Doha: The market size of the artificial intelligence (AI) sector is estimated to reach $428.40m (QR1.55bn) in 2024, as per researchers at Statista. This leads to a compound annual growth rate (CAGR) of 28.66 percent by the end of the decade, resulting in a projected market volume of $1.9bn during the forecast period.
Faisal Al Monai, an AI expert and Co-Founder and Chairman of droppGroup told The Peninsula that investments carried out would strengthen the capabilities and draw global tech leaders to Qatar.
He also lauded the investments across the MENA region indicating a transformative shift from traditional oil-based economies to adopting advanced tech revolution. “By strategically investing in AI, these countries are ensuring their economic success and sustainability for the future. My vision is that MENA countries are positioning themselves as leaders in the global digital economy. This strategic focus on AI is expected to drive significant improvements in productivity, efficiency, and innovation. This will not only propel the region towards achieving its ambitious economic and technological goals but also enable it to become a global hub for AI innovation, Al Monai said.
He further remarked “By leveraging AI, MENA countries can diversify their economies, enhance public services, and create high-value jobs, ultimately fostering a resilient and forward-thinking society. This technological evolution is set to redefine the region’s future, ensuring it remains competitive and prosperous on the world stage.” However, droppGroup serves as a driving force in the AI and Web3 revolution across the region, leveraging the foundational AI model, aMiGO, and the innovative capabilities of our AEaaS (AI Ethics as a Service) platform droppLink and aims to ensure the efficacy, transparency, and ethical use of AI through comprehensive IP management and tokenization.
The market expert noted that tech companies are advancing towards transforming AI enhancement and deployment in the region by providing cutting-edge solutions that adhere to the highest standards of data integrity and security in Qatar and across the region.
The industry leader accentuated that by partnering with leading educational institutes across MENA, the group co-hosts blockchain and AI educational events.
He said, “These initiatives will cultivate a community well-versed in technology, preparing the next generation for future innovation.”
The analyst emphasised that efforts must be centralised on incorporating AI into industries including energy, healthcare, finance, and government services across MENA.
He highlighted that countries such as Saudi Arabia and the UAE, are leading the race in investment and regulation among the Arab countries. “Their substantial investments in AI and blockchain are driving this new wave of technological innovation and leadership.” Al Monai mentioned that Saudi Arabia’s national Vision 2030 initiative aims to diversify the economy beyond oil by investing heavily in digital transformation, including AI and blockchain technologies. On the other hand, The UAE, with initiatives including the Dubai Blockchain Strategy, is moving towards building a smart city powered by blockchain.
The expert outlined that re-educating and reshaping the understanding of Web3 is essential in Qatar and the region throughout.
With innovative platforms, such as droppLink, the AI leaders offer robust IP management and protection solutions to ensure that AI development and deployment are ethical and secure.
Al Monai added: “The strategic focus on Web3 technologies in the MENA region is poised to drive significant improvements in productivity, efficiency, and innovation, positioning these countries as leaders in the global digital economy.”
“This vision is not just about technological advancement but also about creating a diversified, knowledge-based economy that can sustain long-term growth and development.”
However, on a global scale, the biggest market size is projected to be generated by the United States with a whopping amount of $50.16bn (QR182.65bn) in 2024, according to Statista.
