May 23, 2024

Revolutionizing Saudi Arabia’s Digital Economy: Artificial Intelligence and Data Science Fuel Economic Growth

AI data analytics

AI data analytics

Last Updated on November 9, 2023 by newseditor

Amid a rapidly evolving technological landscape, Saudi Arabia is boldly embracing artificial intelligence (AI) and data science to revolutionize its digital economy. With a strategic focus on harnessing the transformative power of AI data analytics, the Kingdom is poised to experience unprecedented economic growth and propel itself to the forefront of the global digital revolution. By 2030, artificial intelligence (AI) is projected to inject a staggering $16 trillion into the global economy, as highlighted by the World Economic Forum.

Positioned at the forefront of AI adoption, the UAE stands poised to seize this unprecedented opportunity. With estimates indicating a remarkable 14% contribution to the country’s gross domestic product (equivalent to $97.9 billion) by 2030, the UAE is primed to capitalize on the potential of this transformative technology. Recognizing the immense value of AI and data in shaping policymaking and driving economic growth, Saudi Arabia’s Ministry of Economy and Planning, alongside the Saudi Data & AI Authority, has taken a proactive step by signing an initial agreement.

AI Data Analytics As A Strategic Asset: Revolutionizing Economic Development

In a momentous agreement, Saudi Arabia forges closer strategic cooperation, leveraging artificial intelligence (AI), data science, and analytics. This partnership encompasses crucial areas, including the development of impact indicators to monitor the effectiveness of social and economic policies within the kingdom. Aligned with the visionary Saudi Vision 2030, this collaboration between the ministry and SDAIA aims to transform data into a strategic asset, propelling economic policy and fostering development for the broader public good. By embracing cutting-edge advancements in AI data analytics, Saudi Arabia is poised to keep pace with the dynamic landscape, fueling economic growth and solidifying its position in the digital economy.

Digital Resurgence: Saudi Arabia’s Collaborative Data Techniques

With a strategic focus on diversification, Saudi Arabia aims to boost its digital economy. In a groundbreaking agreement, the government is poised to enhance data modeling and simulation techniques, paving the way for significant advancements. Strengthening policy evaluation frequency, the kingdom seeks to gain deeper insights into the impact of public plans, programs, and initiatives on the economy, business landscape, and civil society. Through a collaborative approach, both parties are committed to accelerating the integration of the latest economic and scientific reports into innovative social and economic government policies, propelling Saudi Arabia into a new era of digital-driven growth.

Tech Giants Unite: Saudi Arabia’s Digital Transformation Journey

Saudi Arabia has joined forces with technology giants like IBM, Microsoft, Cisco, and Trend Micro. Digital transformation is a key pillar of the Vision 2030 initiative, aiming to diversify the economy, nurture local industries, and reduce oil dependence. With a focus on building an AI-friendly ecosystem, Saudi Arabia incorporates AI data analytics, high-speed broadband, and 5G deployment. The country’s big data and AI market is projected to reach $891.7 million by 2026, with a 32.6% annual growth rate, per Mordor Intelligence.

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