Saudi Arabia and UAE Leading the MENA Region in Becoming AI Hub

Saudi Arabia and UAE Leading the MENA Region in Becoming AI Hub

The artificial intelligence market in the Middle East and North Africa region is expected to grow from $500 million in 2020 to $8.4 billion by 2026, according to a new report.

The findings by firm Research and Markets suggests that the market for the advanced technology in the region will witness a compound annual growth rate of 47.8 percent, with Saudi Arabia and the UAE leading from the front.

According to the report, the value of the artificial intelligence market in the UAE alone will reach $1.9 billion by 2026, representing 36.2 percent growth.

Business leaders in the Middle East region also consider AI crucial in the coming years for their operational growth. According to a study conducted by global consultancy firm Proviti Middle East, more than 80 percent of CEOs in the region believe the technology is critical to the future of their businesses, and over 70 percent of them are investing in the booming sector.

Understanding the potential of AI, Saudi Arabia is heavily investing in the industry, as the Kingdom’s sovereign wealth fund announced in 2019 a $500 billion investment in AI and other emerging technologies over the next decade.

The Kingdom has also launched several initiatives, including the establishment of the