Saudi AI Market To Grow By 42.6% By 2030: SCAI CEO

Riyadh: Saudi Arabia’s artificial intelligence (AI) market is expected to see a compound annual growth rate (CAGR) of 42.6% between 2024 and 2030, George Nazi, CEO of Saudi Company for Artificial Intelligence (SCAI) told on the sidelines of the Global AI Summit 2024.

This growth is fueled by rising investments in AI solutions and increasing technology adoption across sectors like finance, healthcare, manufacturing, and automotive, he added.

SCAI, which is fully owned by the Public Investment Fund (PIF), aims to position Saudi Arabia as a globally competitive hub for advanced technologies, aligning with PIF’s broader strategies, the CEO pointed out.

SCAI plays a crucial role in supporting national priorities, especially within the realm of AI and emerging technologies, he noted.

He highlighted that the Saudi government’s strategy of integrating technology, AI, and data into key industries further solidifies the country’s trajectory in AI.

SCAI plans to scale AI solutions across different sectors like smart cities, sport and media, while committing to leverage AI to enhance outcomes and efficiency in these critical sectors. To achieve this, Nazi explained that SCAI believes in empowering talent to create an AI-skilled workforce that is equipped to deal with the challenges.

SCAI focuses on nurturing and empowering individuals with the skills and knowledge necessary to thrive in the AI landscape, the executive noted.

The company’s mission is to propel the growth of the Kingdom's AI sector by leveraging internal capabilities and forging strategic partnerships with industry stakeholders through collaborative efforts and close ties with Saudi Data & AI Authority (SDAIA).

As for smart cities initiatives, the Nazi said that they focus on developing AI-powered products that enable better urban planning, transportation optimization, and infrastructure monitoring, highlighting SCAI’s collaboration with King Abdullah Financial District (KAFD) earlier this year to create a Smart Traffic Management platform and a Mobility as a Service platform.

These initiatives not only streamline traffic monitoring but also enhance future transportation planning, he said.