JEDDAH/DUBAI — The current climate of AI support and investment is potentially a game changer for the global economy and specifically the Middle East, with several GCC nations leading the change. The Middle East has been rapidly adopting AI making it top priority for both leading private and national governments to support their development and integration.

According to recent survey conducted by AIIA Network, 40% of industry professionals from leading government entities and enterprises in the region have allocated an AI budget of about $500,000 – $1 million and with 20% of the respondents’ allocated a budget of $1million and above. The top three applications for investment included data analytics, machine learning and managing administrative workflow.

According to pwc Middle East report, AI is going to be a big game changer in the global economy, and much of the value potential is up for grabs. “We estimate that AI could contribute up to $15.7 trillion to the global economy in 2030, more than the current output of China and India combined. Of this, $6.6 trillion is likely to come from increased productivity and $9.1 trillion is likely to come from benefits to consumers.”

In the wake of the fourth industrial revolution, governments and businesses across the Middle East are beginning to realize the shift globally towards AI and advanced technologies. They are faced with a choice between being a part of the technological disruption, or being left behind. When we look at the economic impact for the region, being left behind is not an option. “We estimate that the Middle East is expected to accrue 2% of the total global benefits of AI in 2030. This is equivalent to $320 billion.”

In absolute terms, the largest gains are expected to accrue to Saudi Arabia where AI is expected to contribute over $135.2 billion in 2030 to the economy, equivalent to 12.4% of GDP. In relative terms, the UAE is expected to see the largest impact of close to 14% of 2030 GDP.

In absolute terms, the largest gains are expected to accrue to Saudi Arabia where AI is expected to contribute over $135.2 billion in 2030 to the economy, equivalent to 12.4% of GDP. In relative terms, the UAE is expected to see the largest impact of close to 14% of 2030 GDP.

The impact could be even larger if governments continue to push the boundaries of innovation and implementation of AI across businesses and sectors.

The annual growth in the contribution of AI is expected to range between 20-34% per year across the region, with the fastest growth in the UAE followed by Saudi Arabia.

The magnitude of the impact expected in these two economies is unsurprising given their relative investment in AI technology compared to the rest of the Middle Eastern region – both countries place within the top 50 countries in the world on the Global Innovation Index 20173 in terms of their ability to innovate and the outputs of their innovation.

Foreseeing the potential of AI in the market, IQPC MENA will host the anchor event supported by the Department of Health - Abu Dhabi, aiming to dive deep into the variety of AI applications that enables businesses in the region to set themselves apart from competition, uncovering revolutionary use cases and answering the painful questions stopping organizations from stepping into their AI journeys.

Taking the UAE’s recently launched AI Strategy 2031 objectives into consideration, the summit takes place at the most pertinent time. Ayusha Tyagi, Managing Director at IQPC MENA, said: “Meeting the needs of a rapidly-growing market in this era requires policymakers and companies to embrace new thinking, dynamic collaborations and the latest disruptive technologies to make the Middle East a leader on the global stage. According to our recent survey, our attendees saw the rationale behind adopting AI is to improve customer satisfaction, drive innovation and reduce operating costs. With the opportunity to create whole new, innovative services and business models, we believe AI is a technology set to change the entirety of the Middle East.”

“We’ve created this initiative to support the government’s mission of fostering innovation. Bringing together expertise across multiple business sectors places us in a unique position to engage stakeholders in the government and private sectors in identifying and solving the key pain points and opportunities in the world of Artificial Intelligence.” she added.

IQPC has collaborated with influential and leading organisations including Prime Minister’s Office, Dubai Healthcare City Authority – Regulation (DCHR), Ministry of Health and Prevention, Smart Dubai, ING, UAE Genetics Diseases Association, Saudi Aramco, King Abdulaziz City for Science and Technology (KACST and many more to discuss the challenges and conduct focused brainstorming sessions culminating in the 2nd annual AI Week on Sept. 9-10, 2019.

The sessions are designed to ensure the AI Week works with the governments and private organization’s key focus sectors and will deliver a packed and stimulating program for the attendees.

EdgeVerve Systems, a wholly-owned subsidiary of Infosys, and GE Healthcare are participating at the event as Associate Partners and will showcase their thought leadership and solutions in the AI space. — SG