Int’l Virtual Conf. in Kuwait: Advancing Economic Diversification through AI
Kuwait hosted the 2024 International Virtual Conference on Technovation, Technoentrepreneurship, and AI for Economic Diversification, bringing together over 200 experts from around the world.
Held under the patronage of the Kuwaiti Minister of Information and Culture and Minister of State for Youth Affairs, Abdulrahman Al-Mutairi, the Conference focused on exchanging the best practices and future insights with regards to innovation, management, technology, entrepreneurship and artificial intelligence (AI).
Strategic Benefits
In his opening remarks, Kuwait‘s Assistant Undersecretary for Media Services and New Media Sector, Saad Nafel Al-Azmi, said that the 5th edition of the International Virtual Conference on Technovation, Technoentrepreneurship, and AI for Economic Diversification, held under the theme “Accelerating Global Market Growth through Economic Diversification,” focused on the benefits of economic diversification.
He highlighted advanced programs, including innovation and AI programs, business accelerators and incubators, and technology transfer and marketing programs.
In the light of this, Gulf and Arab states prioritize investment in AI and innovation, he said. Al-Azmi counted the strategic benefits of AI and innovation investments, including enhancing productivity and efficiency across various industries; creating 12-15 million jobs by 2030; and fostering innovation, research and development to enable better decision-making and new products and services.
The benefits also include improving government sectors through harnessing smart technologies in public services such as transport, health, education and security; and addressing economic, social and educational challenges by offering smart solutions.
Creating Adaptable Economies
The International Virtual Conference on Technovation, Technoentrepreneurship, and AI for Economic Diversification is part of the Gulf initiatives launched by the CEO and Founder of Ecosystem Consultants & Smart Virtual Accelerator, Dr. Hanadi Al-Mubaraki, to elevate the rankings and competitiveness indexes of the Gulf States.
During her speech, Al-Mubaraki stressed the importance of economic diversification, highlighting how innovation, AI, technology and entrepreneurship programs can pave the way for both developed and developing countries.
Moreover, Al-Mubaraki said that economic diversification is vital for sustainable growth and resilience in the 21st century, creating resilient economies capable of addressing global challenges.
This economic diversification has led to the emergence of new sectors, such as Precision Medicine; Autonomous Vehicles; Financial Technology (FinTech); Clean Technology; and Space Technology.
Saudi Arabia’s Innovation Endeavors
The Global Social Responsibility Ambassador, Princess Hind Al Saud, highlighted Saudi Arabia’s efforts to support innovation, entrepreneurship, AI and technology. The Kingdom’s efforts have been evident in establishing sovereign funds and authorities for innovation, technology and AI, she said.
These include Monsha’at; the Saudi Data and Artificial Intelligence Authority (SDAIA); the Saudi Authority for Intellectual Property; and the National Center for Research, Development, and Innovation.
Furthermore, Saudi Arabia launched several business accelerator and incubator programs and public benefit organizations, in line with the developmental plans of Saudi Vision 2030. Hence, the Conference focused on digital-driven economic diversification and enhancing global competitiveness indexes, Princess Hind noted.
Controlling AI
The prominent Jordanian businessman, Dr. Talal Abu Ghazaleh, pointed to the potential risks of AI. He said that AI systems are advanced and smart tools to benefit societies.
However, these systems’ abilities to self-develop carry potential risks, particularly in advanced weapon systems. Therefore, Abu Ghazaleh stressed the need for ethical, administrative and protective systems to govern AI.
Active Engagement
In his remarks, the Director General of the Arab Planning Institute (API) in Kuwait, Dr. Abdullah Al-Shami, praised the active participation of prominent figures, regional and international economic organizations, academics and entrepreneurs.
He also pointed to the Conference’s role in fostering knowledge exchange, enhancing partnerships, showcasing successful experiences, sharing future insights and recommendations, and introducing promising investment opportunities in innovation, AI and entrepreneurship.
A Pillar for Economic Growth
The President of the University of Dubai, Eesa Al-Bastaki, noted that innovation and technology are the drivers of change, progress and prosperity in today’s world. Technology has become a key pillar in fostering economic growth, enhancing the quality of life, and achieving sustainable development, he said.
Moreover, Al-Bastaki highlighted the Gulf Cooperation Council (GCC) countries’ recognition of this development, adopting ambitious national strategies that prioritize innovation and technology. This has been evident in the UAE’s National Innovation Strategy, announced by Sheikh Khalifa bin Zayed in 2014, which focuses on 7 sectors: renewable energy, transport, education, health, technology, water, and space.
