From Mars to Metaverse, as UAE aims high, opportunities open up for India

Abu Dhabi: The year 2022 ends on a positive note with regard to India-UAE relations, with business and political ties between the two countries scaling new heights.

The UAE is India’s third largest trading partner and the bilateral trade between them surpasses $88 billion. Indians, moreover, constitute 39.9 per cent of the UAE population and their remittances to India add up to more than $17 billion, the largest for any country overseas.

To tell the world what the future will be like, Dubai built The Museum Of The Future, which talks about the possibilities of the future. To advance the vision of Sheikh Mohammed bin Rashid Al Maktoum, Ruler of Dubai, to harness the latest technologies in coding, big data
analysis, artificial intelligence, virtual and augmented reality, and human-machine interaction to drive the future.

“Dubai never ceases to amaze me. It has always been a city of innovation and exploration with endless possibilities,” said Shah Rukh Khan while launching the Creating the Future with Shah Rukh Khan campaign.

Today, Dubai is a hub of coders, big data specialists and a different world of Metaverse, i.e., all future activities have started to be in application in the UAE market now. UAE has started implementing its development planning till 2050 on its own.

In the area of space science, after the Mars and Moon missions, in 2028, the UAE will launch its own interplanetary mission. The spacecraft will travel 3.6 billion kilometres in five years. Its
final landing will be in 2033 on an asteroid 560 million kilometres from the Earth. This would make the Emirates the fourth country to land a spacecraft on an asteroid.

UAE also has an agenda to achieve all 17 goals of the United Nations Sustainable Development Goals (SDGs) by 2030.

Launched in 2017, the UAE Strategy for Artificial Intelligence (AI) is the first mega project to achieve the objectives of the UAE Centenary 2071. It is characterised by a post-mobile government phase in which all future government services, sectors, and infrastructure
projects will rely on AI.

The strategy is the first of its kind in the region and the world and will see investments in the latest AI technologies and tools to enhance the performance and efficiency of government. By 2031, the UAE will achieve 100 per cent reliance on AI for government services and data analysis. Dubai will be a major centre in 3D printing by 2030, which will emerge as a leader in all scientific areas and a breakthrough in the construction industry. Dubai will be the world’s first choice as a global platform for knowledge-based, sustainable, and innovation-driven businesses by 2030.

By 2030, 25 per cent of all vehicles in Dubai will be driving on AI-based autonomous vehicles and roads, saving millions of hours wasted in traditional transport while increasing human productivity. The Mohammed bin Rashid Al Maktoum Solar Park is the world’s largest single-site solar park based on the independent power producer (IPP) model. It will generate 5,000 MW power by 2030, solar-based energy, which can become an endless journey in a desert.

Under Dubai’s Clean Energy Strategy, the Emirate aims to produce 75 per cent of its energy needs from clean sources by 2050. The strategy also aims to make Dubai a global hub of clean energy and a green economy.

The UAE aims to become the world’s number one country in the Global Food Security Index by 2051. Food security will be ensured under all circumstances by promoting international trade partnerships, enabling technology-based production and supply of food. Implementing policies and regulations to increase nutritional intake and reduce food loss and waste.

Masdar, Abu Dhabi Future Energy Company, is a global leader in renewable energy and sustainable development in the world. Masdar is developing utility-scale renewable energy projects around the world. Driving innovation in clean technologies, Green hydrogen is
leading the world in a smart first-mover approach.

A catalyst for the development of renewable energy in the Arab world over the past decade, Masdar is demonstrating how the business community can deliver on the global sustainability agenda.

By 2057, Abu Dhabi Police will have launched a satellite that will prevent police data theft and by 2117, it will have built a police station for the UAE Mars Colony. Patrol vehicles will monitor security in space, AI systems will guide the behaviour of prisoners in penal
institutions and nano-robots will be used for firefighting. Robots will replace 50 per cent of police officers and all police patrols will run fuel-free.

The UAE aims to establish the first habitable human settlement on Mars by 2117. His Highness Sheikh Mohammed bin Rashid said that this project is a seed that the UAE plants today and hopes that future generations will reap the benefits of it.

Dubai’s economy after World Expo 2020, which ends in March 2022, will be technology-based rather than oil-based, along with the entire country. Similarly, the project Yas Island is a notable step in the direction of boosting tourism in Abu Dhabi.

UAE has unveiled an economic diversification plan to reduce dependence on fossil fuels and transform its economy from a conventional, labour-intensive economy to one based on knowledge, technology, and skilled labour. The country’s major focus is on healthcare, education, banking, tourism, and construction.

Needless to say, because of India’s strength and cosy relations with the UAE, India will play a significant role in this diversification strategy by providing knowledge, skills, and technical knowledge. India is already the fifth-largest economy in the world, and its economic prowess will grow even further in 2023.

India boasts of the world’s fastest-growing startup ecosystem with 108 Unicorn Startups, as of 2022. With increased digitalisation, improved infrastructure, stable government, and a conducive business environment, the country will achieve more in the year 2023.

Talking to IANS, Professor Vinaytosh Mishra, Associate Professor at College of Healthcare Management and Economics at Gulf Medical University, Ajman, UAE, said that the entry of Indian ventures could give a much-needed boost to Dubai’s ambitious metaverse strategy, which aims to add $4 billion to the emirate’s GDP.

This ambitious plan has the potential to create 40,000 virtual jobs by 2030. UAE may become a favoured destination for more than a thousand companies specialising in blockchain technologies to turn it into one of the world’s top ten metaverse economies.

It is a well-known fact that many successful business owners in the UAE are of Indian origin i.e., Thumbay Group, Aster Healthcare, Lulu, Landmarks, Sobha Group, NMC Health, Soraya Jewellers, JoyaLukas and GEMS, to name a few. These businesses have varied interests in sectors such as tourism, retail, gold, logistics, IT, healthcare, and education.

UAE’s flagship free zone is currently home to over eight hundred leading Indian companies which are serving all key markets in the region. Recently, the UAE celebrated its remarkable journey of 50 years in the year 2021 and is preparing for the next fifty incredible years.

On the other hand, India is poised to become the third-largest economy in the world by 2030 overtaking Germany and Japan. I believe strong business and political relations between two countries can play a vital role in achieving these goals. Amidst the changing Asian balance of power, India’s strength rests in its strategic location. India’s strong leadership has grabbed this opportunity with both hands.

If the year 2022 was good for India-UAE economic and political relations, 2023 will be even better.