Global consulting leaders head to Saudi Arabia for AI summit
Bosses from the world’s largest professional services firms are heading to Riyadh for a dedicated conference on artificial intelligence. Taking place in mid-September, the event sees the global consulting industry continue its long-standing relationship with the Saudi Arabia amid its Vision 2030 campaign.
As the Kingdom of Saudi Arabia looks to demonstrate a diversification of its national economy – which has historically depended heavily on state-owned oil production – the nation’s rulers have increasingly sought to seize on the latest technological trends. Previously, this included blockchain, cryptocurrencies and non-fungible tokens. And amid the recent boom in hype around artificial intelligence, this has also seen the Kingdom look to present itself as a global leader on the subject.
That’s where ‘The Global AI Summit 2024’ (also known as GAIN) comes into play. GAIN is the effort of the Saudi Data & Artificial Intelligence Authority (SDAIA) to put the Gulf state on the map when it comes to the new technology.
Ahead of the event, Abdullah bin Sharaf Alghamdi, President of SDAIA, stated, "As AI transforms global industries, our summit will be pivotal in shaping ethical AI practices and fostering international collaboration for a more inclusive future. The strong turnout from leading management consultancies reflects the vital role AI is already playing in business transformation, and the expectation of strategic consultancies that this will only accelerate. AI is technology that no business can afford to ignore."
While in many of the more developed nations in the world, the benefits of AI might be less apparent, the technology could help other economies gain ground quickly, and bridge talent gaps – according to a number of recent reports, at least. But looking to argue that AI has much wider potential than helping countries like Saudi Arabia complete its Vision 2030 ambitions, a large contingent of global consulting leaders will also be at the event.
Consulting presence
Notable speakers showcasing their leadership in AI innovation at the conference will include Nick Studer, CEO of Oliver Wyman Group, and Julie Sweet, CEO of Accenture. Other experts from the world of consulting will also include EY’s Eva-Marie Muller-Stuler, Daniel Hulme of WPP, Alain Le Couédic from AIQ), and Donal McElwee of Portas Consulting.
Backing up the firms’ involvement in the event, which takes place in Riyadh for three days in the middle of September, several of them have coincidentally released research on the matter. Recent data from Oliver Wyman found that 85% of executives believe AI will significantly disrupt their industries within the next five years, emphasising “the urgent need for strategic integration” of the technology – even as many critics are suggesting the AI bubble is on the verge of popping. Similarly, Accenture reports that companies investing in AI are achieving up to 20% higher profitability, “underlining AI’s critical role in future business success”.
The event also underlines the global consulting industry’s extensive relationship with Saudi Arabia’s monarchy, amid the rapid changes of Crown Prince Mohammed bin Salman Al Saud’s Vision 2030 campaign. Previously, this included the industry’s steadfast engagement with events hosted in the country in the wake of mounting criticism from human rights campaigners – even after the UK government itself had pulled out.
