The UAE and Saudi Arabia are among the top three artificial intelligence superpowers in the world, a report by a US data centre company has found.
The US led the rankings, followed by the UAE and then Saudi Arabia. The Gulf states placed ahead of South Korea, France, India, China, the UK, Finland and Germany in the analysis, compiled by TRG Datacenters, a Texas-based company focused on national AI supercomputing power, AI company activity and government AI readiness.
"The country [UAE] has over 188,000 AI chips and a total power capacity of 6.4K megawatts," the report said.
The TRG analysis also factored in a supercomputer data set from research institute Epoch AI, along with statistics for total power capacity.
"The battle for AI supremacy is being fought on multiple fronts and raw computing power is just one piece of a much larger puzzle," a TRG spokesman said. While some countries are pouring resources into building supercomputers and data centres, others are prioritising the creation of regulatory frameworks "that attract international AI research and development", he added.
The strong performance of the UAE and Saudi Arabia in the rankings is a sign that AI aspirations in the Gulf are starting to pay dividends. The analysis comes weeks after a report from Counterpoint Research showed Dubai outpacing San Francisco in overall AI adoption. Abu Dhabi ranked eighth in the study.
In June, a report from online learning platform Coursera found the UAE leads the Arab world for AI maturity. The UAE has long been working to become a major player in the sector. The country’s push has resulted in the establishment of start-ups, partnerships and investments from industry leaders including Microsoft, Nvidia and OpenAI.
In 2019, the UAE announced the establishment of a university dedicated to AI, the Mohamed bin Zayed University of Artificial Intelligence. Two years earlier, the UAE was among the first countries in the world to appoint an AI minister.
In July of this year, Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence, introduced a new classification system with icons to indicate when AI was used in research and publications.
The UAE's AI credentials received another major boost in May during US President Donald Trump's visit to Abu Dhabi, when he witnessed the unveiling of plans for a 5GW UAE-US AI Campus.
The campus is considered by many analysts to be among the largest AI infrastructure projects in the world and could help ensure the UAE is a major player in the AI space for years to come.
Top investing tips for UAE residents in 2021
Build an emergency fund: Make sure you have enough cash to cover six months of expenses as a buffer against unexpected problems before you begin investing, advises Steve Cronin, the founder of DeadSimpleSaving.com.
Think long-term: When you invest, you need to have a long-term mindset, so don’t worry about momentary ups and downs in the stock market.
Invest worldwide: Diversify your investments globally, ideally by way of a global stock index fund.
Is your money tied up: Avoid anything where you cannot get your money back in full within a month at any time without any penalty.
Skip past the promises: “If an investment product is offering more than 10 per cent return per year, it is either extremely risky or a scam,” Mr Cronin says.
Choose plans with low fees: Make sure that any funds you buy do not charge more than 1 per cent in fees, Mr Cronin says. “If you invest by yourself, you can easily stay below this figure.” Managed funds and commissionable investments often come with higher fees.
Be sceptical about recommendations: If someone suggests an investment to you, ask if they stand to gain, advises Mr Cronin. “If they are receiving commission, they are unlikely to recommend an investment that’s best for you.”
Get financially independent: Mr Cronin advises UAE residents to pursue financial independence. Start with a Google search and improve your knowledge via expat investing websites or Facebook groups such as SimplyFI.
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
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The Bloomberg Billionaire Index in full
1 Jeff Bezos $140 billion
2 Bill Gates $98.3 billion
3 Bernard Arnault $83.1 billion
4 Warren Buffett $83 billion
5 Amancio Ortega $67.9 billion
6 Mark Zuckerberg $67.3 billion
7 Larry Page $56.8 billion
8 Larry Ellison $56.1 billion
9 Sergey Brin $55.2 billion
10 Carlos Slim $55.2 billion
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