Abdumalik Mirakhmedov, Director and co-founder of UAE tech venture company Scalo Technologies, is urging startups to leverage artificial intelligence (AI) not just for profits, but to drive meaningful change and improve lives globally. As Middle East investment in AI surges, Mirakhmedov emphasizes the potential for AI to revolutionize industries and enhance the quality of life for people in remote and underserved areas.

“AI can play a growing role in helping people in remote areas with finance, education, and clean water, by managing money, providing education, and efficient infrastructure development,” says Mirakhmedov. “Imagine children in remote villages, yearning for an education but with no schools nearby. AI can deliver learning to anyone with a tablet and an internet connection. The kids can access a world of knowledge, unlocking doors to careers they only dreamed of.”

According to research by PwC, AI's contribution to the Middle East economy is projected to grow annually between 20-34%, reaching USD 320 billion by 2030.

Mirakhmedov highlights the transformative power of AI across various sectors:

• Healthcare: AI analyzes medical data to diagnose diseases faster and more accurately, saving lives and improving patient outcomes.
• Agriculture: AI enhances farming efficiency, enabling farmers to grow more food using fewer resources.
• Environmental Protection: AI monitors and protects endangered species, predicts weather patterns to combat climate change, and optimizes resource management.
• Disaster Response: AI analyzes data swiftly, helping first responders react faster to natural disasters.

“This is just the start of AI’s new power to positively impact the world. As it advances, the tech will have even more transformative effects on society, delivering things that many of us take for granted into the lives of the less fortunate,” Mirakhmedov adds. “As a tech investor, I want to support the innovative endeavors of young and ambitious companies that are using AI to create products that improve the lives of people across the world.”

Scalo Technologies' investments include Hexacore, a mobile game developer and publisher; Voctiv, which helps companies build AI-powered contact centers; and Noah, an all-in-one money app.