In a new episode of Marketplace Middle East, CNN’s Eleni Giokos visits the third edition of the Global AI Summit in Saudi Arabia to explore how this game-changing technology is shaping the future of business and driving innovation.
In Saudi Arabia, oil giant Aramco is the country’s biggest revenue driver. Last year, the company announced a $1.9 billion investment in digital technologies over the course of three years.The CEO of Aramco’s digital division,Tareq Amin, explains the profitability of AI, "One would not imagine the amount of artificial intelligence and products that the company has deployed to improve its efficiency, drive sustainability. It is very, very impressive. It is pushing into digital, it addresses their bottom line. It improves productivity and it really addresses a lot of the sustainability goals that the company has."
He continues that Aramco Digital is, "Extremely critical to Aramco. Not only because it’s a diversification strategy, but I think our business has very well recognised the importance of digital platforms to its future and its targets […] across six categories, connectivity, cloud, data, AI, sustainability."
The Saudi Public Investment Fund (PIF) is looking to cement itself as one of the world’s largest backers of AI as the country looks to transform its post-oil economy.Abdullah Sulaiman Alkhodairi, the Chief Strategy Officer for the Saudi Data and AI Authority (SDAIA), tells Giokos, "As the technology evolves and as data and AI becomes more and more a part of our daily lives, the percentage of objectives or vision programs that AI contribute to keeps increasing. So in fact, AI and data, which is the fuel for AI, are becoming I would say a very core ingredient and a core component and enabler to achieve Vision 2030."
Investing in AI and other cutting edge tech could also help drive sustainable economic growth.The secretary-general for the Digital Cooperation Organisation,Deema Alyahya, explains, "We see that would really help in terms of the looking at the infrastructure perspective, providing the right opportunities for youth and innovators to be producers to such kind of technology rather than consumers. And also when we look at productivity, it would increase productivity."
Giokos next visits Khalifa Port, one of the fastest-growing ports in the world, to explore the critical part it plays in global supply chains. The CEO of economic cities and free zones at Abu Dhabi Ports Group, Abdullah Al Hameli, explains the part the port plays in the Emirate’s plan to diversify its economy, "The strategy started by attracting big players into Khalifa port. We don’t operate container terminals, we oversee these terminals where we allow foreign investors to come and invest in these terminals. We started with the MSC and it expanded to Costco. It’s completely different than what you’re seeing in this region."
Dominik Baumeister, partner of Transport & Logistics at PwC Middle East considers both trade and tourism crucial for driving the Emirate’s economic diversification forward, "Logistics and transportation sector is the backbone of an economy, and therefore is part of any diversification agenda, and is needed to enable other sectors to grow and continue the diversification of the economy across the country."