The Arabian Gulf needs Airbus in artificial intelligence

The Director General of the International Monetary Fund, Kristalina Georgieva, criticized the complexity of the economic structure in Europe, considering that the conflict of interests between member states and the absence of a unified decision hamper the continent’s ability to enhance its competitiveness in a world that is changing at an accelerating speed.

Georgieva said in a session during the World Government Summit activities that Europe includes 27 countries, each with different interests, noting that some countries oppose the establishment of a true union of capital markets because they prefer the continued dominance of banks, while other countries seek to protect their local labor markets, which has led to drawing multiple “red lines” that hinder economic progress.

She stressed that what Europe needs today is to remove these red lines and focus on its performance as a single economic union, explaining that the complexity of procedures and regulations still limits the continent’s attractiveness for business and investment, despite the presence of a real desire among international companies to work within the European market.

In a striking comparison, Georgieva believed that the European experience holds important lessons for the Arab Gulf, not only about what should be done, but also about what should be avoided, praising at the same time the transformations that the GCC countries are witnessing.

She said: “I am very excited about what I see in the Gulf,” noting the growing interest in unifying systems, enhancing collective decision-making, and focusing on regional trade, stressing that the potential available to the Gulf countries is “enormous.”

Georgieva gave direct advice to the Gulf markets, warning against copying the complex European institutional model, and calling instead for adopting only one idea, which she described as “inspiring”, which is the experience of Airbus.

She added that when Europe launched the Airbus project, it succeeded in building a real global competitor to Boeing.

She considered that the Gulf needed its own “Airbus”, that is, a joint strategic project capable of unifying efforts and promoting real economic integration.

In this context, Georgieva believed that artificial intelligence may be the most prominent candidate for such a joint project, noting that the Gulf countries are already advanced in this field, and that collective work in it can make a big difference in the region’s position on the global economic map.