Saudi Arabia Hosts Global AI Summit: A Gateway to Economic Transformation and Innovation

A report by Theresia Rahmeh, English adaptation by Nadine Sassine

Artificial intelligence is the key to changing the economic game, not just as a tool for increasing efficiency, but also as a major driver of new economic opportunities. Thanks to AI, countries can enhance their capabilities, develop amazing innovations, and achieve substantial profits. AI is expected to contribute a 7% increase to the global economy and boost productivity growth by 1.5%, according to Goldman Sachs research.

Given the significance of this technological revolution, Saudi Arabia is hosting the third edition of the Global Artificial Intelligence Summit at the King Abdulaziz International Conference Center in Riyadh. The summit addressed discussions on how AI can improve city design, ethical issues and the rights of creators, as well as how to leverage AI in precision medicine and healthcare. It also covered risk management in AI investments, whether AI's productivity is a reality or a myth, and AI's impact on global innovation.

The summit gathered influential international companies and names in the field of data and AI, and concluded on September 12 with around 70 agreements between local and global participating entities and companies, as well as new initiatives focused on building human capabilities and AI ethics.

When talking about the world of creativity, Lebanon has a special imprint through its youth who excel wherever they go. The summit featured over 450 speakers from more than 100 countries and hosted 150 sessions discussing the present and future of AI. Over 32,000 delegates are expected to have attended over the three days, discussing all the new ideas and innovative technologies that have made AI a true revolution.