The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
DUBAI / WAM
Artificial intelligence (AI) will contribute $320 billion to the Middle East economy by 2030 — the equivalent to 11 percent of GDP, the PwC Middle East has revealed in a latest study.
Drawing on PwC research to illustrate the scale of economic impacts associated with AI, the report outlines that there are greater, untapped opportunities that could increase the impact of AI on the region’s economy, moreover the impact could be even larger if governments continue to push the boundaries of innovation and implementation of AI across businesses and sectors between now and 2030.
That first wave consists of largely known technological innovations that are either adoption-ready or that are currently being fine-tuned or scaled for broader implementation.
Beyond 2030, the scope of AI impacts on both the economy and society will almost certainly increase, so it is important for the Middle East to be strategically placed in order to provide a springboard for the future.
The most significant relative gains in the region are expected in the UAE where AI is expected to contribute almost 14 percent of GDP in 2030. The contribution of AI estimated for Saudi Arabia and the UAE is similar to the contributions estimated for economies in Southern Europe and Developed Asia based on PwC global analysis.