Oman targets 20% increase in AI investments and startups annually
Published: 04:09 PM,Sep 23,2024 | EDITED : 08:09 PM,Sep 23,2024
In 2023, AI sector investments in Oman reached $78 million (RO 30 million), with a goal to increase this by 20 per cent annually.
MUSCAT: The Ministry of Transport, Communications and Information Technology announced a target of boosting the number of AI tech startups and the amount of investments within the sector by 20 per cent annually, according to the recently launched revised version of the AI and Advanced Technologies Executive Programme.
The document, released earlier this week, was launched to “align with global advancements in AI, particularly the emergence of generative AI technologies”, according to the Minister of Transport, Communications, and Information Technology, Eng Saeed bin Hamoud al Maawali.
In a foreword, Al Maawali emphasised the significance of AI adoption.
“Artificial intelligence (AI) and advanced digital technologies are seen as some of the most important innovations that will drive global leadership across all future industries. Countries are racing to adopt AI technologies for various reasons, including ensuring national security and improving essential services for society.
According to PwC, AI's contribution to the global economy is expected to reach $15.7 trillion by 2030, with $320 billion projected for the Middle East,” he said “Oman is actively working on establishing the foundational pillars for AI and advanced digital technologies, both in daily life and professional settings, with the goal of creating an effective digital economy that leverages these technologies. This includes: enhancing and adopting AI in economic and developmental sectors, localizing AI technologies and governing AI applications and advanced digital technologies with a human-centered approach,” the Minister added.
Earlier this year, Dr Ali al Shidhani, the Under-Secretary of Communications and Information Technology at the Ministry, revealed that Oman has attracted $78 million (RO 30 million) worth of investments in the field of Artificial Intelligence in 2023.
He added that the volume of investment inflows into the Artificial Intelligence (AI) sector in Oman is expected to reach $250 million.
According to the Executive Programme, 26 initiatives have been identified under the three main axis pertaining to the adoption, localisation and governance, and achieving a human-centric stance with AI technologies.
Some of the most notable ones include the creation of a national data portal, the establishment of an AI studio, the issuance of AI regulations and an AI framework, quantum computing initiatives, the establishment of a national AI ethics centre, and the rehabilitation of workers whose jobs will be affected by the adoption AI technologies.
The programme is part of the country’s wider plan of boosting the contribution of the digital economy to the local GDP from the current 2 per cent to 5 per cent by 2030 and 10 per cent by 2040.
It aims to target key economic diversification sectors in an effort to accelerate the adoption of these technologies within them. These include “economic diversification sectors” such as logistics and transportation, financial and banking, culture and tourism, energy and renewable energy, and mining.
Also targeted are developmental sectors which include digital government services (digital transformation), health, education, security and defence, emergency management and natural disasters, and fisheries agriculture, and water resources.
The document, released earlier this week, was launched to “align with global advancements in AI, particularly the emergence of generative AI technologies”, according to the Minister of Transport, Communications, and Information Technology, Eng Saeed bin Hamoud al Maawali.
In a foreword, Al Maawali emphasised the significance of AI adoption.
“Artificial intelligence (AI) and advanced digital technologies are seen as some of the most important innovations that will drive global leadership across all future industries. Countries are racing to adopt AI technologies for various reasons, including ensuring national security and improving essential services for society.
According to PwC, AI's contribution to the global economy is expected to reach $15.7 trillion by 2030, with $320 billion projected for the Middle East,” he said “Oman is actively working on establishing the foundational pillars for AI and advanced digital technologies, both in daily life and professional settings, with the goal of creating an effective digital economy that leverages these technologies. This includes: enhancing and adopting AI in economic and developmental sectors, localizing AI technologies and governing AI applications and advanced digital technologies with a human-centered approach,” the Minister added.
Earlier this year, Dr Ali al Shidhani, the Under-Secretary of Communications and Information Technology at the Ministry, revealed that Oman has attracted $78 million (RO 30 million) worth of investments in the field of Artificial Intelligence in 2023.
He added that the volume of investment inflows into the Artificial Intelligence (AI) sector in Oman is expected to reach $250 million.
According to the Executive Programme, 26 initiatives have been identified under the three main axis pertaining to the adoption, localisation and governance, and achieving a human-centric stance with AI technologies.
Some of the most notable ones include the creation of a national data portal, the establishment of an AI studio, the issuance of AI regulations and an AI framework, quantum computing initiatives, the establishment of a national AI ethics centre, and the rehabilitation of workers whose jobs will be affected by the adoption AI technologies.
The programme is part of the country’s wider plan of boosting the contribution of the digital economy to the local GDP from the current 2 per cent to 5 per cent by 2030 and 10 per cent by 2040.
It aims to target key economic diversification sectors in an effort to accelerate the adoption of these technologies within them. These include “economic diversification sectors” such as logistics and transportation, financial and banking, culture and tourism, energy and renewable energy, and mining.
Also targeted are developmental sectors which include digital government services (digital transformation), health, education, security and defence, emergency management and natural disasters, and fisheries agriculture, and water resources.