Chinese AI giant FancyTech enters GCC region
The Gulf Cooperation Council (GCC) countries—Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates—are at a critical inflection point. As these oil-rich nations pursue economic diversification and digital transformation, Artificial Intelligence (AI) is emerging as a central pillar of their strategic vision.
'AI represents a transformative force for GCC economies, with the potential to generate over US$260 billion in annual economic value by 2030. Beyond the dollar figures, AI offers a strategic pathway for the region to reduce dependency on hydrocarbons, boost productivity, and lead in the Fourth Industrial Revolution,' it said.
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By 2030, AI is projected to contribute significantly to the GCC's gross domestic product (GDP), with estimates ranging from hundreds of billions to over US$1 trillion.
Among these, Saudi Arabia could see an AI-driven GDP boost of US$135 billion, representing around 12.4 percent of its GDP while the UAE is projected to gain US$96 billion, or 13.6 percent of GDP, making it one of the most AI-forward economies in the region by 2030. Qatar, Kuwait, and Bahrain are expected to gain between US$5 billion and US$15 billion each, as AI adoption matures. These figures reflect not only enhanced productivity and cost savings but also the creation of new economic sectors.
AI applications in predictive maintenance, reservoir management, and process optimisation are expected to save billions. Saudi Aramco, ADNOC, and other regional giants are investing heavily in AI-driven upstream and downstream operations.
AI is already disrupting banking and insurance in the UAE and Bahrain, with fraud detection, robo-advisory, and personalised financial products reducing costs and increasing revenues. In dollar terms, AI could unlock US$15–US$20 billion in value for the GCC's banking sector alone by 2030.
The GCC's rapidly expanding healthcare market, projected to reach US$104 billion by 2027, will benefit from AI in diagnostics, patient monitoring, and administrative automation—potentially generating US$10–$15 billion in efficiency gains.
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Initiatives like NEOM (Saudi Arabia) and Smart Dubai incorporate AI at their core, spanning mobility, energy, and governance. These projects could collectively add US$50 billion or more in AI-related economic value over the next decade.
GCC governments are actively investing in AI infrastructure, talent, and startups. Saudi Arabia committed over US$6.4 billion in AI and emerging tech investments in 2022 alone. The UAE's National AI Strategy 2031 aims to position the country among the top AI nations, driving both public and private investment. Qatar and Kuwait are developing AI roadmaps focused on energy, defense, and cybersecurity. These efforts are expected to attract tens of billions of dollars in foreign direct investment (FDI) over the coming decade.
Despite the bullish projections, unlocking AI's full economic potential in USD terms requires overcoming several hurdles including a significant skills gap in data science and machine learning, with demand far exceeding supply. While digitalisation is accelerating, many sectors still lack robust data ecosystems needed for effective AI deployment.
That's why global AI conglomerates such as FancyTech are entering the region with their expertise, talents, to disrupt the industries.
FancyTech is a global leader in AI-powered commercial content, offering end-to-end visual solutions—from creation to distribution across digital and social platforms. With a portfolio of over 1,000 clients in more than 10 countries, FancyTech recently announced its strategic expansion into the Middle East, establishing Dubai as its MENA headquarters. It has partnered with Images RetailME to bring A&M Awards to the industry – to focus on innovation.
'Partnering with the A&M Awards reflects our commitment to championing innovation that embraces personalisation-at-scale,' shared William Li, CEO of FancyTech. 'It's about recognising how AI, creativity, and marketing expertise converge. This year's winners remind us that great marketing always needs to be targeted to become more meaningful and effective.'
This year's awards highlighted outstanding examples in localised content, customer engagement, and personalized promotions. Winners were selected from diverse industries, such as retail, e-commerce, financial services, creative agencies, and real estate.
'We used to spend the entire budget on one or two sets of creatives,' says Lolen Windra, CEO of Space and Shapes, an AI Marketing Ecosystem Partner Award winner. 'Now, we can produce several sets on the same budget. We tell our clients that with FancyTech, it's three times more cost-efficient and two times faster than traditional production.'
McKinsey research has estimated that the application of gen AI to 63 use cases could generate global annual economic value worth between US$2.6 trillion and US$4.4 trillion, adding 15 to 40 percent to the value we previously estimated that other AI technologies, such as machine learning, advanced analytics, and deep learning, could unlock.
'In Gulf Cooperation Council (GCC) countries, the same gen AI use cases could generate between US$21 billion and US$35 billion a year, on top of the US$150 billion that other AI technologies could deliver. To put that into perspective, gen AI could be worth 1.7 to 2.8 percent of annual non-oil GDP in the GCC economies today,' McKinsey said.
Many GCC organisations are taking prompt action to capture the surge in value that gen AI offers. Many have also developed a gen AI strategy and road map and have directed budgets to areas where gen AI is likely to have the most impact. But on all fronts, value realisers are pushing harder.
In a significant move, the UAE, in collaboration with the United States, unveiled plans for a 5-gigawatt AI campus in Abu Dhabi—the largest of its kind outside the US. This facility is designed to provide low-latency AI services to nearly half of the global population within a 3,200 km radius, leveraging a mix of nuclear, solar, and gas power to minimise carbon emissions.
The UAE's ascent in the AI domain is bolstered by substantial international partnerships. Notably, the state-backed firm MGX has invested US$6.6 billion in OpenAI, reflecting the nation's commitment to fostering cutting-edge AI research and development.
Also published on Medium.
Notice an issue? Arabian Post strives to deliver the most accurate and reliable information to its readers. If you believe you have identified an error or inconsistency in this article, please don't hesitate to contact our editorial team at editor[at]thearabianpost[dot]com. We are committed to promptly addressing any concerns and ensuring the highest level of journalistic integrity.
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