Dubai – Mubasher: Artificial Intelligence (AI) is expected to contribute $320 billion to the Middle East (MD) economy by 2030, which will make up 11% of the region’s gross domestic product (GDP), according to a report released by PwC Middle East.
The Middle East region has promising opportunities with regard to AI-based businesses, which, when utilised properly, can boost the region’s economy, PwC revealed.
The UAE is the AI’s top beneficiaries in the region, where AI is forecast to contribute almost 14% of GDP in 2030, while the second beneficiary will be Saudi Arabia, where AI is projected to account for 12.4% of the Kingdom’s GDP, the report found.
In the UAE, AI initiatives are among the government’s top priority, which places the GCC country among the world’s leading nations in the cutting-edge field.
The positive impact of the AI in the Middle East will be so strong in construction and manufacturing sector, adding AED 100 bn to the sector by 2030, the London-based agency firm.
“In the wake of the fourth industrial revolution, governments, and businesses across the MD are beginning to realise the shift globally towards AI and advanced technologies,” senior economist at PwC Middle East Richard Boxshall said.
The AI is expected to add up to $15.7 trillion to the global economy in 2030, which exceeds the present output of China and India combined.
“The potential for AI adoption varies by industry, the difference is driven by factors such as infrastructure and access to skilled labour, which are considered key enabling factors for AI development,” Boxshall concluded.