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Saudi Arabia And UAE Are At The Forefront Of An AI Revolution

The AI market in the MENA region is expected to grow at a rate of 47.8% per year.

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saudi arabia and uae are at the forefront of an ai revolution

According to the latest reports from Research and Markets, the MENA region is making significant gains in artificial intelligence, with the AI market set to grow from $500 million in 2020 to $8.4 billion by 2026.

The UAE, in particular, shows great promise as a leader in the field of AI, with a projected growth figure of 36.2% bolstered by the government’s National Artificial Intelligence Strategy 2031, which focuses on attracting talent, funding research & innovation hubs, and developing infrastructure and data ecosystems.

Also Read: ChatGPT Is Accelerating The AI Revolution In The Middle East

With its considerable Public Investment Fund, Saudi Arabia has also announced a $500 billion funding package for AI and other technologies over the next decade, launching initiatives including the Saudi Arabian Data and Artificial Intelligence Authority and the National Data Management Office.

A recent study by global consultancy firm Proviti Middle East showed that over 80% of CEOs in the region believe that AI will be critical to future business success, with over 70% of companies already investing in the technology.

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Binance Receives Virtual Assets License To Operate In Dubai

As its user base nears 200 million, CEO Richard Teng believes crypto adoption will soar over the next half of the decade.

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binance receives virtual assets license to operate in dubai

Global crypto exchange Binance has been granted a full operational license in Dubai, in a move that’s expected to accelerate digital asset adoption and strengthen the UAE’s regulatory landscape.

The virtual asset service provider license (VASP) was granted by the Dubai Virtual Assets Regulatory Authority (VARA) and will allow Binance to extend its current range of services to retail investors, the company announced yesterday.

The move by Dubai authorities will be critical to Binance’s strategy of growing its user base globally. The crypto exchange expects to pass the 200 million user mark “quite shortly”, according to Richard Teng, the company’s CEO.

Once that milestone is achieved, Binance will have around twice as many users as rival platform Coinbase. Meanwhile, Crypto.com, another popular exchange with 80 million users, received a Dubai VASP license last week.

“We’re seeing much greater institutional adoption and institutional money coming into this space [along with] much greater regulatory clarity and a lot more jurisdictions approving [digital asset] products that bring in new investor classes,” Binance’s Richard Tang explained, adding: “As of now, we stand at about 5% crypto adoption globally, but that will become much faster moving forward”.

Also Read: Microsoft Invests $1.5 Billion In Abu Dhabi AI Tech Firm G42

Dubai and the UAE are extremely supportive of technologies like digital assets, and have already launched initiatives to boost adoption. The UAE has ambitious plans to become a world leader in the crypto economy of the future, with Dubai in particular being noteworthy for passing a new law to regulate virtual assets to support investors and exchanges.

“Global crypto regulation is currently showing diverging signs. Some developed countries have long suffered from crypto-related frauds and illegal exchanges. On the other hand, emerging nations like the UAE and Singapore have enacted crypto laws at faced pace,” said Vijay Valecha, chief investment officer of Dubai-based Century Financial.

As the UAE gears up to become one of the fastest-growing crypto capitals worldwide, investors and talent are flocking to places like Dubai. During 2023, the Emirates as a whole realized $204 million in capital gains from cryptocurrency investments, according to blockchain data analysts Chainalysis.

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