By India News Stream staff
July 27, 2018
New Delhi: Invest India and the UAE Minister for Artificial Intelligence (AI) signed a Memorandum of Understanding (MoU) for India – UAE Artificial Intelligence Bridge here on Friday.
This partnership will generate an estimated USD 20 billion in economic benefits during the next decade for both countries. The MoU will spur development across areas like Blockchain, AI and Analytics as data and processing will be a catalyst for innovation and business growth and serve as the backbone of more effective and efficient service delivery systems. By 2035 AI can potentially add USD 957 billion to the Indian economy.
The MoU was signed in the presence of Minister of Commerce & Industry and Civil Aviation, Suresh Prabhu and Ahmad Sultan Al Falahi, Minister Plenipotentiary – Commercial Attache, UAE Embassy at the India leg of GovHack series of World Government Summit
The UAE-India collaboration will seek to evaluate the dynamic nature of innovation and technology by convening a UAE-India AI Working Group (TWG) between the UAE Ministry for Artificial Intelligence, Invest India and Startup India. The TWG will meet once a year with the mandate to increase investment in AI startups and research activities in partnership with the private sector.
The two countries share a bond that extends beyond business as Indians make-up the largest expat community in the UAE at 27% and the UAE is India’s third largest trading partner.
The UAE has invested over USD 5.3 billion in India and infrastructure is one of the top 5 focus sections of UAE-India bilateral trade. The UAE has committed USD 75 billion towards infrastructure development in India.
LinkedIn scams via fake job offers, phishing on the rise: Report
New Delhi: Fake job offers and phishing scams are on the rise on LinkedIn and half of the businesses (56 per cent) globally experienced at least one LinkedIn scam this year,...
Google Pay launches RuPay credit cards support on UPI in India
New Delhi: Google Pay in conjunction with the National Payments Corporation of India (NPCI) on Tuesday rolled out support for RuPay credit cards on Unified Payments Interface (UPI). The users...
2 lakh tech employees lose jobs in 2023 to date, more in the offing
New Delhi: The year 2023 has become the worst year for tech employees as nearly 2 lakh tech employees -- from Big Tech firms to startups -- have been sacked...
Quantitative tightening by top central banks will suck out $2 tn in liquidity
London: The worlds most influential central banks -- apart from the Bank of Japan -- are steadily reducing the size of their balance sheets, and no one knows for sure...
10 Rs 2,000 notes can be exchanged per account holder at a time: RBI
Chennai/New Delhi: Announcing the decision to withdraw Rs 2,000 denomination notes from circulation, the Reserve Bank of India (RBI) has asked banks not to issue such notes with immediate effect....
RBI to withdraw Rs 2,000 currency notes; to continue as legal tender
New Delhi/Chennai: The Reserve Bank of India (RBI) on Friday said that it will withdraw the Rs 2,000 denomination banknote from circulation but it will continue as legal tender. In a...
Layoffs also harm shareholder returns in the long term: Report
New Delhi: Layoffs can inadvertently reduce shareholder returns when taking actions to protect them, as companies tend to underestimate the organisational drag created by large-scale workforce reductions, a report has...
Indian-origin Dylan Jadeja to become Riot Games CEO
San Francisco: Riot Games, the developer behind smash-hit video games like 'League of Legends' and 'Valorant,' has appointed India-origin A.Dylan Jadeja as the company's new chief executing officer (CEO). "We're proud...
Mauritius minister says no shell companies in country, rejects allegations by Hindenburg Research
New Delhi: Mauritius Financial Services Minister Mahen Kumar Seeruttun has told the countrys Parliament that the allegations of the presence of shell companies in Mauritius are false and baseless. The...
Dedollarisation a gradual journey, likely to face geopolitical challenges: Expert
Chennai: The dedollarisation is a gradual journey and has to face various challenges, including geopolitical angle, said industry officials. The reported decision of India and Russia to suspend talks to...
Insolvency petition a ruse for loan write-offs? Major bank union to oppose Go Airlines’ write-offs
Chennai: The All India Bank Employees' Association (AIBEA) will oppose banks writing off a part of their loans to Wadia group's Go Airlines (India) Ltd if the latter has filed...
Lithium reserves in Raj raise hopes of reduced dependence on China
Jaipur: If officials in Rajasthan government are to be believed, Lithium reserves have been traced in Degana (Nagaur) of Rajasthan. The Geological Survey of India (GSI) and mining officials claim...
