ECONOMY

UAE, India to generate $20 bln from artificial intelligence deal

The collaboration will focus on open bilateral engagement through a Joint Working Group (Courtesy WAM)

Omar bin Sultan Al Olama, the UAE's minister of state for Artificial Intelligence, and Deepak Bagla, the managing director and CEO of Invest India, signed a Memorandum of Understanding (MoU) to create a bilateral Artificial Intelligence Bridge that envisages the generation of $20 billion in economic benefits during the next decade.

WAM said that the AI Bridge aims to spur discussion and explore options for the UAE and India to grow their Artificial Intelligence economies, according to an announcement after the signing ceremony by Invest India, the national investment promotion ad facilitation agency of the Indian government.

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The UAE Minister said that in the coming years, "how a country chooses to embrace Artificial Intelligence will have a tremendous impact on its ability to innovate and prosper. Data and processing will be a catalyst for innovation and business growth and serve as the backbone of more effective and efficient service delivery system."

The designated Indian signatory said his country, which is "the world’s fastest expanding market opportunity with its talent pool of human capital, well-acknowledged for innovation – and the UAE, a hub of cutting edge technologies – are natural partners in the field of Artificial Intelligence."

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Bagla added, "Artificial Intelligence is going to play a critical role in our lives and this partnership will provide solutions not only for the citizens of India and the UAE, but for the entire world."

The collaboration will focus on open bilateral engagement through a Joint Working Group of the two signatory organisations and "monitor the landscape of Artificial Intelligence to identify emerging trends and policy concerns. There is potential to work together with governments, technology start-ups, academia and industry associations to understand how technology is evolving, what it means for different sectors and how its adoption can be accelerated," the Invest India brief after the signing ceremony said.

The MoU aims to foster innovative ecosystems by "creating an enabling environment for all stakeholders to invest in Artificial Intelligence" and look to the future by playing a catalytic role in the development and adoption of breakthrough technologies.

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Last Update: Sunday, 29 July 2018 KSA 10:33 - GMT 07:33
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