Artificial Intelligence can add $135bln to Saudi economy

RIYADH — Specialists have confirmed that artificial intelligence can add more than $135 billion to the Saudi economy, expected by the year 2030, if the areas of benefiting from this technology are expanded in the various productive sectors.

The specialists stressed that this field must be accessed with full force to harness and achieve the greatest economic gains.

They (the specialists) said that the Kingdom is witnessing an active technical movement during the "Artificial Intelligence Dialogue - Roles and the Future" virtual conference.

The conference was organized on behalf of Riyadh Chamber of Commerce and Industry (RCCI) by the Artificial Intelligence Committee and held via video conferencing, from afar, last Wednesday evening,.

They stressed the important role of artificial intelligence in creating more job opportunities due to its multiple uses in many educational, health, logistics and industrial sectors.

The Chairwoman of the Board of Directors of the Artificial Intelligence Society Dr. Fatima Ba-Othman has asserted that there is a need to create a global platform for artificial intelligence to contribute to increasing individuals’ income and employing people with various skills.

She stressed the importance of linking education, the labor market and employment in a coordinated way to create jobs and employ the largest number of qualified people.

She added: "There are many areas that can benefit from artificial intelligence in the government and private sectors to develop the economy, especially in the aspects related to improving performance, measurement processes and the growth and development of companies."

She elaborated that companies that have switched to artificial intelligence have made millions of dollars, expecting their numbers to increase as companies expand in using this technology, especially companies in the industrial sector.

Meanwhile, an investor in venture capital, Walid Al-Ballaa, explained that artificial intelligence plays an important role in improving the performance of institutions, raising their competitiveness and productivity, and developing their capabilities by relying on this technology.

He stressed the importance for companies to identify the areas for using artificial intelligence and setting the goals for AI.

He further said: "The Saudi market has benefited from artificial intelligence in raising the efficiency of the economy and its competitive strength."

He praised government support in this aspect, stressing that the environment is more prepared than before for all institutions to use artificial intelligence in various sectors.