Report of the Office of Artificial Intelligence
The banking sector will spend the most on artificial intelligence by 2030
During the launch of the report, The Future of Artificial Intelligence in the Middle East and North Africa.
From the source
The Artificial Intelligence Office in the UAE government, in partnership with the Economist Impact and Google, launched a report entitled "The Future of Artificial Intelligence in the Middle East and North Africa", which deals with the latest developments in technology, the foundations of investment in the fields of artificial intelligence, and the latest developments in the field of tourism. And transportation, the financial sector, retail, energy, and government services over the next decade, and ways to develop them by taking advantage of artificial intelligence solutions.
The report revealed that the banking sector will be the largest spender on artificial intelligence, indicating that the adoption of artificial intelligence, and the launch of initiatives aimed at developing national strategies for this future sector, will significantly contribute to the growth of the economic sector in the Middle East and North Africa, reaching $320 billion by 2030. He stressed the importance of the role of governments in organizing initiatives to enhance the uses of artificial intelligence, speed up government services, facilitate access to them, and increase their effectiveness.
The report was launched with the participation of directors from "The Economist Impact" and "Google" and a number of employees of government and private agencies, where they reviewed the most prominent plans related to artificial intelligence and the mechanisms for their implementation.
The Executive Director of the Artificial Intelligence Office in the UAE government, Saqr bin Ghaleb, stressed the importance of building implementable government policies to enhance artificial intelligence systems in various government and private agencies, and to establish a culture of artificial intelligence as an essential element in systems and business, and to accelerate digital transformation in the region, which contributes to providing Exceptional fast and safe services for the community, adopting modern technology.”
He said that "reports, data and statistics greatly contribute to enabling governments to follow up the levels of development in the performance of entities and support private sector initiatives, and provide the opportunity to formulate renewable concepts that ensure continuity in the development of artificial intelligence, and launch targeted initiatives to encourage the adoption of artificial intelligence in vital sectors."
The report indicated that adopting and investing in artificial intelligence, along with launching initiatives aimed at developing national strategies for artificial intelligence, and actively contributing to creating a positive work environment, and promoting the development of digital policies in the field of secure data follow-up, will positively affect the growth of the sector in the Middle East and North Africa. Its volume will reach $320 billion by 2030.
He pointed out the importance of the role of governments in organizing initiatives to enhance the uses of artificial intelligence, speed up government services, facilitate their accessibility and increase their effectiveness.
He said that the financial services and banking sector is expected to become the largest spender on artificial intelligence technologies, with 25% of the total artificial intelligence investments in the region.
The travel and tourism sector will also contribute approximately 9% to the GDP of the Middle East and North Africa region through the use of artificial intelligence techniques.
The report expected the transport sector in the region to contribute 15% of the GDP.
He explained that the increase in retail and online commerce, during the “Covid-19” pandemic period, led to the generation of deeper sets of customer data that can be used to improve artificial intelligence algorithms, improve customer experience when receiving services, in addition to the possibility of the impact of artificial intelligence systems. The energy sector, which plays a major role in the region, is expected to contribute more than 6% to GDP by 2030.
320
billion dollars expected growth in the economic sector by 2030
25%
One of the artificial intelligence investments in the region... for the financial services sector.
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