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Home / NEWS / AI and blockchain expected to save UAE $106m in document costs

AI and blockchain expected to save UAE $106m in document costs

by Neha Bhatia on May 3, 2018


The UAE expects the use of AI and blockchain to result in economic savings worth $3bn [representational image].
The UAE expects the use of AI and blockchain to result in economic savings worth $3bn [representational image].

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The UAE government expects to save up to $106m (AED389m) in document costs through the adoption of artificial intelligence (AI) and blockchain technologies.

Similarly, up to $3bn (AED11bn) could be saved in economic returns through the uptake of AI and blockchain.

HE Omar bin Sultan Al Olama, the UAE's Minister of State for Artificial Intelligence, revealed these details at the Future Blockchain Summit, which was held at Dubai World Trade Centre on 2 and 3 May. 

Commenting on the technologies, the minister said: "Today, AI and blockchain are two of the most powerful technologies that are revolutionising the pace of innovation in the UAE.

READ: Dubai office building implements IoT and AI to cut energy use

"We believe that AI will be a strong ally for blockchain and will play a pivotal role in the UAE Blockchain Strategy 2021. It will help in the formation of the blockchain government, identify business process reengineering within organisations, enhance federal regulations, and enable efficient monitoring of processes and systems."

While many of the UAE's construction and waste management approvals processes have been digitised through various initiatives over the last five years, the sector is yet to entirely migrate from paper-based work items, such as architectural drawings, tender documentation, and site logs. 

AI is at the forefront of the UAE's efforts to introduce innovation across a variety of economic sectors, including construction.

Last month, Olama toured the UAE's Kalba Ring Road Development with HE Dr Eng Abdullah Belhaif Al Nuaimi, the UAE's Minister of Infrastructure Development, during which the benefits of AI for the country's road projects were discussed.

The use of AI was expected to cut average project duration by 54%, fuel consumption by 37%, manpower dependence by 80%, and equipment and manpower needs by 40%. 

AI and the Internet of Things (IoT) have also helped Dubai's ENBD REIT reduce the energy consumption of its property, Al Thuraya, 1 by 7%.

The Sharia-compliant real estate investment trust said it had partnered with EP&T Global to apply IoT, AI, and machine learning at the Dubai Media City office building.

According to ENBD REIT, EP&T’s Edge Zeus system combines big data analytics, machine learning, and AI to achieve cost reductions and improved comfort conditions.

Considering its high priority in the UAE's future agenda, AI has also been incorporated into an educational course in the country.

The course, launched by the UAE's American University of Sharjah (AUS), will teach executives how AI can be applied to smart city projects. 

 

 



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