Artificial intelligence provides countries with innovative ways to boost productivity in specific industries. In some other sectors, it helps them to skip models that focus on conventional development, averting the need to build expensive infrastructure or making it affordable, avoiding heavy capital expenditure.
Kavan Choksi on the potential impact of AI on MENA’s economic growth
Business and finance expert, Kavan Choksi, states that as per a new analysis released by Google, the possible economic impact of AI on the economic development of MENA’s area is vast, with this region predicted to earn an estimated value of $320 billion by 2030. A Google report named The Future of AI in MENA offers a high-end prognosis for AI and its growth in the following decade, with a focus on the UAE, Saudi Arabia, Kuwait, Egypt, and Qatar.
What does this Google Report cover?
It looks at investments based on artificial intelligence and trends in industries related to finance, energy, transportation, retail, and government services. This paper also covers significant policy recommendations targeted at countries seeking to boost their capabilities and ecosystems in artificial intelligence.
Develop artificial intelligence in a responsible manner in the region
This analysis demonstrates that artificial intelligence needs to be developed responsibly as it has huge prospects for improving the lives of people in MENA’s region and empowering the crucial areas of the economy.
In order to attain the above objective, a combined effort by the civil society, the corporate sector, and the governments are needed to enjoy the advantages of this massive wave of digital transformation covering investments in technology, people, policy development, and infrastructure.
Development of artificial intelligence in North Africa and the Middle East regions
Credible sources from the Artificial Intelligence Office of the UAE Government have underlined the significance of building vital regulations for boosting AI systems in the private and public sectors of the economy. The objective here is to promote the concept of artificial intelligence as a critical factor in systems and businesses. This step will accelerate the digital transformation of the region.
The region has been the pioneer in the crafting of national initiatives in artificial intelligence for building a business environment with a welcoming approach. However, Kavan Choksi, feels that these regions still do not have the appropriate technology policies in place when it comes to security, trust, and governance.
Tracking the progress and development of projects linked to AI
The data, reports, and statistics can help in monitoring the progress of this journey and in developing new growth strategies for supporting the private sector. It ensures ongoing improvement in the area of artificial intelligence with the design and implementation of projects for supporting the use of AI in all required fields in the region.
The report by Google states that the region is now gearing up for developments in a new chapter of economic growth for the future. It conducts an analysis of the region’s trajectory for products in the field of artificial intelligence, strategies, and learning experiences for fostering the thriving and safe AI ecosystem in the area.