Tech & Business
3.30.2023
AI in full swing in the United Arab Emirates
Residents of the UAE could soon have AI-powered surgeries as the UAE tries to position itself at the forefront of the global race to develop and adopt artificial intelligence technologies.
One area where the UAE is making significant strides is medical robotics. According to industry experts, the market for medical robotics in the UAE is set to reach $182 million by 2025, growing at a rate of 14.2% from 2020 to 2025. This growth is expected to be driven by the increasing demand for advanced healthcare services as evidenced by the upward trends of searches related to medical robots and AI robotics.
One notable example of UAE’s engagement in medical robotics is the Robosculptor, a leading medical robotics in the UAE which has launched AI-powered medical robots posed to perform high-tech health and beauty non-invasive interventions. According to the company’s founder, “Robotics is changing the way we live and work, and the UAE is at the forefront of this transformation.”
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AI in UAE’s sights
But medical robotics is just one facet of the UAE’s AI landscape. The overall AI market in the country is expected to contribute $182 billion to the economy by 2035. Moreover, research shows that the AI market in the UAE is set to reach $1.9 billion by 2026, representing a compound annual growth rate (CAGR) of 36.2%. This growth is fueled by the country’s investments in emerging technologies, poised to have very deep implications around the world.
#PresightAI shares, a unit of #AbuDhabi’s @G42ai Group, surged 163% on their debut on the Abu Dhabi Securities Exchange.
The IPO raised nearly $500m and was oversubscribed by 136 times. pic.twitter.com/GDQ2kufcbG
— MENI-View: Middle Eastern News & Insights (@MENIView) March 28, 2023
Another noteworthy success story in the country’s emerging AI industry is Presight AI, a data analytics firm owned by Abu Dhabi’s G24 Group, which has raised approximately 496 million dollars in proceeds through its initial public offering (IPO). The IPO was listed and began trading its shares on the First Market of the Abu Dhabi Stock Exchange, witnessing strong demand from both retail and professional investors.
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