Accelerating the foundation of innovation and artificial intelligence, the ground of technology has altogether reached to the next level. The global market value for the AI sector is estimated at USD 15.7 billion in 2030. When it comes to the Middle East, the impact is expected to be USD 230 billion by 2030. The United Arab Emirates, one of the fastest developing countries, has always tested and trialled multiple innovations when it comes to the implementation of robotics. The Government of the UAE has been taking various steps towards accelerating the robotics ground. Omar Sultan Al Olama, the UAE Minister of State for Artificial Intelligence, has mentioned that the UAE is continuously adopting the emerging technologies to provide the best value to the country and the world. Recently, a move has been taken by the UAE by introducing the first AI News Anchor, and now, the next level has moved to Tally- the First Retail Robot.
The UAE has become one of the most significant grounds of innovations in the current era and has been attracting numerous foreign investors to come forward and invest in the domain of Artificial Intelligence and Robotics in the UAE.
AI and Robotics in the UAE
The ground of Artificial Intelligence and Robotics stands as a game-changer for the corporate world. A blend of computer vision, virtual agents, machine learning, have improved the overall productivity and has unlocked job expansion opportunities. The city of Dubai has been ranked first in FDI Technology Transfer for AI and Robotics. The implementation of AI and Robotics have been implemented multiple business industries namely,
- Health-covering 10% in pharmaceuticals, healthcare and biotech
- Manufacturing and Resources covering 7% in manufacturing, materials, equipment
- Financial Services covering 14% in banking, insurance and investments
- Professionals Services covering 32% in professional services, hospitality, public services, membership organization, govt. departments etc
- Retail covering 12% in consumer products and retail
- ICT and Media covering 12% technology, Media/Entertainment and Telecom
- Infrastructure and Transport covering 13% in transportation, energy, construction and real estate
Recent Move in Robotics
The United Arab Emirates have introduced the UAE’s first retail robot employee which weighs around 14kg with a height of 163cm and have been named “Tally”, which is made by US-based Simbe Robotics. According to the report, the robot can scan items available on the shelves and report back. Relevant cameras and sensors have been embedded to avoid obstacles while carrying out the functions inside the store. When it comes to reviews, a 30 per cent increase in the accuracy has been reported, which is expected to decrease the human intervention for multiple tasks. The implementation has reached a level wherein the robot can check up to 30,000 products an hour. The US-company has also raised substantial funds intending to build the next set of 1,000 robots.
The future holds to be bright when it comes to the implementation of AI and Robotics. Moving ahead, specific sectors have been focused, which will have a drastic impact on the growth of IT, Automation and Robotics. The focused areas have been highlighted below:
- Transportation and Traffic Management
- Renewable Energy
The Government of Dubai has been trying to implement the same in the following areas:
- Smart Dubai Strategy
- Dubai 3D Printing Strategy
- Dubai Autonomous Transportation Strategy
Thus, you can see the impact of AI and robotics industry into daily life. This not only is making the task accurate and efficient but also have paved out enormous opportunities for global investors and entrepreneurs to come forward and set up a business in the UAE.
Benefits of Company Formation in the UAE
The region of UAE has been a profound ground for business establishment. Be it an experienced business professional, or even an entrepreneur; the region provides multiple benefits. Some of the benefits that you can avail by starting a business in UAE are highlighted below:
- Complete tax exemption
- Availability of strategic locations: Mainland, Free Zone and Offshore
- Full repatriation of capitals invested and profits earned
- Easy availability of business licenses
- International exposure to enhance the company reputation
- Easy availability of Investor Visa
- Gateway to neighbouring countries: Oman, Bahrain, Qatar
- Upcoming Expo 2020
These benefits provoke any investor to go ahead and start their related business. Now, while building the foundation for your business, you need to make sure that the legal proceedings are met accordingly. In case if they are not met on time, that might lead to delay or cancellation of the process. By this, we can say that it turns out to be a tedious and risky task. To avoid such unwanted scenarios, most of the business professionals prefer a smart option by joining hands with business consultants who are well-versed with the company establishment proceedings and can guide them at every step.
Commitbiz Consultants has been standing as one of the top business consultants in Dubai. Since inception, we have been dealing with multiple clients helping them to transform their business ideas into reality. Our business experts are well-versed with the legal proceedings and can help you to start your business in a hassle-free way. If you are keen enough to give a kick-start to your AI business dream, then this is the right time to go ahead. In case you hold any query or doubt, do speak to our experts. Contact us today-we’d be glad to assist.