The Riyadh Economic Forum, in its 11th session under the theme “A Continuation of a Promising Economy”, presented a study focusing on the business sector titled “Enhancing the Role of Artificial Intelligence in Developing the National Economy.” The study aims to bolster the role of artificial intelligence (AI) in advancing Saudi Arabia’s economic growth.
Its significance lies in the expectation that AI will contribute SAR 750 billion to the Saudi economy by 2030.
The study’s key objectives include understanding AI’s developmental role in boosting growth within the Kingdom’s business sector and identifying the challenges and obstacles that impact AI’s contribution to various sectors of the Saudi economy.
Riyadh Economic Forum
It also aims to know the most important enablers of the effective use of artificial intelligence applications, which support the developmental role of artificial intelligence in the various sectors of the Saudi economy.
The objectives included testing the existence of a long-term equilibrium relationship between operational spending on artificial intelligence activities and economic growth in the Kingdom, as well as measuring the impact of operational spending on artificial intelligence activities on long-term economic growth in the Kingdom.
They also included testing the existence of a long-term equilibrium relationship between activities related to computers, electronic, and optical products and long-term economic growth in the Kingdom.
Moreover, it was highlighted that the Kingdom ranks 29th globally and first in the Middle East in terms of AI readiness, with annual growth in the local market expected to reach 21.38% until 2030.
The study also indicated that 73% of Saudi institutions are working on developing policies for the use of generative artificial intelligence. The findings revealed that the Kingdom faces several challenges in AI applications, including a shortage of specialized human skills.
The study recommended adopting comprehensive and pioneering legislation that reflects an incentive-driven approach to investing in AI, identifying potential risks, safeguarding rights, and supporting and encouraging operational spending and long-term investment in productive sectors with an impact on economic and social growth in the Kingdom.
AI Technologies
In addition to the importance of providing training programs for employees and investors in the field of artificial intelligence, adopting and developing AI technologies can improve inventory management. It is also essential to develop the educational environment, including curricula, technology, and human resources, to incorporate skills that align with the labor market’s needs in the fields of artificial intelligence. Furthermore, encouraging the use of advanced technologies for data sharing and analysis is crucial. Finally, enhancing the production of AI tools is key to driving innovation and progress.
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