The UAE will become the global centre of artificial intelligence (AI) by 2030 and AI technologies will help the country increase its gross domestic product (GDP) 35 per cent by 2031, said a report.

The tehcnologies will reduce the government’s annual spending by 50 per cent, through reducing the number of paper-based transactions and saving millions of hours that are wasted annually when completing these transactions, said a Ministry of Economy report, which quoted various international studies.

The ministry revealed that major economic growth will be achieved through smart investment in various sectors, reported state news agency Wam.

The report also predicts that the UAE’s AI strategy will generate an annual economic return, in many sectors, of around Dh22 billion ($5.98 billion), through raising individual productivity by 13 per cent, saving 396 million hours annually from commuting, reducing transportation costs by 44 per cent, which is equivalent to Dh900 million ($245.03 million), limiting carbon emissions and environmental pollution by 12 per cent, which is equivalent to Dh5.1 billion ($1.38 billion), limiting traffic accidents and their resulting losses by 12 per cent, which will save Dh2 billion ($544.5 million) annually, reducing the need for parking spaces by 20 per cent, and saving Dh18 billion ($4.90 billion) by raising the efficiency of the transportation sector in Dubai by 2030.

The report also expects the UAE to benefit from the development of AI, not only in terms of improving project performance but also in terms of reducing the number of foreign workers and rebalancing the structure of the population and job market, which will reduce the value of financial transfers sent abroad from the country’s economy.