Generative AI could help GCC reap $23.5bn in benefits by 2030: Report

Generative AI could help GCC reap $23.5bn in benefits by 2030: Report

ABU DHABI: Gulf countries are likely to reap about $23.5 billion in economic benefits by 2030 as investments in generative artificial intelligence continue to grow, according to a report. Saudi Arabia and the UAE are set to benefit the most from the growth in the emerging technology, PwC unit Strategy & Middle East said in a report on Thursday. Saudi Arabia is projected to benefit the most from generative AI’s “extraordinary” potential economic impact in the region, underpinned by growing investments in the region, according to the consultancy.

The region could realize about $9.9 of economic growth for every $1 invested into the technology, the pace of which could unlock $23.5 billion per year by 2030, the report said. The kingdom, which has been heavily investing in its technology ecosystem, is projected to reap more than half of that amount, or $12.2 billion. The UAE, which has also been boosting its initiatives to adopt the latest innovations, has the next biggest potential with $5.3 billion, the report found. Estimated economic gains for the rest of the GCC countries are $2.6 billion for Qatar, $1.6 billion for Kuwait, $1.3 billion for Oman and $600 million for Bahrain.

“These statistics underline the extraordinary potential