Credit By: Arabian Business
Saudi Arabia is investing heavily in this area to establish itself as a leader in artificial intelligence (AI). The country set out to attract $20 billion in global and local investments by 2030 when it published its National Strategy for Data and Artificial Intelligence in 2020. These strategies, emphasizing social change and economic diversification, align with Saudi Arabia’s Vision 2030.
Saudi Arabia’s AI Growth Engine
Workforce Development:
Saudi Arabia intends to train and build a pool of 20,000 AI and data specialists to satisfy the demands of its expanding AI sector. This human resource investment will mainly advance the nation’s AI capabilities.
Economic Impact:
According to PwC, Riyadh’s emphasis on digitization and emerging technologies would add 2.4% to its GDP by 2030. The economic impact emphasizes AI’s importance in determining the country’s future.
Young Involvement:
Saudi Arabia’s youth promote innovation and entrepreneurship by aggressively adopting technology and experimenting with AI technologies. Events like hackathons and AI contests are developing talent from the inside.
Global AI Growth:
According to the PwC analysis, Saudi Arabia will contribute 31.3% of the average yearly growth in AI growth between 2018 and 2030. This demonstrates the country’s resolve to take a leading role in advancing technology.
Opportunities and Difficulties
Job Market Transformation:
Artificial Intelligence may be able to replace some employment, but it may also increase labour productivity and boost world economic growth. Saudi Arabia’s labour force is being aggressively readied for this shift.
The role of AI:
There are two schools of thought about the implications of AI; the first sees it as a supplement to human capabilities, while the second sees it as disruptive and capable of displacing jobs. Saudi Arabia is more in line with the complimentary viewpoint and uses AI for routine work.
The AI Initiatives of Saudi Arabia
Crown Prince Mohammed bin Salman approved the International Center for AI Research and Ethics to be established to encourage the ethical use of AI.
The Global Cybersecurity Forum Institute was founded to advance international cybersecurity initiatives and demonstrate the country’s dedication to cybersafety.
Cooperation and Investment:
To advance its AI projects, Saudi Arabia cooperates with foreign partners, invests in local talent, and abides by international standards and practices for AI development.
Indigenous Technology:
Saudi Arabia’s indigenous AI technology is expected to grow and develop in a way that will suit the priorities and culture of the country. Saudi business people are well-suited to create AI solutions exclusive to the region since they are aware of their own nation’s particular requirements and quirks.
Saudi Arabia is committed to being a global leader in AI, as seen by its ambitious push to invest in AI. With an emphasis on international cooperation, workforce development, economic impact, and youth participation, the country is well-positioned to have a big say in how AI develops. By adopting AI and appropriately tackling obstacles, Saudi Arabia sets itself up for success in the AI-driven future.
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