Artificial intelligence (AI) technology can contribute approximately $150bn to Gulf economies, equivalent to about 9% of their combined GDP, according to global consultancy McKinsey. This estimate may be quickly surpassed, given the fast advancements in technologies like generative AI. McKinsey conducted an online survey involving senior executives and board directors from six Gulf countries across various industries. Retail was the fastest industry to utilise AI, with 75% of respondents in this sector reporting implementation in at least one business function. In recent years, the Middle East has become increasingly aware of the global shift toward AI and advanced technology. To overcome hurdles to AI adoption, such as talent cultivation and effective change management programs, McKinsey advises companies to align their AI strategies with enterprise goals and treat data as a product.
McKinsey is a global management consulting firm that helps businesses improve performance and grow.
Vinay Chandran is a partner at McKinsey. Chandran underlined the transformative power of AI, saying: “With the rapid pace of technological innovation, AI has emerged as a transformative force, reshaping industries and societies. We believe it has the potential to deliver huge value in the Middle East’s GCC (Gulf Cooperation Council) countries.”
