Global | Publication | September 2024
Interest in AI in the Middle East has surged in recent years, with several governments announcing national AI strategies and implementing initiatives to drive its adoption. Norton Rose Fulbright listed some as including:
Similarly, Saudi Arabia formed the Saudi Data & AI Authority in 2019 to serve its goals under Vision 2030 and has plans to invest $20bn in AI by 2030. Initiatives in other countries have also followed, with countries such as Qatar and Egypt also unveiling ambitious AI strategies and e-government programmes.
“The expected financial impact of AI in the Middle East is significant, with the region estimated to accrue $320bn in value added by AI by 2030,” according to Norton Rose Fulbright partner Shabnam Karim.
The integration of AI has become prevalent in over 50% of insurance customer interactions in Saudi Arabia, marking a significant shift towards
efficiency and innovation in the industry.
It was reported that the country recorded more than 80m transactions within the insurance sector through AI.
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The Court of Appeal has overturned a 2023 High Court decision in Manolete v White [2024], ruling that courts cannot issue injunctions requiring members to draw down their occupational pensions to make them available to judgment creditors.
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The Chancellor presented her maiden Budget on October 30, 2024.
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On October 29, 2024, the PPF published a response to its March 2024 consultation, confirming that it would proceed with its proposal to give actuaries the option of using a bespoke discount rate assumption in s. 143 valuations of smaller pension schemes.
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