According to a new estimate, artificial intelligence (AI) has the potential to increase real value in the Gulf Cooperation Council (GCC) nations by as much as $150 billion (Dh550.5 billion), which is equal to approximately 9% or more of the GCC countries’ combined GDP.
According to McKinsey’s most recent research on the regional adoption of AI, the rate at which AI technologies like generative AI are evolving suggests that number might be swiftly eclipsed.
The governmental and business sectors in the region, led by the UAE, have made significant investments in AI to promote the expansion of the digital industry and combat cybercrime. In the GCC nations, different sectors are embracing AI at varying rates.
Retail businesses have advanced the most; 75% of respondents from this industry said they had implemented AI in at least one business function. According to the respondents, their organizations have yet to progress on the same measure in the financial services, capital projects, and infrastructure sectors, according to McKinsey.
According to the study, GCC businesses are passing on an opportunity to recruit students from regional colleges and research Centres, many of whom have their sights set on working for major international technology corporations.
Building stronger ties with these universities by supporting research or working together on specific projects could increase student knowledge of the work done by GCC companies—and their culture.
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