Home Tech Kavan Choksi On Whether Artificial Intelligence Can Add $320 To MENA’s Economy?

Kavan Choksi On Whether Artificial Intelligence Can Add $320 To MENA’s Economy?

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artificial intelligence on MENA

In specific industries, the presence of artificial intelligence can render new countries innovative ways to enhance productivity. In some other sectors, it helps them to skip traditional development models and avoids the requirement to make expensive infrastructure or help in saving space from heavy capital investments. 

Kavan Choksithe prognosis of artificial intelligence on MENA

According to business and finance expert Kavan Choksi, a new analysis has been released recently by Google that the future impact of artificial intelligence on MENA’s regional economic growth is enormous. There is an anticipation that the area will earn $320 billion with the advent of artificial intelligence by 2030. The report by Google states that the future of artificial intelligence in MENA renders a high-level prognosis for AI and its growth in the following ten years. It lays emphasis on UAE, Kuwait, Egypt, Saudi Arabia, and Qatar.

What does the Google Report say? 

The report also takes into consideration investments that are based on artificial intelligence and the industry trends in tourism, retail, energy, finance, government services, and transportation. It also includes recommendations for a crucial policy for countries that are seeking to enhance their capabilities and ecosystems with artificial intelligence. 

Offering better prospects for the MENA area 

The above analysis reveals that the diligent development of artificial intelligence offers broad prospects for improving the lives of residents in the MENA region and to turbo-charge the critical sectors of its economy. 

Here a combined effort by the governments, corporate sector, and civil society is needed to enjoy the advantages of this development of technological changes that include investments in people, the development of policies, technology, and infrastructure. 

Development of artificial intelligence in the Middle East and North Africa

The region has been responsible for creating national initiatives for artificial intelligence to build a business environment that is open and welcoming. However, Kavan Choksi feels that they still do not have sufficient digital policies for data trust, governance, and security. 

Strategies for the implementation of artificial intelligence in the private and public sectors

Authoritative bodies that govern artificial intelligence in the region lay down the significance of creating necessary regulations for boosting the systems of AI in both the public and private sectors of the area. 

The concept of artificial intelligence needs to be enhanced, as this is the primary factor in business and systems to promote the acceleration of digital transformation in the region. He believes that the data, reports, and statistics supplied can aid in the tracking of the development of the progress for the development of new strategies to support its private sector. 

Innovative strategies need to be deployed for the task so that investments and developments in the private sector are boosted. The initiatives for artificial intelligence should be comprehensive so that they can be implemented successfully. There are success stories that have been inspiring, and this is good news for the region. The focus is to foster a thriving and safe ecosystem for artificial intelligence for growth in the area.

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