For instance, in the financial sector, there will be specific actors who will concentrate on specific tiers of the industry, such as insurance, investment, or other areas. He also stated that AI will disrupt the social and economic fabric in the short term, but it will be a significant enabler for a country such as the UAE in the long term. He attributed this to the Al Olama UAE’s size and demographic mix, which will allow AI to function as a “enabler.”
He stated that the long-term trajectory appears to be upward, and that this technology will evolve into the internet of the future or something even more revolutionary that will completely transform our lives. He also expressed his lack of concern regarding the long-term impact. Fitch, the credit ratings agency, recently stated that the central credit will continue to be at risk due to the rapid growth in AI-related investment.
The minister compared AI to previous technologies, which experienced “booms” and “busts,” and stated that AI volatility will persist due to its status as a new technology. The internet experienced a bubble bust in the late 1990s and early 2000s, which is now infamously referred to as the “dot-com bubble burst.” This event resulted in 77% of the Nasdaq index plummeting from its zenith.
Also Read:
National Cybersecurity Agency Unveils Framework for Managed Security Operations Centers.
Ramadan Witnessed: Hundreds Engage in Taraweeh Prayers as UAE Commences.
