DMCC Forecasts AI's Contribution of $15 Trillion to Global Economy

UAE, 31 May, 2024 : DMCC, the world’s flagship free zone and Dubai Government Authority on commodities trade, highlighted the $15 trillion opportunity that AI adoption brings to the global economy at the Singapore launch of their biennial Future of Trade report.

Trade is expected to grow by 2.6% in 2024, with the expansion of generative AI and increased e-commerce and digital services bolstering global trade resilience. AI will optimize supply chains, enhance efficiency, and reduce costs through predictive analytics, offering data-driven market insights and streamlined trade finance solutions.

The impact will be significant in highly tradeable sectors such as computers, electronics, machinery, IT services, and transport equipment, where 90% of AI-related patents are concentrated. Hubs like the UAE and Singapore will see increased influence due to their advanced trade infrastructure and innovation-friendly regulations.

Dr. Hamad Buamim, Chairman of DMCC, emphasized AI’s transformative potential in global trade, predicting it will optimize manufacturing, logistics, and trade finance. Feryal Ahmadi, COO of DMCC, noted the substantial economic growth potential, urging businesses to embrace digital transformation and AI technologies.

The Future of Trade report, a flagship series by DMCC, examines the impact of economic trends, technology, and geopolitics on global trade. The report has been widely recognized, with over 1.9 million views and downloads.

Source : www.zawya.com