NEWS
DIFC LAUNCHES AI AND CODING LICENSE IN COOPERATION WITH UAE AI OFFICE
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ubai International Financial Centre (DIFC), the global financial centre in the Middle East, Africa and South Asia (MEASA) region has announced the launch of an Artificial Intelligence (AI) and coding license, in cooperation with the UAE Artificial Intelligence Office. The license, which is a UAE first, will advance the country’s Artificial Intelligence Strategy 2031, which aims to enhance the UAE’s reputation in this field
by attracting AI companies and coders from around the world. Companies holding the license will be able to work within a stimulating environment at the DIFC Innovation Hub, which is the largest cluster of FinTech and innovation companies in the region. The Hub hosts more than 500 firms, ranging from start-ups to global unicorns, representing over 60 per cent of all GCC FinTechs. In addition, the license provides an opportunity to obtain UAE Golden Visas for employees working in those companies. Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, said, “Such initiatives reflect positively on the country’s readiness to become a global destination for pioneering the industries of the future by adopting advanced technology and stimulating innovation in various fields. The UAE Government is keen to support digital
transformation processes that embody of the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. This is being achieved by developing digital activities and providing innovative solutions that contribute to improving the performance of governments and the lives of communities. DIFC has opened new horizons for leading global companies that aspire to enhance their efforts in the field of AI and expand their businesses further.” His Excellency Essa Kazim, Governor of DIFC, said, “Dubai and DIFC are global ambassadors for AI. Financial Services companies in DIFC and a broad spectrum of other industries across the emirate are setting the standard which is also contributing to the UAE’s ambitious goal to have an internationally competitive, knowledge-based economy. DIFC is proud to be collaborating with the UAE AI Office, confirming our commitment to the country’s Artificial Intelligence Strategy 2031 and leveraging the potential of AI to drive the future of finance.”
created by the convergence of virtually enhanced physical and digital reality. It is persistent, providing enhanced immersive experiences, as well as device independent and accessible through any type of device, from tablets to head-mounted displays. Because no single vendor will own the metaverse, Gartner expects it to have a virtual economy enabled by digital currencies and nonfungible tokens (NFTs). The metaverse will impact every business that consumers interact with every day. It will also impact how work gets done. Enterprises will provide better engagement, collaboration and connection to their employees through immersive workspaces in virtual offices.
Businesses will not need to create their own infrastructure to do so because the metaverse will provide the framework. In addition, virtual events that have gained popularity over the last 18 months will offer more collaborative and immersive networking opportunities and workshops. “Enterprises will have the ability to expand and enhance their business models in unprecedented ways by moving from a digital business to a metaverse business,” said Resnick. “By 2026, 30% of the organisations in the world will have products and services ready for metaverse.” The adoption of metaverse technologies is nascent and fragmented, and Gartner cautions organisations about investing heavily in a specific metaverse. “It is still too early to know which investments will be viable in the long term, but product managers should take the time to learn, explore and prepare for a metaverse in order to position themselves competitively,” said Resnick.
GARTNER: 25% OF PEOPLE WILL SPEND AN HOUR PER DAY IN THE METAVERSE By 2026, 25% of people will spend at least one hour a day in the metaverse for work, shopping, education, social and/or entertainment, according to Gartner. “Vendors are already building ways for users to replicate their lives in digital worlds,” said Marty Resnick, Research Vice President at Gartner. “From attending virtual classrooms to buying digital land and constructing virtual homes, these activities are currently being conducted in separate environments. Eventually, they will take place in a single environment – the metaverse – with multiple destinations across technologies and experiences.” Gartner defines a metaverse as a collective virtual shared space, 6
CXO INSIGHT ME
MARCH 2022
