The Banking Executive Magazine - August 2024 Issue

the BANKING EXECUTIVE 46 ISSUE 188 AUGUST 2024 FinTech and AI Chornicle The market size of the artificial intel- ligence (AI) sector is estimated to reach $428.40m (QR1.55bn) in 2024, as per researchers at Statista. This leads to a compound annual growth rate (CAGR) of 28.66 percent by the end of the decade, resulting in a projected market volume of $1.9bn during the forecast period. Faisal Al Monai, an AI expert and Co-Founder and Chairman of dropp- Group told The Peninsula that invest- ments carried out would strengthen the capabilities and draw global tech leaders to Qatar. He also lauded the investments across the MENA region indicating a transformative shift from traditional oil-based economies to adopting ad- vanced tech revolution. “By strategi- cally investing in AI, these countries are ensuring their economic success and sustainability for the future. My vision is that MENA countries are po- sitioning themselves as leaders in the global digital economy. This strategic focus on AI is expected to drive sig- nificant improvements in productiv- ity, efficiency, and innovation. This will not only propel the region to- wards achieving its ambitious eco- nomic and technological goals but also enable it to become a global hub for AI innovation, Al Monai said. QATAR’S AI MARKET TO AMOUNT OVER $428.40MLN IN 2024