Sharjah intends to make full use of AI in speeding all-round growth

As the second-half of 2024 gets underway, it is clear that the global economy is in a very decisive phase. And despite the market volatility and inflation, the potential return on investments are more promising than ever, especially in light of the rapid adoption of AI across a majority of sectors.

This acceleration has been likened to other pivotal moments in investment history. And just as the internet revolutionised communication and commerce, AI is poised to transform industries, creating an exhilarating atmosphere for investors.

Smart economies

Sharjah represents a unique opportunity to be part of a global transformation that promises not just returns but also a chance to shape the future. The time to invest is now, and the upcoming Sharjah Investment Forum (SIF) - organised by Sharjah FDI Office (Invest in Sharjah) on September 18 and 19 - provides a platform for investors to gain insight into the vast potential of AI to create smart economies.

Diverse sectors

Those who seize the moment during such technological revolutions can reap substantial rewards, making this an exciting time to invest in Sharjah’s promising future. The emirate’s investment sectors include many exciting industries that are geared to benefit from AI implementation. Recent statistics from PwC indicate that investment in AI is projected to contribute approximately $320 billion to the region’s economy.

Driving efficiency in manufacturing

In the emirate’s high-performing manufacturing sector and Sharjah’s strategic position as a logistics hub, AI is optimising supply chain management and improving operational efficiencies. Predictive maintenance and AI-driven quality control are also helping manufacturers reduce costs and enhance product quality. This sector added $54 billion to GDP last year according to the Central Bank of the UAE, and AI is expected to play a substantial role in this expansion.

Taking healthcare to new heights

In healthcare, AI applications are revolutionising patient care and operational efficiency, being utilised for predictive analytics, medical imaging, and personalised medicine. A recent report by Fitch Solutions suggests that the MENA healthcare market is projected to continue to grow at a compound annual growth rate (CAGR) of 11.7 per cent, and was valued at around $243.6 billion in 2023.

The biotechnology sector is also witnessing a surge in investment as AI accelerates drug discovery and development processes, with the global market expected to reach $2.4 trillion by 2028.

In fintech, AI is transforming financial services through enhanced data analytics, fraud detection, personalised customer experiences and automated investment tools, and with e-commerce booming, AI is also optimising logistics, inventory management, and customer engagement strategies further enhancing the sector.

New ways to share knowledge

Finally, in the edtech sector, AI is personalising learning experiences, streamlining administrative processes, and introducing exciting new ways to teach and share knowledge. The global edtech market is expected to reach $404 billion by 2025 according to HolonIQ. And with Sharjah being a renowned educational hub in the region, it is positioned to capitalise on this growth.