RIYADH: Saudi Arabia’s role in technology advancement is helping to drive not only the regional but also the global economy, business leaders told Arab News at the World Economic Forum special meeting in Riyadh on Sunday.
The Kingdom has been “at the forefront” on artificial intelligence, Stefano Aversa, global vice chair and chair of Europe, the Middle and North Africa at consulting firm AlixPartners, said.
While the war in Gaza and broader Middle East tensions are expected to get top billing at the WEF Special Meeting on Global Collaboration, Growth and Energy for Development, technology’s role as a driver of change is also expected to be a major talking point.
Around 1,000 leaders from 92 countries have gathered in Riyadh for the two-day forum.
Saudi Arabia is “really a driver of not only the economy of the region, but also the economy of the world,” Aversa said.
“There are a lot of investors interested, and so it is important to stay close to some of the giga-projects here that will drive not only the growth of the Kingdom, but also the growth of some entire sectors, like energy transition.”
He said that the Kingdom’s move from “an early stage of development to more mature selective investment” is also important.
AlixPartners CEO Simon Freakley said that disruption is a looming issue for global industries ranging from automotive and aerospace to retail.
He defined disruption as “displacement of businesses, markets, and value networks as a result of economic, societal, environmental, political, regulatory, or technological changes.”
Freakley told Arab News that shipping routes, for example, faced disruption because of tensions in the Red Sea.
“Problems are caused by conflicts around the world or other challenges. What we’re finding is some of these themes go cross-industry, not just within industry.”
AlixPartners has 26 offices in 14 countries. Its fifth annual Disruption Index, based on a survey of 3,100 senior executives around the world, showed that 61 percent of CEOs worry they will be unable to keep pace with changing business cycles.
Freakley said: “This disruption work that we now do every year has become a sort of a touchstone of how we help people understand what the best companies, the best leaders, are doing.”
The consulting firm has predicted AI will become the single biggest driver of change across industries, not only as a defense against competitors, but also as a tool to enhance go-to market strategies.
“The people that are winning are the people that have the best data, and weaponize their data to actually get a competitive advantage. How people are using AI and the insight from their data to drive their growth is where we see the real opportunity,” Freakley said.
