Global investment in AI has risen from about $800mn in 2010 to $78bn in 2021. Estimates suggest the technology will contribute up to $15.7tn to the global economy in 2030, of which $6.6tn will be in added productive value.
The Middle East is expected to reap about 2% of AI’s total global benefits by the decade's end, equivalent to about $320bn.
The economic sectors vary in their willingness to integrate AI technologies into the core of their business, influenced by the size of the sector, the nature of its work, and the budgets allocated to achieve this transformation in proportion to the expected added value of investment in this technology and the availability of the skills required to deal with it.
Retail and finance
Retail and finance, for example, have a broad database that enables them to leverage AI technology to analyse their customers’ current and future requirements and provide more accurate, comprehensive and innovative services.
Undoubtedly, the increasing integration of AI technologies will significantly impact the labour market. Training will need to be transformed for the younger generations. Re-training will also be needed across other parts of the workforce, not least in services, public, and private administration, industry, construction, trade, and logistics.
New skills, knowledge, and greater flexibility will be needed to cope with the changes. But jobs will change, rather than be lost. About 46% of workers in the region, compared to 31% globally, are optimistic about AI’s ability to improve their jobs rather than pessimistic about eliminating them.