Saudi Arabia is actively engaging in the World Economic Forum to promote global efforts in enhancing the digital economy, innovation, and artificial intelligence. This was highlighted by a senior official emphasizing the Kingdom’s strategic role as the world shifts from digitalization to AI.
Communications and Information Technology Minister Abdullah Al-Swaha stated that Saudi Arabia’s involvement aligns with its National Strategy for Data and AI. This strategy aims for the country to rank among the top 10 on the Open Data Index and top 20 in data and AI publications by 2030.
The strategy also targets attracting significant investments, with SR30 billion from foreign sources and SR45 billion locally in data and AI by 2030. Al-Swaha remarked that the forum provides a platform to showcase Saudi Arabia’s advancements under Vision 2030.
Saudi Arabia is working with the global community to use AI as a key tool for sustainable development and shared goals, aiming to improve quality of life, boost the digital economy, and create new jobs across various sectors.
Recently, a report by the Ministry of Communications and Information Technology, King Abdullah University of Science and Technology, and Hello Tomorrow highlighted the Kingdom’s progress in deep technology. It found that 50% of Saudi deep tech startups focus on AI and IoT, with over $987 million secured by high-growth startups by 2022.
This funding growth is due to a robust investment ecosystem, ranking among the top three in the Middle East and North Africa for funding volume and deals. An analysis by Strategy& Middle East projects an SR15 billion increase in operating profit for Saudi Arabia’s tech sector by 2028 through generative AI adoption.
The study indicates that a 15% margin growth is achievable if tech companies leverage advanced hardware demand and create new generative AI applications.