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Global AI Summit in Riyadh: AI market expected to reach $15 trillion by 2030


RIYADH, 15 September – Speakers at the “Investing In AI: From Startups and Venture Funds to Corporate Innovation” panel that was held Wednesday as part of the 2nd Global AI Summit stressed that the volume of 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 Dr. Hans-Paul Buerkner, Founder of Emaar and 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.

AI Ethics

The Kingdom of Saudi Arabia proudly announces its AI Ethics Principles for public consultation.

They were designed by the Saudi Data and Artificial Intelligence Authority (SDAIA) to be a practical guide to incorporating AI ethics throughout the AI system development life cycle.

AI Ethics principles recognize the importance of developing artificial intelligence and technology innovation into the Kingdom’s services for its citizens and visitors.

After analyzing global and domestic standards and guidelines for AI use, SDAIA has developed an operational framework that entities can use to promote AI while limiting the technology’s irresponsible use.

AI ethics will provide a common ground or standards to help the Kingdom avoid or reduce technology limitations. The seven AI ethics principles are fairness, privacy & security, humanity, social & environmental benefits, reliability & safety, transparency & explainability, and accountability & responsibility.

Photo: SPA

H.E. Dr Abdullah bin Sharaf Alghamdi, President of the Saudi Data & AI Authority (SDAIA) said “We believe these principles will help us move into the next generation of innovation in a multitude of projects.

SDAIA has done an excellent job in encapsulating our responsibilities in implementing AI, and we hope to continue developing and implementing AI that exceeds these expectations.”

Dr. Majid Altuwaijri, CEO of the National Center for AI, stated during the announcement at the Global AI Summit “We are excited to advance our technology capacity through implementing AI solutions into our current processes and operations.

The AI Ethics principles will also help us ensure that we implement these capabilities in a measured, data-responsible and ethical way.”

Saudi Arabia is one of the earliest counties to adopt UNESCO’s Recommendation on the ethics of artificial intelligence, endorsed by 193 countries in November 2021.

The AI Ethics principles are one of the many initiatives that will support the Kingdom’s efforts toward achieving its Vision 2030 and national strategies related to adopting AI technology, encouraging research and innovation, and driving economic growth for prosperity and development.

Source: WAM


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