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A center resulting from the cooperation will focus on health, energy and several other sectors
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The worldwide market for AI is expected to generate revenues to the tune of $554 billion by 2024
The Saudi Data and Artificial Intelligence Authority and King Abdullah University of Science and Technology on Wednesday signed a Memorandum of Understanding to set a comprehensive framework for developing Artificial Intelligence research and modern technologies in Saudi Arabia, the kingdom said in an official statement.
Global market intelligence firm International Data Corporation estimates that the worldwide market for AI will generate revenues to the tune of $554 billion by 2024, expanding at a compounded annual growth rate of 17.5 percent.
The aforementioned MoU was signed by the authority’s innovation arm National Center for Artificial Intelligence’s CEO Majid Al-Tuwaijri, and by KAUST President Professor Tony Chan.
The resulting center will focus on many sectors, including health, energy, environment, water, agriculture, bioinformatics, and natural language processing, said the statement.
The two sides also seek to jointly tackle both local and international challenges in data science and AI, it added.
Under the MoU, SDAIA and KAUST will reportedly look to jointly develop academic programs and vocational training, as well as provide mutual support to emerging companies in AI and marketing research, besides facilitating the exchange of experiences through faculty members and students.
They will also look to use infrastructure and data to in AI research and innovation in line with national policies and guidelines.
