According to a recent study, the Middle East and North Africa artificial intelligence market is anticipated to increase from $500 million in 2020 to $8.4 billion by 2026. The report projects that by 2026, the UAE alone will have a $1.9 billion artificial intelligence industry, growing by 36.2 per cent.
Saudi Arabia, which is investing heavily in the industry because it recognizes the potential of AI, declared in 2019 that it would invest $500 billion over the next ten years in AI and other emerging technologies.
Saudi Arabia and the UAE
The UAE is also increasing its involvement in technology and has introduced the National Artificial Intelligence Strategy 2031, which focuses on luring talent for jobs of the future, funding research and innovation hubs, developing suitable infrastructure and data ecosystems, as well as creating a climate with a healthy regulatory framework.
According to the report, the administrative and legal professions will be the most vulnerable, with 46% of administrative jobs and 44% of legal positions in danger of being replaced by AI.
- UAE alone will have a $1.9 billion artificial intelligence industry, growing by 36.2 per cent.
- 46% of administrative jobs and 44% of legal positions are in danger of being replaced by AI.
- Goldman Sachs noted that the introduction of AI could increase labour productivity.
The report states that physically demanding occupations should experience less risk, with maintenance having a 4 per cent threat level and construction having a 6 per cent threat level.
Artificial intelligence may have a large impact on economic growth, the bank wrote in a note: “There is a potential for a labour productivity boom as a result of significant savings in labour costs, a boost in productivity for non-displaced workers, and the emergence of general-purpose technologies like the electric motor and personal computer.”
However, the Goldman Sachs report also stated that long-term job growth will be created by technological advancements, even though they initially replace workers.
A report states that even if AI is likely to have a substantial impact on the labour market, most jobs and industries will be supplemented rather than substituted by automation.
In addition, Goldman Sachs noted that the introduction of AI could increase labour productivity and, over ten years, propel global development up by 7% annually.
