Picture for illustrative purposes only. ARCHIVE

The United Arab Emirates (UAE) and Saudi Arabia have inked a preliminary agreement to explore using artificial intelligence (AI) and data to improve policymaking and economic growth. The agreement between the UAE's Ministry of Economy and Planning and the Saudi Data & AI Authority (SDAIA) will allow for closer strategic cooperation in critical areas such as developing indicators to monitor the impact and effectiveness of the kingdom's social and economic policies, according to a statement issued by the ministry 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." According to the World Economic Forum, artificial intelligence will add roughly $16 trillion to the global economy by 2030. As part of its diversification efforts, Saudi Arabia is also working on growing its digital economy. The newest agreement between the UAE and Saudi Arabia will "substantially enhance" data modeling and simulation methodologies. The policy review will also be increased regularly to understand better how the kingdom's public plans, programs, and initiatives affect the economy, business, and civil society. Both parties will increase cooperation by speeding the incorporation of the most recent economic and scientific reports into new social and economic government policy. BKM/ Expat Media
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