RIYADH: Generative artificial intelligence is set to expand the global enterprise software market from $1 trillion currently to $14 trillion by 2030, said Saudi Arabia’s minister of communications and information technology.
Speaking at the France-Saudi Investment Forum in Paris on Monday, Abdullah Al-Swaha said the massive growth in generative AI would present a considerable opportunity for collaboration between Saudi Arabia and France.
“This represents an unprecedented opportunity for both nations to join hands and see how we can double down on talent and technology that have proven to us to be the largest social equalizer and economic multiplier,” said Al-Swaha.
He further noted that since the start of Vision 2030, the Kingdom’s technology and digital markets have risen to $40 billion and are one of the largest and fastest-growing markets in the world.
“If we equate this to the eurozone, we’ll be the third-highest concentration of tech force within the eurozone,” added Al-Swaha, noting that Saudi Arabia’s tech force has increased to 340,000.
As for women’s empowerment, the country surged from 7 percent to 33 percent in science, technology, engineering and mathematics.
“You’re talking about sending the first Arab Muslim woman astronaut to the international space station, galvanizing and inspiring more than a billion women on the face of the earth,” said Al-Swaha.
The minister added: “These are live proof points of how the Kingdom is emerging to be the next big tech hub globally.”
The forum will address critical issues across various sectors to create visibility for new investment opportunities for technology startups and entrepreneurship.
Significant investment opportunities in tourism, culture, technology and clean energy are up for discussion among top Saudi and French officials.
Saudi Minister of Investment Khalid Al-Falih is leading a senior delegation at the forum to highlight the Kingdom’s commitment to strengthening bilateral ties and exploring new opportunities.
Through these interactions, both parties aim to unlock new avenues, drive economic growth and strengthen the bilateral relationship.
The forum is the latest in a series of high-level French-Saudi engagements over the last year designed to enhance the bilateral partnership.
