Middle east is one of the top tech destinations where artificial intelligence is playing a significant role. The region is known for its oil wells, which are major contributors to the region's economy. Slowly the economy is shifting its base from petrochemicals to technology. The region is slowly shifting its economic dependence on oil wells. According to an IDC report, spending on AI in the region is expected to grow at an annual growth of 19%.

LONDON – Global stock markets took another hit Monday while oil and gold prices surged in response to the escalating tensions in the Middle East following the U.S. killing of Iran's top general. The death of Qassem Soleimani in a U.S. drone strike has heightened geopolitical risks for financial markets, including concerns about potential disruptions to the global oil supply. The U.S. has reinforced its presence in the Middle East in preparation for reprisals from Iran, which has vowed revenge. Iraq, meanwhile, has called for the expulsion of American troops from its territory. The moves in financial markets illustrated the concerns of investors.

Erratic oil prices in recent years have made economic diversification essential, and AI is an alternate solution. Having made an early start, these states are positioned to become a key player in AI technology. Dividing the Middle East into four main regions, first, the UAE, second, Saudi Arabia, the GCC 4 comprising of Bahrain, Kuwait, Oman and Qatar on third and lastly Egypt, a PWC research expects the Arab states to accrue two percent of the total global benefits in the next ten years. Projected to mark the highest gains, the UAE would get nearly 14 percent on its GDP in 2030 while the kingdom of Saudi Arabia should make over US $135 billion by that time as well, this being nearly 12.4 percent of its GDP. Assigning large budgets for the speedy implementation of AI, these two GCC states have made a major impact.

With successful adoption of AntWorks' IAP solution, businesses will stand to save millions and realise increased performance and efficiency by automating and processing business data, including unstructured data, which will make up 80% of the world's data by 2025. The partnership will help the GCC become a blueprint for the AI economy in the rest of the Middle East, Turkey and Africa, especially as governments look to diversify and drive revenue from non-oil and gas sectors. "We are deeply honored to partner with The Private Office of Sheikh Saeed bin Ahmed Al Maktoum and SEED Group expanding our reach into the Middle East," said Asheesh Mehra, AntWorks Co-Founder and Group CEO. "We see our partnership with SEED Group as an incredible opportunity to bring AntWorks' leading expertise in artificial intelligence to the GCC - helping the UAE's Ministry of AI realise its 2031 Artificial Intelligence Strategy. This is a market that thrives on innovation and has taken some of the most ambitious steps in the world in adopting the use of AI across government and business as they seek to create new economic, social, and educational opportunities for citizens. We look forward to a powerful and productive relationship that will make straight-through processing a reality across the GCC."

ABU DHABI – Japan and its top trade partner in the Middle East, the United Arab Emirates, agreed on Monday to expand economic, political and defense cooperation. Tokyo and Abu Dhabi also signed an investment protection agreement, capping off a two-day visit by Prime Minister Shinzo Abe to the oil-rich Gulf state. Abe arrived late Sunday on the first leg of a Middle East tour that will also take him to Jordan, Israel and the Palestinian territories. In a joint statement, the two countries praised growing trade between them. They "stressed the importance of further enhancing trade, investments, and business such as renewable energy, sustainable water desalination … artificial intelligence, health care and medical equipment," the statement said.