Prime Highlights:
The Kingdom’s participation in the World Economic Forum (WEF) reinforces its commitment to advancing the digital economy, innovation, and AI.
Saudi Arabia aims to be among the top 10 countries on the Open Data Index and top 20 in peer-reviewed AI publications by 2030.
The National Strategy seeks to attract SR30 billion ($7.9 billion) in foreign direct investment and SR45 billion in local investment in AI and data by 2030.
Key Background:
Saudi Arabia’s active engagement at the World Economic Forum (WEF) reinforces its commitment to advancing global initiatives in the digital economy, innovation, and artificial intelligence (AI), according to Minister of Communications and Information Technology Abdullah Al-Swaha. The annual WEF meeting, held in Davos from January 20 to 24, serves as a critical platform for Saudi Arabia to showcase its progressive efforts in shaping a technologically advanced future.
Al-Swaha emphasized that the Kingdom’s involvement at this pivotal juncture aligns with its National Strategy for Data and AI, which targets positioning Saudi Arabia among the top 10 countries on the Open Data Index and the top 20 in peer-reviewed data and AI publications by 2030. Additionally, the strategy aims to attract SR30 billion ($7.9 billion) in foreign direct investment and SR45 billion in local investment in data and AI by 2030, further accelerating the Kingdom’s technology-driven growth.
The minister highlighted that Saudi Arabia’s presence at the WEF presents an opportunity to share its vision for leveraging AI as a catalyst for sustainable development and achieving shared global goals. These efforts, as outlined under Vision 2030, are designed to enhance the quality of life, bolster the digital economy, and create new job opportunities across various sectors.
In line with these objectives, earlier this month, the Ministry of Communications and Information Technology, in collaboration with King Abdullah University of Science and Technology and consultancy firm Hello Tomorrow, released a report detailing the Kingdom’s progress in deep technology. The report indicated that 50 percent of Saudi Arabia’s deep-tech startups are focused on AI and the Internet of Things (IoT), with more than 43 high-growth startups securing over $987 million in funding by 2022. This surge in funding was attributed to an increasingly dynamic investment ecosystem, which is now ranked among the top three in the Middle East and North Africa for deal volume and funding.
In a related development, a report by global consulting firm Strategy& Middle East projected that Saudi Arabia’s technology sector could see a significant SR15 billion increase in operating profit by 2028 through the adoption of generative AI. This growth could be driven by the rising demand for advanced hardware and infrastructure, as well as the commercialization of new AI
applications. Through its robust investments and strategic initiatives, Saudi Arabia is positioning itself as a global leader in digital transformation and AI development, contributing to a sustainable and prosperous future for both the Kingdom and the world.