A good 93% of Saudi businesses have adopted an artificial intelligence strategy or have one in the works, according to Cisco’s AI Readiness Index. Despite the majority of surveyed companies flocking into the booming sector, only 8% of them said they’re fully fledged to deploy the technology. Over 8k companies across 30 countries were surveyed to assess the growing deployment of AI.

Productivity vs revenues: 47% of the respondents here said they are looking to adopt AI to help boost their productivity, whereas 30% said they are interested in leveraging AI to unlock new revenue streams —the lowest ranked expectation.

Filling the talent gap is key: 31% of respondents see a clear understanding and aptitude of AI tools and technologies as the primary skill gap. Such a gap is currently being addressed by companies here, with 82% of the respondents investing in upskilling their employees in the realms of AI through training programs.

Still a long way to go on AI infrastructure + cybersecurity: Only 12% of surveyed firms are fully equipped to manage the complexities of AI’s workload, it showed. Cypersecurity remains a critical issue to be addressed, as 70% of local businesses say they’re unequipped to detect and prevent cyberattacks on AI models.

REMEMBER- The Kingdom launched in 2020 its National Strategy for Data and AI (pdf) as it aims to become among the world’s top economies utilizing and exporting data and AI after 2030. It is looking to draw in c. USD 20 bn in foreign and local investments for data and AI until 2030, according to officials.

In context: PIF governor Yasir Al-Rumayyan has pitched the Kingdom as “fairly well positioned to be an AI hub outside of the US … AI will consume a lot of energy and we are the global leader when it comes to fossil fuel energy and when it comes to renewable energy,” he said, noting that Saudi also has the “political will” to make AI projects happen and the capital to back it.

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