During the second day of the AlUla Conference for Emerging Markets Economies, Saudi Arabia's Minister of Economy and Planning, Faisal Al-Ibrahim, emphasized the progress made by emerging markets and developing economies in transitioning from low to middle-income status.

He noted the potential for further growth opportunities within these markets, which have increasingly adopted strategies for economic diversification.

In his remarks, Al-Ibrahim acknowledged the risks associated with advancements in generative artificial intelligence, highlighting concerns about its impact on middle-income earners.

He stated that artificial intelligence should be leveraged to promote convergence rather than divergence in economic opportunities.

Al-Ibrahim attributed the Saudi government's initiatives to diversify the national economy away from oil dependency as a significant factor in fostering private sector opportunities and enhancing innovation.

He pointed out that these efforts have opened up markets for both local and international innovators, facilitating the pursuit of various growth avenues.

The minister called for serious reforms to tackle global trade challenges, emphasizing the need for emerging economies to address complexities affecting their growth trajectories.

He stated that the AlUla Conference serves as a pivotal platform for sharing insights among emerging markets, contributing to the discussion on growth and development strategies.

Additionally, Al-Ibrahim highlighted specific sectors within Saudi Arabia that have benefited from the adoption of artificial intelligence technologies, particularly in the energy sector.

He mentioned companies like Aramco leveraging generative AI, citing the availability of comprehensive data as a key enabler of these technological advancements.