Omar bin Sultan Al Olama, the UAE's minister of state for Artificial Intelligence, and Deepak Bagla, the managing director and CEO of Invest India, signed a Memorandum of Understanding (MoU) to create a bilateral Artificial Intelligence Bridge that envisages the generation of $20 billion in economic benefits during the next decade. WAM said that the AI Bridge aims to spur discussion and explore options for the UAE and India to grow their Artificial Intelligence economies, according to an announcement after the signing ceremony by Invest India, the national investment promotion ad facilitation agency of the Indian government. The UAE Minister said that in the coming years, "how a country chooses to embrace Artificial Intelligence will have a tremendous impact on its ability to innovate and prosper. Data and processing will be a catalyst for innovation and business growth and serve as the backbone of more effective and efficient service delivery system." The designated Indian signatory said his country, which is "the world's fastest expanding market opportunity with its talent pool of human capital, well-acknowledged for innovation – and the UAE, a hub of cutting edge technologies – are natural partners in the field of Artificial Intelligence."

Dubai: The UAE and India on Saturday signed an agreement to spur discussion and explore options for both countries to grow their artificial intelligence economies. The UAE Minister for Artificial Intelligence and Invest India signed a Memorandum of Understanding for the India-UAE Artificial Intelligence Bridge. The partnership will generate an estimated $20 billion (Dh73.4 billion) in economic benefits during the next decade. The UAE-India collaboration will seek to evaluate the dynamic nature of innovation and technology by convening a UAE-India AI Working Committee (TWG) between the UAE Ministry for Artificial Intelligence, Invest India and Startup India. The TWG will meet once a year with the mandate to increase investment in AI start-ups and research activities in partnership with the private sector.

Invest India and the UAE Minister for Artificial Intelligence (AI) signed a Memorandum of Understanding (MoU) for India – UAE Artificial Intelligence Bridge in New Delhi. This partnership will generate an estimated USD 20 billion in economic benefits during the next decade for both countries. The MoU will spur development across areas like Blockchain, AI and Analytics as data and processing will be a catalyst for innovation and business growth and serve as the backbone of more effective and efficient service delivery systems. By 2035 AI can potentially add USD 957 billion to the Indian economy. The MoU was signed in the presence of Minister of Commerce & Industry and Civil Aviation, Suresh Prabhu and H.E. Ahmad Sultan Al Falahi, Minister Plenipotentiary – Commercial Attache, UAE Embassy at the India leg of GovHack series of World Government Summit.