Artificial intelligence (AI) is expected to contribute $19.9 trillion to the global economy and represent 3.5 percent of global GDP by 2030. This projection underscores the transformative potential of AI and data on economic landscapes worldwide. The Investment Promotion Agency Qatar (Invest Qatar), in collaboration with Accenture, a well-known global professional services firm, has released a joint report titled “Data & AI: Redefining the Growth Frontier in Qatar.” This comprehensive document explores the effects of data and AI on Qatar’s economic landscape, positioning the country as a regional leader in digital transformation.
The paper was introduced at the inaugural World Summit AI Qatar 2024 and highlights the growing opportunities across various sectors that are reshaping AI investments. It discusses advancements in AI-driven automation and the increasing reliance on data for decision-making and predictive analytics. The findings indicate that countries worldwide are utilizing data and AI to spur innovation, with a specific emphasis on Qatar’s unique ability to capitalize on the significant potential of this digital shift.
Market opportunities and economic impact
Moreover, the report points out considerable market opportunities within the global data and AI arena, showcasing rapid advancements in sectors such as healthcare, finance, energy, and manufacturing. It notes that 98 percent of business executives are prioritizing AI investments, leading to a swift increase in funding for this area, highlighting the substantial value enterprises place on AI-driven innovation.
Growth of data and AI ecosystem in Qatar
In Qatar, significant investments in technological infrastructure, government initiatives to foster innovation, and improved collaboration among the private sector, academia, and government are driving the growth of a robust data and AI ecosystem. The report underscores Qatar’s competitive advantages, such as a skilled workforce, access to capital, and a strong enthusiasm for disruptive technologies, positioning the country as an attractive destination for data and AI investments.
Sheikh Ali Alwaleed Al-Thani, CEO of Invest Qatar, noted that Qatar is at a crucial juncture where data and AI are transforming industries and redefining economic boundaries. He explained that with Qatar’s commitment to developing a knowledge-based economy, the report serves as a strategic framework for unlocking the vast potential of data and AI, both locally and globally.
Commitment to National Digital Agenda
Moreover, Mejdi ElKhater, Accenture’s country managing director in Qatar, commented on Qatar’s unwavering commitment to its National Digital Agenda 2030, indicating that the country is entering a transformative phase where AI is being systematically integrated across all sectors. He further added that by prioritizing significant technological investments and cultivating a highly skilled workforce, Qatar is ensuring the responsible and sustainable integration of AI into its economy. Also, he described the report as a comprehensive and insightful analysis of AI’s vast potential and future opportunities within the nation.
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Digital Agenda 2030 and economic goals
Earlier this year, Qatar launched its Digital Agenda 2030, marking a significant step in the country’s extensive digital transformation journey. This agenda outlines a clear roadmap with a structured framework, trajectory, and specific objectives. Qatar aims to create 26,000 jobs by 2030 and to rank among the top 10 countries on the Digital Competitiveness Index. To support these ambitions, the country has allocated $2.5 billion in incentives to promote advancements in AI, technology, and innovation, reinforcing its status as a leader in the digital economy.
Invest Qatar is responsible for overseeing investment activities aimed at attracting foreign direct investment to the country. Established in 2019, the agency’s mission is to enhance Qatar’s reputation as a prime investment destination while facilitating investments that support economic diversification and development.
Additionally, Accenture is recognized as a leading global professional services firm that helps major organizations worldwide build their digital core, optimize operations, accelerate revenue growth, and enhance services, delivering substantial value at speed and scale.
