In Saudi Arabia, a recent survey by global management consulting firm Oliver Wyman reveals that approximately 68% of workers utilize generative AI on a weekly basis, a figure notably higher than the global average of 55%. Additionally, 93% of Saudi respondents consider generative AI an indispensable tool in their professional lives, compared to 95% in the Middle East and 79% globally. The fervor for AI among individuals in Saudi Arabia is mirrored by the government's proactive stance, positioning the region as a pivotal player in leveraging AI for economic and societal advancements. Saudi Arabia's ambitious AI investment strategy, which includes plans to allocate $40 billion towards AI development, underscores the global momentum behind AI innovation.
Reports indicate that Saudi Arabia's Public Investment Fund (PIF) is exploring potential collaborations with leading Silicon Valley venture capital firms, aligning with the United States' 'Chip 4 Alliance' initiative. This strategic partnership with Japan, South Korea, and Taiwan aims to establish a sustainable semiconductor supply chain, crucial for AI technologies. Jad Haddad, Global Head of Oliver Wyman Quotient, emphasizes that the Middle East, particularly the GCC, is confidently embracing AI, driven by both government investment and the enthusiasm of the region's young and growing population for AI-based services.
The global outlook on AI is a mix of excitement and caution. A recent study indicates that 41% of CEOs from NYSE-listed companies are concerned about lagging behind in AI adoption, highlighting the urgency of timely innovation. Moreover, 96% of CEOs view AI as an opportunity rather than a risk, underscoring its potential impact on businesses and the global economy. However, the enthusiasm for generative AI among consumers is tempered by concerns over its risks. While 28% of global respondents believe generative AI can capture human emotions, 50% of AI researchers warn of a greater than 10% chance that AI could lead to human extinction.
Speaking ahead of the Global AI Summit hosted by the Saudi Data & AI Authority (SDAIA) in Riyadh, Nick Studer, President and CEO of the Oliver Wyman Group, highlighted the need for government leadership in areas such as education and workforce development to ensure AI is harnessed safely and ethically. Despite the optimism, industry leaders express concerns about the pace of AI adoption. The Oliver Wyman survey reveals that over 80% of respondents wish to use AI for various applications, from healthcare to financial planning, with Gen Z leading the charge. Additionally, 63% of consumers expect autonomous buses and shuttles within the next decade, and 66% foresee autonomous taxis, signaling a transformative shift in transportation driven by AI.
The integration of AI into workplaces presents challenges. The Oliver Wyman Forum AI report indicates that 47% of employees would continue using generative AI tools even if their employers prohibited it, highlighting the tension between workforce enthusiasm and the need for ethical guidelines. As AI continues to evolve, countries, companies, and consumers must balance its benefits with careful risk management, ensuring responsible development and deployment.
