Led by the United Arab Emirates, the region’s public and private sectors are investing heavily in boosting the growth of the digital sector and combating cybercrime.
read more…
Artificial intelligence (AI) could bring real value of up to $150 billion (AED 550.5 billion) to Gulf Cooperation Council (GCC) countries, says it represents more than 9% of GCC countries’ total GDP new report.
The latest McKinsey research on the prevalence of AI in the region suggests that the rate of development of AI technologies such as generative AI could soon surpass this figure.
Led by the United Arab Emirates, the region’s public and private sectors are investing heavily in AI to boost the growth of the digital sector and combat cybercrime. GCC countries are adopting AI at different speeds in different fields.
Retail companies have made the most progress, with 75% of retail respondents saying their company has implemented AI in at least one operational function. Respondents in the financial services, capital projects and infrastructure sectors said their companies were making less progress on similar metrics, according to McKinsey.
The study found that GCC companies are missing out on opportunities to attract students from local universities and research institutes looking to join international tech giants.
“By building better relationships with these institutions, whether by funding research or collaborating on specific projects, students may be more aware of the work of GCC companies and their culture.” said the report.
