Data and artificial intelligence (AI) could generate an additional $10 billion in government revenues for Saudi Arabia by harnessing data insights to help guide government decisions, the Saudi Data and Artificial Intelligence Authority (SDAIA) said.

The kingdom’s data and AI economy is currently estimated at $4-5 billion according to SDAIA, with approximately 70 percent of 96 strategic goals under Vision 2030 closely related to data and AI.

SDAIA was established by a royal decree issued in August 2019 and is responsible for overseeing the national data and AI strategy, with a vision to establish the kingdom as a global leader among the league of data-driven economies

"We have witnessed first-hand, the early impact of AI and data-driven initiatives and their potential to propel Saudi Arabia's future economy, but we are still in the early stages with several untapped opportunities available,” Abdullah Bin Sharaf Al-Ghamdi, President of SDAIA, said at the launch of SDAIA’s brand identity event.

In its first of year of operation, SDAIA has made the following progress: Establishing a national data bank, Implementing the G-Cloud and utilizing AI-analyzed data to detect opportunities that could generate more than $10 billion in government savings and additional revenues, and developing an ambitious and innovative data and AI strategy for the kingdom.

(Writing by Gerard Aoun; Editing by Seban Scaria)

(gerard.aoun@refinitiv.com)

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