Saudi Arabia signs agreement to use data and AI to bolster economic growth

Government data modelling and simulation techniques will be used under initial pact

It is estimated that AI will add nearly $16 trillion to the global economy by 2030. Reuters

Saudi Arabia's Ministry of Economy and Planning and the Saudi Data & AI Authority (SDAIA) have signed a preliminary agreement to explore the use of artificial intelligence (AI) and data for bolstering policymaking and economic growth.

The agreement will allow for closer strategic co-operation in crucial areas such as developing indicators to monitor the impact and effectiveness of social and economic policies in the kingdom, the ministry said in a statement on Thursday.

"The ministry’s strategic agreement with SDAIA underpins a concerted effort to support and develop economic policy and development by turning data into a strategic asset that can be applied to pursue the public good," it said.

"It will enable the kingdom to keep pace with the latest developments in data analytics and artificial intelligence, supporting economic growth in line with Saudi Vision 2030."

The World Economic Forum estimates that artificial intelligence will add nearly $16 trillion to the global economy by 2030.

Saudi Arabia is focusing on boosting its digital economy as part of diversification efforts.

Under the latest pact government data modelling and simulation techniques will be "substantially enhanced", according to the statement.

The frequency of policy evaluation will also be strengthened to better understand how the kingdom’s public plans, programmes and initiatives affect the economy, business and civil society.

Both parties will deepen co-operation by accelerating the integration of the latest economic and scientific reports into new social and economic government policy, the statement said.