The adoption of technologies in Saudi Arabia’s Sovereign Wealth Fund in propelling its attainment of Vision 2030 goals

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LOULWA FADEL ABDULLAH ALQUBLAN
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Saudi Digital Library
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This research explores the extent to which the adoption of artificial intelligence (AI) and digital technologies (DTs) in the Public Investment Fund’s (PIF) Vision Realisation Programme (VRP) propel the Kingdom of Saudi Arabia’s success in relation to accomplishing its Vision 2030 strategy. Sentiment, empirical and semi-empirical analyses were employed to assess the validity of the hypothesis that there is a statistically significant difference in the adoption of AI and DT terminologies in the PIF portfolio companies between the pre- and post-Vision 2030 eras. The sentiment analysis was the backbone of this research, where it was deployed to textually analyse the PIF’s portfolio companies’ profiles in both eras to obtain the focal computations used in this paper. Subsequently, the empirical analysis provided concrete and verifiable evidence that supports the hypothesis of this study, which was presented through the calculation of the percentage and fold changes as well as a statistical significance test between the two different sets of textually analysed portfolio companies. Where empirical evidence was implausible to obtain due to data boundaries, a semi-empirical analysis was deployed to yield findings, which were also in accordance with the hypothesis. Further analysis surrounding the implications of AI and DTs on the macroeconomic level of the Kingdom illustrated that these domains have a positive impact on the macroeconomic indicators employed. The finding that AI does not have an adverse impact on labour represents somewhat of a deviation from the less than a handful of existing literature on the topic, providing a fascinating idiosyncratic insight that further advocates the in-depth exploration of AI implications on the labour force. Despite this notion, the results in this paper exhibited that the empirical and semi-empirical analyses acted as complements and have supported the hypothesis that the incorporation of AI and DTs in the PIF propelled The Kingdom of Saudi Arabia to achieve its Vision 2030 strategy. This paradigm is in the vicinity of the available literature on sovereign wealth funds (SWFs) and their shift towards incorporating innovative technologies in their portfolios. Nonetheless, none of the existing literature on innovative technologies in SWFs provided empirical or even country-specific analysis. Furthermore, existing literature may have slightly tapped into the impact of innovative technologies on SWFs using qualitative observations, but none have explored the impact of an SWF on its country’s macroeconomy, thus devaluating the literary contribution. Conversely, this research contextualises the combination of empirical and semiempirical analyses with the sole emphasis on the Kingdom of Saudi Arabia and investigates the impact of the PIF on the country by gathering and analysing its macroeconomic indicators; thus, bridging a substantial research gap via the provision of structured analyses and in-depth knowledge on numerous aspects of the country. Consequently, future research may build upon this inclusive and comprehensive conceptual framework through diverse applications across countries.
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