Experts at “Middle East Strategy” estimate that the Gulf region could achieve an economic growth equivalent to about 9.9 dollars for every dollar invested in industrial artificial intelligence technology. At this growth rate, the overall economic impact associated with industrial artificial intelligence technology could reach around $23.5 billion annually by 2030 in the Gulf region.
According to experts at “Middle East Strategy,” a part of the Price Waterhouse Cooper network, the widespread adoption of this technology is expected to continue in the corporate world over the next six to twelve months, alongside the rapid advancements in this field.
The UAE and Saudi Arabia are expected to lead among the countries benefiting the most from implementing this technology for economic growth. Saudi Arabia is projected to achieve an economic growth of $12.2 billion, and the UAE an economic growth of $5.3 billion.
Tony Karam, a partner at “Middle East Strategy,” said, “These statistics confirm the enormous potential of industrial artificial intelligence technology, promising unprecedented transformations in business in the Middle East. Officials leveraging this opportunity gain a significant competitive advantage, while companies hesitant to adopt this technology will struggle to keep up with current developments.”
Based on an analysis by “Middle East Strategy,” the media and entertainment sector is expected to witness the largest economic growth, estimated at $8.5 billion in the Gulf region. It is followed by the healthcare sector at $3.8 billion, then the banking and financial services sector at $3.5 billion, and the information and communications technology sector at $2.9 billion.
Jad Baroudi, a senior manager at “Strategy & Middle East,” said, “Despite the immense capabilities of industrial artificial intelligence models, they suffer from weaknesses. Currently, these models are not suitable for complex numerical analysis or critical decision-making, in addition to ethical concerns related to bias, unethical use, and high costs.”
