Growing Middle East investment in artificial intelligence should be a catalyst for meaningful change in industries where technology can make a profound impact, a prominent UAE entrepreneur says.
Abdumalik Mirakhmedov, Director and co-founder of UAE tech venture company, Scalo Technologies, calls on founders to see beyond mere profits, and use AI to make life easier and more comfortable for people everywhere.
“AI can play a growing role in helping people in remote areas with finance, education, and clean water, by managing money, providing education and efficient infrastructure development,” he says.
“Imagine children in remote villages, yearning for an education but with no schools nearby.
AI can deliver learning to anyone with a tablet and an internet connection. The kids can access a world of knowledge, unlocking doors to careers they only dreamed of.”
Research by PWC shows that AI’s contribution to the Middle East economy is expected to grow annually between 20-34% to reach US$320 billion by 2030.
Mirakhmedov says: “Innovation drives progress, and AI has become the lifeblood of our digital age, transforming industries by making them work better and opening doors to new ideas
“In healthcare, AI analyzes medical data to diagnose diseases faster and more accurately, saving lives and improving patient outcomes.In agriculture, AI improves the efficiency of farming practices, helping farmers grow more food using fewer resources.
“AI monitors and protects endangered species, predicts weather patterns to combat climate change, and optimizes resource management. And in disaster response, AI quickly analyzes data and identifies patterns that help first responders respond faster to natural disasters.”
He adds: “This is just the start of AI’s new power to positively impact the world. As it advances, the tech will have even more transformative effects on society, delivering things that many of us take for granted into the lives of the less fortunate
“As a tech investor, I want to support the innovative endeavours of young and ambitious companies that are using AI to create products that improve the lives of people across the world.”
Investments by Scalo Technologies include Hexacore, a mobile game developer and publisher, Voctiv, which helps companies build AI-powered contact centres, and Noah, an all-in-one money app.