The 27-year-old Minister was appointed shortly after Dubai created its own cryptocurrency. What next?
The UAE has just appointed Omar Bin Sultan Al Olama as the country's first Minister of State for Artificial Intelligence, Arabian Business reported.The new minister, who is just 27 years old, was appointed a part of the UAE's mission to be at the forefront of the global technological revolution that, among other things, plans to build homes in Mars by 2117.
The decision by the Gulf state comes just days after announcing the UAE Strategy for Artificial Intelligence (AI), a major part of the UAE Centennial 2070 objectives, which set off to improve government performance through investing in AI.The Gulf nation estimates that by 2030, AI will have a global market value of $15.7 trillion, boosting the UAE's GDP by 35 percent and reducing government costs by 50 percent.
Sheikh Mohammed said: "The new Government is a Government for the new Emirati percentage. To develop knowledge. Supporting science and research." Sheikh Mohammed announced in February last year that the UAE planned to outsource most government tasks to the private sector and cut the number of ministries, forming a single education ministry, abolishing the ministry of higher education, and fusing several other state bodies into related ministries.
The decision also comes shortly after Dubai established its own cryptocurrency, called emCash. The new cryptocurrency, launched in late September, was created through a new partnership fostered through the city's Accelerator Initiative, runs on its own blockchain and is designed for various financial transactions.
According to the World Economic Forum, the city’s economy department partnered with one of its subsidiaries called Emcredit Limited and U.K.-based Object Tech Group, Ltd.to create emCash, a new “encrypted digital currency” brought under the umbrella of the Dubai Economy Accelerators. Officials claim that emCash uses the latest blockchain technology and works as part of payment system called emWallet, which will handle various types of transactions, from coffee and school fees to utility charges and money transfers. The city will also have a shared platform, called Blockchain as a Service, to help Dubai government agencies use blockchain in various projects. Dubai has been working on becoming the world’s first economy that’s built on the blockchain, and with it its own cryptocurrency.
Sign up for the weekly newsletter