Saudi Arabia set to dominate global AI landscape: Economy Minister

Faisal Al-Ibrahim, Minister of Economy

Saudi Arabia will be a global leader and pioneer in artificial intelligence (AI), the Minister of Economy Faisal Al-Ibrahim said at the Future Investment Initiative in Riyadh.

Al-Ibrahim emphasized that the Kingdom is the ideal hub for technology and innovation investments, where investors can expect confident returns. He noted a significant increase in companies relocating their regional headquarters to Saudi Arabia, alongside a 50% surge in capital inflows in the first half of 2024.

The minister also stressed that Saudi Arabia's strong start in its transformative journey demonstrates that adaptation and diversification are not only achievable during challenging times but also essential for sustainable growth.

Since the launch of Vision 2030, Saudi Arabia’s non-oil economy has expanded by 20%, while investment in non-oil sectors has grown by 70%.

Non-oil activities now account for 53% of Saudi Arabia’s GDP, Al-Ibrahim stated, pointing out that the Kingdom aims to build an economy capable of creating more complex products and services to diversify its growth sources.

This goal requires partnerships among the public and private sectors, as well as innovators who can leverage the current opportunities in Saudi Arabia.

Moreover, Saudi Arabia is hitting new records in solar and wind energy, he added, and remains committed to keeping the world connected and strengthening supply chains through free trade agreements and other initiatives.