Saudi Arabia’s Minister of Economy and Planning Promotes Kingdom as Global Hub for Artificial Intelligence
In a bold statement at the World Economic Forum’s 15th Annual Meeting of the New Champions, Faisal Al-Ibrahim, Saudi Arabia’s minister of economy and planning, emphasized the Kingdom’s potential as a key player in the artificial intelligence sector. Al-Ibrahim highlighted Saudi Arabia’s commitment to ensuring a fair global transition towards emerging technologies.
Saudi Arabia’s Ambitious Drive Towards Artificial Intelligence Leadership
Saudi Arabia is making significant progress in the realm of artificial intelligence to establish itself as a global leader in the field. The National Strategy for Data and Artificial Intelligence, launched in 2020, aims to attract $20 billion in investments by 2030 and develop a workforce of 20,000 AI and data experts.
Championing Global Governance and Inclusivity in AI
Al-Ibrahim stressed the importance of global governance in AI and highlighted Saudi Arabia’s involvement in the artificial intelligence governance alliance. He emphasized the need for inclusivity to bridge economic and capability gaps globally, underlining the potential of AI to address disparities.
Exploring Next Frontiers for Growth at the World Economic Forum
The World Economic Forum’s event, themed “Next Frontiers for Growth,” brought together 1,600 leaders from various sectors and countries to discuss new pathways for global economic development. Key pillars of discussion included “A New Global Economy, China, and the World,” “Entrepreneurship in the Age of AI,” and “New Frontiers for Industries.”
Saudi Arabia’s Economic Transformation Towards Vision 2030
Al-Ibrahim highlighted the rapid growth of non-oil activities in Saudi Arabia since the launch of Vision 2030, with the Kingdom achieving an economic growth rate of 8.7 percent in 2022. Non-oil activities accounted for 5.6 percent of this growth, showcasing the strength of Saudi Arabia’s non-oil economy.
Collaborative Solutions for Global Economic Challenges
In concluding his participation, the minister emphasized the importance of a comprehensive approach to addressing global economic challenges through international cooperation, innovation, and holistic solutions. By working together, the global community can tackle obstacles and lessen their impact effectively.