Thursday, 30 May 2024
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“Saudi is leading the way in AI,” Business leader stated at the WEF

  • Saudi Arabia’s contribution to technological advancement is driving the regional and global economy.
  • Over a thousand dignitaries from 92 nations have convened in Riyadh for the biennial gathering.
  • According to the consulting firm, AI will be the single biggest force behind transformation in all industries.

According to business leaders attending the World Economic Forum special meeting in Riyadh, Saudi Arabia’s contribution to technological advancement is driving the regional and global economy.

According to Stefano Aversa, chair of Europe, the Middle East, and North Africa at consulting firm AlixPartners and global vice chair, the Kingdom has led the way in artificial intelligence.

Artificial Intelligence

Technology‘s role as a change agent is anticipated to be a major topic of discussion at the WEF Special Meeting on Global Collaboration, Growth, and Energy for Development. Over a thousand dignitaries from 92 nations have convened in Riyadh for the biennial gathering.

According to Aversa, the economy of the region is significantly influenced by Saudi Arabia, and it is crucial to maintain ties with giga-projects that will spur growth in industries like the energy transition. He also emphasized the significance of the Kingdom’s transition from a formative to a more developed state of selective investment.

The CEO of AlixPartners, Simon Freakley, brought attention to the problem of disruption in international sectors. He defined disruption as the uprooting of markets, companies, and value networks as a result of changes in the economy, society, environment, politics, regulations, or technology.

According to Freakley, 61% of CEOs are concerned about their ability to adapt to shifting business cycles. According to the consulting firm, AI will be the single biggest force behind transformation in all industries. It will be used to improve go-to-market strategies and serve as a deterrent to competitors.

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