Following the Dubai Assembly for Generative AI that is currently taking place at the Museum of the Future, a strategic alliance was formed to shape the future of AI adoption. This will comprise of leading technology companies, who will draw on their international networks and expertise to tackle government challenges as well as focusing on developing innovative technology pilots by leveraging AI, the metaverse and Web3.
Commenting on this news, Sam Singh, Founder and CEO of property tech app TRIPLER AI said: “We have barely scratched the surface of AI; it’s potential is huge, and the GCC is at the forefront of its advancement.
It’s important to note that as technology advancements and market dynamics continue to evolve, the adoption of AI is set to grow even further. More businesses will integrate AI into their systems, enhancing efficiency and redefining the industry landscape.
From a real estate perspective, the potential for AI is absolute and it’s an exciting one. We are already seeing the tangible benefits of using machine learning and technological advancements to enhance the property buying process. For example, with AI and blockchain you can now generate leads for real estate without having to continually get in touch with people to get the same results; you can use through algorithmic matching to align customers to properties based on their interests, and you can create smart contracts to make the property transaction and transfer process seamless and effortless. What’s more, some companies are even making digital twins of apartments; so you can have a virtual walk through, without having to go there. In short, AI allows for a much smarter approach.
And whilst the benefits of AI extend across all industries, there are challenges at play when it comes to reaping the full benefits of AI, and this revolves around regulation. At the moment, AI is developing at break-neck speed, and every week there are new changes in the world of AI. The regulatory framework is currently and understandably struggling to keep up as a result.
But the positive bold steps that the UAE is taking to bring technology leaders, regulators and policy makers together, is a major step in the right direction to understand the full capabilities and strengths of AI so that a regulatory framework can come to fruition.
Whilst we are still in the early days of AI and we are some way off from knowing and understanding its full capabilities, we are at an incredibly exciting juncture; the gathering of technology leaders at the Dubai Assembly for Generative AI is accelerating our understanding of emerging technologies and the UAE has a clear and very real opportunity to build one of the world’s most advance and effective tech-enabled governments.”