Emirates News Agency – AI could have a big economic impact on the Mena region, according to a new study by The Economist Impact

Dubai, June 20, 2022 (WAM) – Google today announced the launch of a new report, The Future of AI in the MENA Region, which provides a high level of insight into the development of artificial intelligence (IA) over the next decade. With a special focus on the United Arab Emirates, Saudi Arabia, Qatar, Egypt and Kuwait.

It explores industry trends in investing in AI, tourism, transportation, finance, retail, energy and government services. The report also highlights key policy takeaways that governments should consider to strengthen their AI ecosystem and capabilities.

According to the report, the potential economic impact of AI on the region’s economic growth is significant, with the value added by AI predicting that the MENA region will reach US $ 320 billion by 2030. The region has led the development of national AI strategies that could create a user-friendly business environment, but it still lacks the appropriate digital policy, especially in terms of data governance, trust and privacy. Security.

Martin Roesque, Head of Public Affairs and Public Policy in the Middle East and North Africa, commented: There needs to be a concerted effort between the private sector, government and civil society, including investment in people, technology and policy development. “

Sakar bin Ghalib, executive director of the UAE government’s Office of Artificial Intelligence, emphasized that defining key principles for improving the use of artificial intelligence in the public and private sectors was key.

“The emergence of the concept of reliance on AI as a primary factor in systems and business ensures the acceleration of digital transformation in this region,” he said, adding that reports, statistics and data contribute positively to track the development journey update and help innovate. Supporting the private sector.

“Similarly, he ensures continuous improvement in AI by creating and launching initiatives to encourage the use of artificial intelligence in all necessary fields.”

He noted that the National Artificial Intelligence strategy, the first of its kind in the world, is in line with the global approach to increase the use of AI technology in the future.

“It helps achieve strategic goals and accelerate the implementation of AI-based programs and projects.”

“The role that governments have played behind the recent success stories has been to drive private sector investment and introduce a comprehensive AI strategy. As this region seeks to write its next chapter, our report sheds light on the development trajectory, learning experience and farming path of the MENA region. A secure and prosperous AI ecosystem, “says Walter Pasquarelli, Director, Tech & Society, Economist Impact.

The six main industries differ as to what is most likely to benefit from the adoption of AI.

1. Governments in the region are taking steps to use AI to increase the speed, accessibility and efficiency of government services.

2. The financial services and banking sector is expected to become the largest consumer of AI technology, accounting for 25% of all AI investments in the region. Various potential uses are being considered, but data transparency remains a significant challenge in this region.

4. The transport sector is expected to contribute to the Egyptian and Gulf economies and reach 15% of GDP by 2030.

5. The growth of retail and e-commerce during the epidemic has created a deep pool of customer data that can be used to optimize AI algorithms and improve the customer experience.

6. The impact of AI systems in the energy sector, which has played a major role in the region, is expected to contribute more than 6% to the region’s GDP by 2030.

Translator: Jihane Fawzi.

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