- Many countries in the Middle East, majorly including the UAE, Saudi Arabia, Egypt, and Qatar, among others, are taking substantial steps towards embracing such technologies by augmenting their investment across diverse sectors and bringing effective policies and commitment. As per PwC estimations, the Middle East is expected to add 2 percent of the total global benefits of AI in 2030, equivalent to US$320 billion. Saudi Arabia is a leading country in the region and expected to contribute 12.4 percent to the GDP with US$135.2 billion during the same period. In addition, the UAE is predicted to see the largest impact of close to 14 percent of 2030 GDP.
- As per the article on Economic Times website country’s chief economic advisor Krishnamurthy V Subramanian said. Indian banking sector needs to invest in technology and data analytics to figure out the right model for large corporate lending which would in turn spur investment and help the economy grow into a $5 trillion.
- The RBI said it will set up an innovation hub to encourage start-ups and companies address the challenges of financial inclusion and efficient banking transactions. The hub aims to bring solutions to the financial sector by tapping into areas such as cybersecurity, data analytics, delivery platforms, and payment services. The innovation hub will support, promote, and handhold cross-thinking, spanning regulatory remits and national boundaries
- As per a recent Khaleej Times report, the Covid-19 pandemic has been a turning point for how organisations in the UAE and the Middle East use data analytics to accelerate their digital transformation. Some Insurance companies for example are leveraging analytic process automation to build a robust, repeatable, automated workflows to identify and mitigate insurance fraud. Oil and gas companies have had to pivot and adapt quickly to the realities of rapidly changing macro-economic conditions by leveraging analytics in order to drill down into the cost of oil production by barrel and by plant.