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Middle East economies stand to gain up to $320bn in 2030 by adopting artificial intelligence (AI), according to data from the US' PwC.
Larger than Egypt’s GDP and twice the size of Kuwait’s GDP in 2019, this figure equates to about 2 per cent of AI’s expected net global economic impact, achieved mainly through improved productivity and increased customer demand and consumption.
Middle East countries have made major AI strides over the past few years. The UAE appointed a minister of state for AI and formed a national AI strategy in 2017. Last year, Saudi Arabia also launched a national strategy that aims to train 20,000 data and AI experts, set up 300 AI startups and attract $20bn-worth of investments by 2030.
Amid this growing desire to adopt AI, the April issue of MEED Business Review examines how far the region has come in its ambition to become an artificial intelligence hub.
MEED's digital transformation index, meanwhile, builds a picture of how well placed regional economies are to take advantage of rapid digitalisation. This exclusive index also tracks the progress of the markets so far, in terms of physical infrastructure, human capital and government policy regulation.
This month's 18-page Market Focus offers a comprehensive look at the UAE, where the economy is showing signs of being on the mend, with improving economic output indicators, a recovering job market, and stabilising prices for goods and services. Standing in its way, however, is the country’s deep exposure to the global economy, which continues to affect energy and travel markets in a way that is unconducive to rapid recovery.
Despite stellar progress with testing and vaccination, the UAE economy needs the world at large to recover.
Must-read sections in the April 2021 edition of MEED Business Review include:
> MEED DIGITAL GROWTH INDEX: UAE leads region’s digital transformation
> SPECIAL REPORT: The UAE stands ready and waiting
> KUWAIT: Budget highlights need for reforms
> MILITARY BALANCE: Defence budgets remain resilient despite Covid
> TOURISM REPORT: Outlook is promising for regional hoteliers
> INTERVIEW: Investing in the long term with ESG
> LEADERSHIP: From commuting to computing
> ROAD TO EXPO: Societies hungrier than ever for sustainable food systems
> EXPO PAVILION: The many faces of Monaco
> GULF PROJECTS INDEX: Gulf projects market continues to decline
> CONTRACT AWARDS: North Field contracts buoy February awards
> BUSINESS OUTLOOK: Finance, oil and gas, construction, power and water contracts
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