Speakers at the “Investing In AI: From Startups and Venture Funds to Corporate Innovation” panel that was held today as part of the 2nd Global AI Summit stressed that the volume of the AI market is estimated at $65 billion in 2020, expecting the figure to reach $15 trillion by 2030.
The panel saw the participation of Managing Director and Global Chair Emeritus, Boston Consulting Group Hans-Paul Buerkner, Founder of Emaar and noon.com
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Mohamed Al-Abbar and Head of Technology and Media Sector at the Public Investment Fund Shahd Attar.
Speakers highlighted the importance for startups cooperation to utilize AI in developing capabilities and keeping pace with global growth in this field, in addition to how to guarantee ways that mankind, ecological systems and societies can benefit from AI.
They also touched on how companies, investment funds and institutions invest in technology and AI companies and how this brings about economic benefits.
In their interventions, speakers addressed research and publication challenges facing companies in terms of investing in AI. They also reviewed solutions and methods that were used to confront problems previously.
In a panel discussion on AI infrastructure, Saudi Telecom Group CEO Olayan Alwetaid confirmed that AI has helped improve the level of appropriate decision-making at the level of his company and its investments.
Alwetaid explained that the Kingdom’s standing legislative frameworks are keeping pace with the latest developments in the field of technology. This provides great support for the various value chains of technology and AI, making Saudi Arabia a leader at the global level.
In other news, Saudi Arabia, represented by the Saudi Data and Artificial Intelligence Authority (SDAIA), announced during the 2nd Global AI Summit in Riyadh, that it will join the World Bank’s Digital Development Partnership (DDP) – a collaborative public and private partnership to help developing countries leverage digital innovations to solve some of the most challenging issues.
As a new member of the DDP, Saudi Arabia will contribute to the overall digital development agenda of the Partnership to enable the sustainable growth of developing countries and support them in defining and activating national digital strategies and policies to achieve common international goals, including bridging the gap between developed and developing countries, and help in financing, encouraging, developing and adapting data and artificial intelligence technologies to serve all of humanity.
