DMCC predicts that AI will contribute an additional $15 trillion to the global economy at a future trade event in Singapore – Business – Economy and Finance

DMCC Highlights $15 Trillion Opportunity in Global Economy with AI Adoption

DMCC, the world’s flagship free zone and Government of Dubai Authority on commodities trade and enterprise, recently emphasized the significant opportunity presented to the global economy by the widespread adoption of artificial intelligence (AI). The organization showcased this potential at the Singapore launch event of its latest biennial Future of Trade thought leadership report.

According to the report, trade is expected to grow by 2.6% in 2024, with the scaling up and adoption of generative AI playing a crucial role in driving global trade resilience in the years ahead. Businesses are anticipated to leverage AI to optimize supply chains, enhance efficiency, and reduce costs through predictive analytics. Additionally, AI will provide data-driven market insights to capture new business opportunities, while AI-powered trade finance solutions will streamline transactions.

The impact of AI adoption will be most pronounced in highly tradeable sectors such as computers and electronics, machinery, IT services, transport equipment, and electrical equipment. These sectors are deeply integrated into international trade and account for 90% of current AI-related patent filings.

Global trade hubs like the UAE and Singapore are expected to see a rise in influence as AI adoption becomes more widespread. These hubs will benefit from their advanced trade infrastructure, access to global markets, and innovation-friendly regulatory approaches.

During the launch event, H.E. Dr. Hamad Buamim, Chairman of the Board at DMCC, highlighted the transformative impact of technology on global trade. He emphasized the potential of AI to support trade resilience by optimizing manufacturing and logistics management, forecasting demand, automating procedures, and streamlining trade finance.

Feryal Ahmadi, Chief Operating Officer at DMCC, underscored the projected $15 trillion addition to the global economy by 2030 through AI adoption. She encouraged businesses to embrace digital transformation, incorporate AI into operations, and identify the best use cases in this space.

The event featured insights from DMCC’s leadership, as well as business leaders and trade experts from organizations like the International Chamber of Commerce and the Pacific Economic Cooperation Council. The Future of Trade report series from DMCC examines the impact of global economic trends, geopolitics, technology, sustainability, and finance on the trade landscape.

With over 1.9 million views and downloads, the report series has solidified DMCC’s reputation as a leading voice on international trade. As AI continues to reshape the global economy, organizations are urged to embrace innovation and leverage AI technologies to drive growth and competitiveness in the evolving trade landscape.