GCC countries are likely to reap about $23.5 billion in economic benefits by 2030 as investments in generative artificial intelligence continue to grow, a new report has found.
Saudi Arabia and the UAE are set to benefit the most from the growth in the emerging technology, PwC unit Strategy& Middle East said in a report on Thursday.
Saudi Arabia is projected to benefit the most from generative AI's “extraordinary” potential economic impact in the region, underpinned by growing investments in the region, according to the consultancy.
The region could realise about $9.9 of economic growth for every $1 invested into the technology, the pace of which could unlock $23.5 billion per year by 2030, it said.
The kingdom, which has been heavily investing in its technology ecosystem, is projected to reap more than half of that amount, or $12.2 billion.
The UAE, which has also been boosting its initiatives to adopt the latest innovations, has the next biggest potential with $5.3 billion, the report found.
Estimated economic gains for the rest of the GCC countries are $2.6 billion for Qatar, $1.6 billion for Kuwait, $1.3 billion for Oman and $600 million for Bahrain.
“These statistics underline the extraordinary potential of generative AI to revolutionise the Middle East's business landscape,” said Tony Karam, partner at Strategy& Middle East, wrote in the report.
“Executives who seize this opportunity without delay can gain a substantial competitive advantage, while companies that merely watch risk falling behind.”
AI has long been used by businesses in their operations, but it has gained momentum with the advent of generative AI.
The technology – made popular by ChatGPT, created by Microsoft-baked OpenAI – can produce various kinds of data, including audio, code, images, text, simulations, 3D objects and videos.
Investors have put more than $4.2 billion into generative AI start-ups in 2021 and 2022 through 215 deals after interest surged in 2019, recent data from CB Insights showed.
This has prompted countries to tap into its potential. Saudi Arabia and the UAE, the Arab world's biggest economies, have introduced several initiatives to promote the use of technology as they prepare for the future economy.
Companies in the kingdom are moving faster when it comes to adopting cutting-edge technologies compared to their global counterparts, consultancy KPMG said in a recent report.
In the UAE, nearly three in four companies and organisations have either maintained or increased their investment in AI initiatives in recent months, technology company Dataiku said in a report in May.
Major technology companies are also taking notice of the region's potential.
On Thursday, Alphabet-owned Google launched its generative AI platform Bard in Arabic to address the needs of native speakers.
On a global level, the growing adoption of AI technology can help boost economic growth and raise labour productivity, Goldman Sachs said in a previous report.
Widespread AI adoption can eventually grow annual global gross domestic product by 7 per cent in the 10 years after at least half of companies worldwide begin using AI technology, the US bank said.
“Success in generative AI hinges upon talent acquisition … in this global race for talent, establishing robust strategic partnerships is imperative for GCC companies aiming to swiftly deploy experienced talent and capabilities,” Mr Karam said.
“Simultaneously, cultivating an environment that attracts and retains top-tier in-house data science talent is crucial.”
Sector-wise, the GCC's media and entertainment industry is projected to record the biggest transformation as a result of using generative AI, with an estimated economic of $8.5 billion, Strategy& said.
This is followed by health care ($3.8 billion), banking and financial services ($3.5 billion), and IT and telecoms ($2.9 billion).
However, the study cautioned that generative AI is not without its risks and regulatory concerns, including the threat of deepfakes, harmful content and exacerbated economic inequality and bias.
Despite this, the technology’s expected economic impact remains substantial, and organisations must address these challenges to unlock generative AI's full and positive potential.
Executives who seize this opportunity without delay can gain a substantial competitive advantage, while companies that merely watch risk falling behind
Tony Karam,
partner at Strategy& Middle East
On the executive level, chief executives have to collaborate with their chief data, information and technology officers to quickly address any shortcomings in their companies' data capabilities, especially those linked to data governance, Strategy& said.
“Generative AI now signifies a revolutionary force that is poised to redefine the business landscape. Its true potential can help propel organisations to the forefront, endowing early adopters with a formidable competitive advantage,” it said.
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
PULITZER PRIZE 2020 WINNERS
JOURNALISM
Public Service
Anchorage Daily News in collaboration with ProPublica
Breaking News Reporting
Staff of The Courier-Journal, Louisville, Ky.
