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UAE Presents Blockchain and AI Initiatives Following Annual Government Meeting

The Second United Arab Emirates (UAE) Government Annual Meetings The Emirates News Agency reported Nov. 28.

AI and Blockchain Joint Working Group, participants addressed strategies to attract foreign investment and create necessary technological infrastructure, as well as potential challenges related to blockchain and AI adoption.

The meeting announced the launch of the AI ​​and Blockchain Guide Initiative, as well as introducing the concepts of AI and its deployment to relevant entities.

The National Program for AI and Block Building Capacity Building also launched at the meeting. The program will provide university courses and scholarships in AI and blockchain technology under the purview of the Ministry of Education.

Furthermore, the Program will offer special professional training courses "across the professional levels, and seeks to integrate artificial intelligence into the different stages of education."

Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, commented on the initiatives:

"The UAE is keen to adopt AI and blockchain technologies in the economic, health, educational and other vital sectors. It seeks to boost cooperation and forge partnerships between the various government, federal and local entities, international companies and startups.

Attendees outlined with the UAE's goal to become a country in the adoption of AI by 2031 through the UAE Strategy for Artificial Intelligence. 50% of transactions onto a blockchain platform by 2021.

Earlier this week, Al Hilal Bank, based in Abu Dhabi, announced the completed "the world's first sukuk transaction" with the use of blockchain technology. Sukuk, a legal instrument also known as "sharia compliant" bonds, allows investors to generate returns without infringing on Islamic law. The deal – reportedly worth $ 1 million – was sold by Al Hilal to a private investor.

In September, the Dubai Department of Finance partnered with the Smart Dubai Office to launch a blockchain-powered payment system called "Payment Reconciliation and Settlement." -time payments within and between government structures.

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