According to its National Artificial Intelligence Strategy, Dubai will become the global leader in AI by 2031. Their strategy is to make diverse initiatives and make investments to boost the use of AI in multiple sectors to give resources to encourage the use of AI in the Dubai startup ecosystem. In this blog, we discuss the use of AI in emerging startups in varying sectors of the startup ecosystem.
Benefits of AI in Dubai Startups
It is well established that Dubai is a business hub and is also emerging as a house of AI startup innovations because of the benefits of using AI. The following are a few benefits of AI for business startups in Dubai.
- Specialized startup ecosystem to support AI trends in Dubai.
- Find suitable incubators and partners to support startup growth.
- Access to resources for the development of AI startup innovations
- Dubai’s government leads a variety of financing and networking initiatives.
- Dubai offers favorable tax benefits to AI-based startups.
Industry-wise AI Trends in Dubai
The following are a few industries in Dubai that are a testament to AI trends.
AI In Smart City Solutions:
Dubai is among the most advanced cities in the world. The city has been managing its daily operations efficiently for years, whether in traffic, resource management, or safety. With the rise of AI, how they manage their operations has changed for the better. Dubai has incorporated AI technology in transportation, traffic management, public safety, waste management, and governance matters to increase efficiency.
It has also incorporated AI algorithms and trained the model for predictive analysis to optimize travel routes, manage traffic, allocate resources based on demand, and more. Dubai’s government bodies and private investors are actively investing in AI-based startups to improve living standards and benefit from Dubai’s law promoting AI innovation.
AI in Transportation And Logistics:
Dubai is known for its seamless transportation system. From public transportation, such as driverless metros, to buses and ferries that supply chain management, they have been excelling at simplifying transportation.
The Roads and Transportation Authority (RTA) experimented with using AI to streamline demand and crowd management for the metro in 2021. According to the project results, congestion fell from 40% to 60%. Additionally, they successfully reduced waiting time to 30 minutes in peak hours (source). They are working and investing in developing AI solutions to optimize travel paths and crowd management using predictive algorithms.
Logistics has embraced AI trends to optimize their packaging based on history, travel routes with traffic predictions, tracking the package, scheduling shipping, and more. A few established logistics companies working with AI for logistics are Trukko, RouteQ, Lyve, Fero, LogisEye, and more.
AI in Fintech Startups
Dubai has been thriving with AI-based tech startups. Fintech is one of the most benefiting industries from Dubai’s AI trends. Here, AI is applied to enhance customer satisfaction with banking services, identify frauds, and suggest Fintech products and investment options based on predictive algorithms. It helps financial institutions streamline operations, offer better services, and facilitate trading and currency exchange at the best rate possible.
For example, ADSS is an Abu Dhabi-based finance firm that incorporated AI into its mobile app to empower users with live market data, trend analysis, and more. Other Fintechs were among the first to embrace AI startup innovations. The most popular Fintech firms using AI are Lulu Exchange for cross-border money transfer and currency exchange, Datacultr, Eva by Mashreq Bank for AI chatbot, Emirates NBD, and more.
AI in Healthcare
Under the vision of becoming AI leaders by 2031, the UAE, particularly Dubai, has focused on investing in the healthcare sector. The goal is to meet the needs of citizens by speeding up mundane tasks, reducing the time for simple inquiries, and tracking and understanding patient history. Integrating AI innovation into Dubai’s healthcare industry has streamlined the administration process and made information accessible to patients and doctors. AI in Dubai startups in the healthcare industry also help in diagnosis and report analysis, thus reducing the time and boosting efficiency for the doctors.
A few AI startup innovations in the healthcare industry are G42 Healthcare, M42, Eko Health, Klaim, TachyHealth, and more.
AI in CRM Startups
A report in the UAE claims that 93% of service organizations have integrated AI into their operations (source). With AI in Dubai startups, one can streamline the customer relationship process. The AI algorithms can understand behavior patterns to enhance your offering, provide basic services to the users in seconds to reduce the waiting time, track the user data across teams, and extract the data when needed in seconds.
Adara Chat Box is an AI chatbot that provides customer assistance. The chat box is trained to answer the most commonly asked query based on the data training, behavioral patterns, and predictive behavior to suggest further action.
AI in Cyber Security
With the digital world growing exponentially, the threat has grown as well. The Cyber Security industry has benefited from the integration of AI in Dubai business. AI enables early threat detection and immediate response, eliminating the need for manual interaction. It speeds things up and automates operations, leading to better data security. With the help of predictive analysis, AI can help you identify weak spots in an instant to help you strengthen your system.
A few popular companies offering cybersecurity solutions and integrating AI technologies for startups are Bemea, IT Butler e-Services, Saal, and more.
Investors and the government of Dubai are actively supporting startups incorporating AI in diverse sectors. It is to enhance the quality of the service and effective resource utilization. If you want to build your presence in Dubai, we have the perfect opportunity for you!
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Conclusion
Dubai is one of the hubs where they are actively supporting the use of AI in emerging startups. They have a vision of becoming global AI leaders by 2031. Dubai has taken active measures to encourage startups to embrace the AI
trends in Dubai.
We discussed the top industries of Dubai thriving with AI startup opportunities in 2024. The application of AI by Dubai startups in the development of smart cities and industries such as transportation, healthcare, fintech, and cybersecurity has led to significant growth and enhanced service quality. Therefore, Dubai has become the hotspot for startups using AI to grow their businesses. So if you want to grow your network in Dubai, find investors, or invest in Dubai-based AI startups, our Global Startup Summit is the perfect place for you. Check out our website to know more.
FAQ
What is the future of AI in Dubai startups?
AI is the future of Dubai, as they are developing diverse strategies, incentives, and support programs to promote the use of AI in local startups. It is the result of their vision of becoming global AI leaders. Healthcare, fintech, retail, and logistics are a few industries that witnessed tremendous growth. There are many ongoing R&D projects to support AI integration in other sectors as well.
How can AI technologies for startups improve customer experience?
With AI innovation in startups, they can personalize the services to customers’ needs using AI models, automate customer services like queries and customer support, and use predictive models to optimize product suggestions and ensure customer satisfaction.
What is Falcom AI innovation in Dubai?
Falcon AI is an advanced model for understanding and incorporating in startups. The project has been funded by the government of Dubai to achieve their goal of becoming leaders in AI. Everyone can use this open-source AI platform to enhance the use of AI.
What sectors have benefited from AI trends in Dubai?
Healthcare, finance, retail, and logistics are among the top sectors that benefit from the incorporation of AI in daily operations. It saves them time, improves service quality, and ensures customer satisfaction.
