According to a recent report, Artificial Intelligence is set to expand the economies of the GCC and Egypt to around $320 billion by 2030. The Gulf Cooperation Council is a six member union of six gulf countries namely Saudi Arabia, Qatar, Kuwait, United Arab Emirates, Oman and Bahrain.
According to a report by professional services firm PwC, the economic uplift could be to the magnitude of $15.7 trillion globally, which is more than the current output of China and India combined. In that uplift, $6.6 trillion is expected to come from improved productivity, while $9.1 trillion is expected to come from benefits to consumers.
Artificial intelligence (AI) is evolving rapidly, with the present technology including digital assistants, autopilots, and chatbots.
AI is a combined term for computer systems that are able to sense their surroundings, think for themselves, learn, and take actions in response to their objectives and what they sense.
The economies of the United Arab Emirates (UAE), Saudi Arabia and Egypt are expected to benefit immensely from Artificial Intelligence. PwC is predicting that by 2030, AI could contribute to almost 14 percent of UAE’s GDP, followed by KSA at 12.4 percent, and Bahrain, Kuwait, Oman and Qatar at 8.2 percent and finally by Egypt, at 7.7 percent.
The report discloses that there are unexploited opportunities that could improve the impact of Artificial Intelligence on the economies of the Middle East, if governments carry on to push the boundaries of innovation and the implementation of AI across business sectors from now on to 2030.
Senior economist at PwC Middle East, Richard Boxshall told Arab News that the future strategy of governments in the region, predominantly in the United Arab Emirates and Saudi Arabia, indicate a strong push towards the development of Artificial Intelligence (AI) technologies, for example Saudi Arabia’s Vision 2030 and the UAE government’s AI strategy.
The fears of Artificial Intelligence taking over the jobs of human beings have been voiced out frequently but according to PwC, this should not be a concern.
Richard Boxshall went on to say that it is likely that in the years to come, as AI is developed we will see a shift in the types of jobs humans will perform but not necessarily the reduction in the number of jobs performed by humans.
Artificial Intelligence (AI) is in the forefront of the UAE government’s strategic plans. UAE representatives were at the latest World Economic Forum in Davos just last month discussing the emirates plans to take up the technology.
At the level of the sectors, the most substantial benefits in absolute terms are anticipated in the manufacturing and construction sectors, which are expected to be nearly a third of the entire benefits to the Middle Eastern region, equivalent to nearly $100 billion by 2030.