RO10mn initiative to boost economy through AI

RO10mn initiative to boost economy through AI

Muscat – Oman’s economy is going to get a shot in the arm with a national initiative choosing artificial intelligence to empower various sectors.

In a collaborative effort, the Ministry of Economy (MoE) and the Ministry of Transport, Communications and Information Technology (MTCIT) have unveiled the RO10mn ‘National Initiative to Empower the National Economy Enhanced by Artificial Intelligence’ for the year 2024.

The initiative, launched on Sunday, aims to stimulate investment and foster the integration of artificial intelligence applications and technologies in development projects within the economic diversification sectors outlined in the Tenth Five-Year Development Plan (2021-25).

H E Dr Said bin Mohammed al Saqri, Minister of Economy, reaffirmed the government’s commitment to this national initiative. In support of this endeavour, H E Saqri cited economic models that predict a staggering addition of approximately US$13tn to global economic activities by 2030, solely attributed to the integration of artificial intelligence.

The Tenth Five-Year Development Plan (2021-25) has recognised the pivotal role of information and communication technology in driving economic growth, he added. “In line with the plan, the contribution of the digital economy to the gross domestic product (GDP) is expected to increase to around 10% by 2040, through several strategic initiatives and projects.”

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