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Saudi Arabia And UAE Are At The Forefront Of An AI Revolution
The AI market in the MENA region is expected to grow at a rate of 47.8% per year.
According to the latest reports from Research and Markets, the MENA region is making significant gains in artificial intelligence, with the AI market set to grow from $500 million in 2020 to $8.4 billion by 2026.
The UAE, in particular, shows great promise as a leader in the field of AI, with a projected growth figure of 36.2% bolstered by the government’s National Artificial Intelligence Strategy 2031, which focuses on attracting talent, funding research & innovation hubs, and developing infrastructure and data ecosystems.
Also Read: ChatGPT Is Accelerating The AI Revolution In The Middle East
With its considerable Public Investment Fund, Saudi Arabia has also announced a $500 billion funding package for AI and other technologies over the next decade, launching initiatives including the Saudi Arabian Data and Artificial Intelligence Authority and the National Data Management Office.
A recent study by global consultancy firm Proviti Middle East showed that over 80% of CEOs in the region believe that AI will be critical to future business success, with over 70% of companies already investing in the technology.