The power of us: Uniting globally for an AI-Powered economy

By Anilesh Kumar, MD – MEIA, EVP – Business Applications

Have you noticed how AI interest is booming worldwide, especially in the Middle East, where it’s driving rapid digital transformation? In this regard, the UAE and Saudi Arabia are collaborating and competing at the same time, not only by setting ambitious goals but also by positioning themselves as crucial players in the global arena of AI. While the UAE is striving to become an AI capital by 2031, Saudi Arabia is looking to lead with technology through Vision 2030 as part of a larger international collaboration.

This global momentum reflects how Artificial Intelligence is shaping the economy, driving innovation across various sectors and igniting productivity gain within different organizational functions. It holds transformative potential in addressing some of the world’s most pressing challenges, such as climate change and healthcare needs, while also bringing forth concerns about job displacement and social inequality.

International cooperation is key to ensuring that AI benefits are shared globally, and industries across the board must work together to build a responsible, ethical, and sustainable AI-driven economy. This collaboration becomes particularly important in sectors like manufacturing, agriculture, and finance, which are starting to leverage AI to revolutionize their processes and improve outcomes.

Naturally, the IT industry is at the heart of this revolution. AI is significantly enhancing critical areas such as cybersecurity, cloud computing, and enterprise software, making it indispensable in driving digital transformation. As AI strengthens IT infrastructure, it also contributes to the broader goal of fostering a globally integrated AI economy that is inclusive and equitable for all.

The Current State of AI

AI is a wide umbrella term, which encompasses machine learning, robotics, natural language processing, and computer vision. AI is making processes easier, predicting results, enhancing decisions and automating work execution.  Back in 2017, the McKinsey Global Institute estimated that around 20% of companies were using AI, and by the end of the year, 50% had adopted it, highlighting the rapid growth of AI adoption across industries.

However, the technology is still very nascent and possesses a huge amount of untapped potential. According to the World Economic Forum (WEF), AI could contribute up to $15.7 trillion to the global economy in the next decade only. However, to achieve this, several barriers must be overcome, among them the digital divide, where most developing countries lag in adopting AI. Displacement is also an issue for consideration as there is expected to be a minimization of employment opportunities because of automation. To resolve these problems, we require international collaboration, not only in AI development but also on how best to propagate its positive impact across the global population.

The Need for Global Collaboration

No country or company can manage AI growth on its own, as AI is being applied across all sectors and economies. To ensure responsible development, there is a need for international rules and policies. The Organization for Economic Co-operation and Development (OECD) has already taken a step in this direction by establishing AI principles in 2019, which have been adopted by over 40 countries. Global cooperation is essential to avoid fragmented regulation and create a stable environment for AI development.

Ethical and Social Issues

As AI solutions expand, so does the problem of their impact on ethics and society. An important concern is job loss due to automation by artificial intelligence. Robots are likely to take over most of the occupations, especially in manufacturing firms, retail sales, and call center industries.

To minimize the effects, there is a need for international cooperation in coming up with measures that guard the workforce. The AI economy is also set to eliminate several traditional roles hence governments and companies should consider providing reskilling and upskilling for their employees. A PwC survey also revealed that seven in ten workers worldwide think that AI will eliminate more jobs than it might generate, but when effectively implemented new opportunities can be created via training and education.

Some other issues include ethical factors like data privacy, security, fairness of algorithms, and the ability to explain the workings of the AI systems. If AI is not designed and deployed properly, it can always extend and strengthen unfair practices. Thus, ethical standards must be created at the global level.

Conclusion

From this work it is apparent that AI development is now a joint responsibility that we all must positively cultivate for global development. AI has a great future ahead; however, its success fully depends on people of the entire world. With the right use of AI, the world has the chance to find solutions to some of the greatest problems affecting humanity. The future AI economy will be based on the notion of collaboration, equal labor division, equity, and technological benevolence.