Saudi investments in generative AI to boost its GDP by 2030
Saudi Arabia stands to see a $24 billion boost in its GDP by 2030 through
significant investments in generative AI, according to a report from Oliver
Wyman and the Saudi Data & AI Authority (SDAIA). If effectively
implemented, generative AI could enhance productivity and efficiency across
industries, contributing about 2% to the country’s GDP.
To realize this potential, the report highlights three main factors:
establishing a solid technology foundation, reskilling the workforce, and
encouraging widespread adoption of AI tools.
Generative AI’s Industry
Impact
In healthcare, generative AI can expedite drug discovery, advance
diagnostics, and improve healthcare operations, while in industrial sectors, it
could optimize predictive maintenance and streamline manufacturing. For
financial services, AI offers personalized customer interactions and financial
insights, while in government services, it can enhance citizen experiences and
public safety. Oliver Wyman and SDAIA noted a wide range of use cases,
positioning generative AI as a catalyst for achieving Vision 2030's goals of
economic diversification and technological progress.
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Workforce Transformation and
Upskilling
Generative AI will bring significant shifts to the workforce, requiring
reskilling in many fields. While some jobs may be automated, creating the need
for AI-savvy professionals, the report predicts that by 2030, up to 150,000
private-sector jobs in Saudi Arabia could be impacted by AI adoption, depending
on how widely companies embrace these technologies. Notably, 60% of
white-collar workers globally are concerned about job automation, with roles in
customer service, finance, and procurement likely to see the greatest changes.
Growing AI Adoption in Saudi
Arabia
Saudi Arabia is already embracing generative AI at a higher rate than the
global average, with 68% of Saudis using AI tools weekly compared to 55%
globally. These figures underscore the technology’s potential to drive
efficiency gains in the Kingdom and contribute to an anticipated $20 trillion
boost to the global economy by 2030, along with an estimated 300 billion hours
saved per year.
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Global Perspectives on AI
Globally, India leads in generative AI usage, while European countries have
shown more caution, being the first region to apply regulations to AI products.
The increasing adoption in non-Western nations, particularly in Saudi Arabia,
highlights the broader acceptance and potential impact of AI on economies
worldwide.
Source: https://www.consultancy-me.com/
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