GenAI can unlock $23.5bln in annual GCC growth: report

GenAI can unlock $23.5bln in annual GCC growth: report

Generative AI (GenAI) could unlock $23.5 billion in annual economic growth across the GCC by 2030, with Saudi Arabia and UAE experiencing the largest impact, with a potential combined gain of $17.5 billion annually. This is according to Strategy& Middle East, part of the PwC network, which predicts that the GCC region could realise approximately $9.9 of economic growth for every $1 invested in GenAI. The conservative top-down estimate also sees that Qatar, Kuwait, Oman, and Bahrain will also benefit, with estimated economic gains of $2.6 billion, $1.6 billion, $1.3 billion, and $0.6 billion, respectively. Extraordinary potential “These statistics underline the extraordinary potential of Generative AI to revolutionise the Middle East's business landscape. Executives who seize this opportunity without delay can gain a substantial competitive advantage, while companies that merely watch risk falling behind,” commented Tony Karam, Partner at Strategy& Middle East. Examining the industries likely to witness the greatest transformation, the analysis by Strategy& Middle East identifies media and entertainment as the largest affected sector with $8.5 billion of likely economic impact across the GCC region. This is followed by the healthcare industry at $3.8 billion, banking and financial services at $3.5 billion, as well as IT and telecommunications