The Dubai Multi Commodities Center (DMCC) predicts that the widespread use of artificial intelligence (AI) will add $15 trillion to the global economy, especially in highly tradeable sectors. DMCC made this announcement during their participation in the launch event of the annual Future of Trade in Singapore. The report also forecasts global trade growth of 2.6 per cent in 2024. However, the adoption of generative AI and the rise in e-commerce and digital services will drive future trade resilience.
As businesses and sectors adopt AI to optimize supply chains, enhance efficiency, and reduce costs. All the new data and market insights will create more business opportunities. DMCC highlights that AI will significantly impact tradeable sectors such as computers, electronics, IT services, transport equipment, and electrical equipment.
Countries like the UAE and Singapore will see AI’s influence grow, supporting their trade infrastructure and innovation-friendly regulations. Dr. Hamad Buamim, chairman of the board at DMCC, stated, “AI opens up new possibilities for trade resilience, from optimizing manufacturing and logistics to forecasting demand and streamlining trade finance.”
Feryal Ahmadi, chief operating officer at DMCC, emphasized the report’s findings, urging businesses to embrace digital transformation and integrate AI into operations. She noted that AI has immense potential across the value chain to support broader economic growth.
The Future of Trade report series from DMCC explores the evolving nature of global trade, examining economic trends, geopolitics, technology, sustainability, and finance. The launch event in Singapore provided a platform for DMCC leaders to share their insights alongside business leaders. Key participants included the International Chamber of Commerce, the Pacific Economic Cooperation Council, and Coinclan OU.
In conclusion, AI’s adoption is set to revolutionize global trade, driving efficiency and opening new business opportunities in various sectors. The DMCC’s leadership continues to champion digital transformation and innovation in the trade landscape.
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