Saudi Arabia has been actively trying to become a global leader in AI, backed by its National Strategy for Data and Artificial Intelligence, which aims to attract $20 billion in investments by 2030 and cultivate a workforce of 20,000 AI and data specialists.

As part of the kingdom’s most recent efforts, Faisal Al-Ibrahim, Saudi Arabia’s Minister of Economy and Planning, invited global leaders in AI to establish a presence in the kingdom. 

Speaking at the World Economic Forum’s Summer Davos in Dalian, China, Al-Ibrahim emphasized that Saudi Arabia offers significant opportunities for AI companies.

The kingdom is actively pursuing a leadership role in AI. Beyond attracting investment, Al-Ibrahim stressed Saudi Arabia’s commitment to responsible AI development. He highlighted the country’s recent membership in the AI Governance Alliance and its focus on inclusivity initiatives.

He highlighted that AI’s transformative potential should be available to every individual and alleviate global disparities: “If AI isn’t going to be accessible by developing cultures or the whole world together, the gap we have is from an economic point of view, from a capability point of view.”

“If AI comes in and isn’t accessible by everyone, then that is a big challenge and can even exacerbate our challenges,” he added.

Al-Ibrahim participated in a session on future growth opportunities, where he discussed Saudi Arabia’s economic diversification efforts under Vision 2030. 

He pointed to Saudi Arabia’s success in diversifying its economy beyond oil. The kingdom achieved the fastest economic growth rate in the world in 2022 at 8.7%, with non-oil activities contributing significantly. The non-oil sector grew by 5.6% in 2022 and now accounts for over half of the country’s GDP.