Investigative Reporting
Brian M. Rosenthal of The New York Times
Explanatory Reporting
Staff of The Washington Post
Local Reporting
Staff of The Baltimore Sun
National Reporting
T. Christian Miller, Megan Rose and Robert Faturechi of ProPublica
and
Dominic Gates, Steve Miletich, Mike Baker and Lewis Kamb of The Seattle Times
International Reporting
Staff of The New York Times
Feature Writing
Ben Taub of The New Yorker
Commentary
Nikole Hannah-Jones of The New York Times
Criticism
Christopher Knight of the Los Angeles Times
Editorial Writing
Jeffery Gerritt of the Palestine (Tx.) Herald-Press
Editorial Cartooning
Barry Blitt, contributor, The New Yorker
Breaking News Photography
Photography Staff of Reuters
Feature Photography
Channi Anand, Mukhtar Khan and Dar Yasin of the Associated Press
Audio Reporting
Staff of This American Life with Molly O’Toole of the Los Angeles Times and Emily Green, freelancer, Vice News for “The Out Crowd”
LETTERS AND DRAMA
Fiction
"The Nickel Boys" by Colson Whitehead (Doubleday)
Drama
"A Strange Loop" by Michael R. Jackson
History
"Sweet Taste of Liberty: A True Story of Slavery and Restitution in America" by W. Caleb McDaniel (Oxford University Press)
Biography
"Sontag: Her Life and Work" by Benjamin Moser (Ecco/HarperCollins)
Poetry
"The Tradition" by Jericho Brown (Copper Canyon Press)
General Nonfiction
"The Undying: Pain, Vulnerability, Mortality, Medicine, Art, Time, Dreams, Data, Exhaustion, Cancer, and Care" by Anne Boyer (Farrar, Straus and Giroux)
and
"The End of the Myth: From the Frontier to the Border Wall in the Mind of America" by Greg Grandin (Metropolitan Books)
Music
"The Central Park Five" by Anthony Davis, premiered by Long Beach Opera on June 15, 2019
Special Citation
Ida B. Wells
THE BIO: Mohammed Ashiq Ali
Proudest achievement: “I came to a new country and started this shop”
Favourite TV programme: the news
Favourite place in Dubai: Al Fahidi. “They started the metro in 2009 and I didn’t take it yet.”
Family: six sons in Dubai and a daughter in Faisalabad
SPEC%20SHEET%3A%20NOTHING%20PHONE%20(2A)
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South Africa World Cup squad
South Africa: Faf du Plessis (c), Hashim Amla, Quinton de Kock (w), JP Duminy, Imran Tahir, Aiden Markram, David Miller, Lungi Ngidi, Anrich Nortje, Andile Phehlukwayo, Dwaine Pretorius, Kagiso Rabada, Tabraiz Shamsi, Dale Steyn, Rassie van der Dussen.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Scores:
Day 4
England 290 & 346
Sri Lanka 336 & 226-7 (target 301)
Sri Lanka require another 75 runs with three wickets remaining
THE BIO
Age: 33
Favourite quote: “If you’re going through hell, keep going” Winston Churchill
Favourite breed of dog: All of them. I can’t possibly pick a favourite.
Favourite place in the UAE: The Stray Dogs Centre in Umm Al Quwain. It sounds predictable, but it honestly is my favourite place to spend time. Surrounded by hundreds of dogs that love you - what could possibly be better than that?
Favourite colour: All the colours that dogs come in
The biog
Profession: Senior sports presenter and producer
Marital status: Single
Favourite book: Al Nabi by Jibran Khalil Jibran
Favourite food: Italian and Lebanese food
Favourite football player: Cristiano Ronaldo
Languages: Arabic, French, English, Portuguese and some Spanish
Website: www.liliane-tannoury.com
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
EVIL%20DEAD%20RISE
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BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
Company profile
Name: Tharb
Started: December 2016
Founder: Eisa Alsubousi
Based: Abu Dhabi
Sector: Luxury leather goods
Initial investment: Dh150,000 from personal savings
In Full Flight: A Story of Africa and Atonement
John Heminway, Knopff
'HIJRAH%3A%20IN%20THE%20FOOTSTEPS%20OF%20THE%20PROPHET'
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Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
The%20Killer
%3Cp%3E%3Cstrong%3EDirector%3A%C2%A0%3C%2Fstrong%3EDavid%20Fincher%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%C2%A0%3C%2Fstrong%3EMichael%20Fassbender%2C%20Tilda%20Swinton%2C%20Charles%20Parnell%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%C2%A0%3C%2Fp%3E%0A
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
UAE currency: the story behind the money in your pockets
Company Profile
Founder: Omar Onsi
Launched: 2018
Employees: 35
Financing stage: Seed round ($12 million)
Investors: B&Y, Phoenician Funds, M1 Group, Shorooq Partners
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
Masters%20of%20the%20Air
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BLACK%20ADAM
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MATCH INFO
Sheffield United 0 Wolves 2 (Jimenez 3', Saiss 6)
Man of the Match Romain Saiss (Wolves)
