and advancements.

The “Digital Readiness” Retreat aimed to equip government officials with comprehensive knowledge relating to significant digital transformation initiatives.

The Retreat fostered an environment encouraging the exchange of perspectives, enabling participants to propose projects and initiatives aimed at expediting government digital transformation.

Furthermore, it provided an opportunity for attendees to stay well-informed of the latest emerging trends in global digital transformation, thus facilitating their ability to anticipate and navigate future developments in this field.

News Source: Emirates News Agency

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