Advanced Saudi Tech Products Are Highlighted at GITEX 2023

The Saudi Technology and Security Comprehensive Control (Tahakom) is highlighting its innovations, products, and solutions that rely on the AI system. (SPA)
The Saudi Technology and Security Comprehensive Control (Tahakom) is highlighting its innovations, products, and solutions that rely on the AI system. (SPA)
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Advanced Saudi Tech Products Are Highlighted at GITEX 2023

The Saudi Technology and Security Comprehensive Control (Tahakom) is highlighting its innovations, products, and solutions that rely on the AI system. (SPA)
The Saudi Technology and Security Comprehensive Control (Tahakom) is highlighting its innovations, products, and solutions that rely on the AI system. (SPA)

The Saudi government and private entities are showcasing their technical products and services at the GITEX Global 2023 exhibition, which is currently holding its 43rd edition at the Dubai World Trade Center between Oct. 16 and 20.

The event brings together more than 40 government and private entities in Dubai, with the participation of about 5,000 companies from various countries, focusing on the most important issues in artificial intelligence and blockchain, robotics, quantum computing, and cryptocurrencies.

Officials from the industrial and mineral resources sector are shedding light on the industrial and mining transformation in Saudi Arabia and opening channels of communication with global investors.

Through its participation at GITEX, the Saudi Ministry of Transport is reviewing its projects and initiatives to improve road quality, raise traffic safety levels, and automate bridge monitoring with the latest international technologies.

It is testing the direct monitoring system in cooperation with the Ministry of Interior and measures the weights and dimensions of trucks on the roads without traffic obstacles or human intervention to enhance monitoring efficiency.

The Saudi Export Development Authority is participating with around 33 national companies under the "Saudi Made" program that aims to raise the image and brand of the Kingdom's exports, boost their position in regional and global markets, identify international business opportunities, link exporters with potential buyers, and promote national products and services on major vital platforms that bring together investors.

The Export-Import Bank (EXIM) is known for its financing, credit services, and products that enable local banks and financial institutions to support Saudi exporters and foreign importers.

EXIM provides innovative solutions to support non-oil exports and enhance its presence in global markets.

It reviews the Kingdom's experience in the transition towards the digital economy and the state's efforts to support emerging sectors and entrepreneurs.

The efforts aim to adopt advanced technologies, launch technology-based projects that support the transformation, and meet the aspirations of Vision 2030 to build a prosperous economy and sustainable development.

At GITEX, the Zakat, Tax, and Customs Authority (ZATCA) is highlighting qualitative development in its technical services through various electronic platforms and its experience in developing smart systems, including its success in implementing the electronic invoicing system.

The Saudi Technology and Security Comprehensive Control (Tahakom) is also taking part in GITEX 2023.

Tahakom is highlighting its innovations, products, and solutions that rely on its own AI system in public safety and smart mobility. They include the Urban Eye system, smart parking, "Tahakom's Public Safety Solutions Car," mixed reality, and a drone product display.

It also introduces a crowd management system and solutions and several solutions developed by the AI system, including Tahakom's personal assistant, created by a supercomputer that efficiently supports dealing with complex tasks and processing massive data at high speed.

The Advanced Electronics Company, a wholly owned subsidiary of SAMI, is showcasing many of its products, most notably Smart Solutions zone, Smart City technologies, Smart Street Light, Smart Fire Detection, Waste Management, Video Analytics, and Asset Tracking.

The exhibit will further explore the company's futuristic managed services, cloud computing systems, digital healthcare modules, innovative technologies spanning various industries, and unparalleled manufacturing capabilities.

GITEX is one of the most important technical platforms that showcases the latest technological solutions in cloud computing, consumer technology, information centers, e-marketing, and highly advanced innovations in the world of information technology from various parts of the world.

More than 5,000 exhibitors representing more than 170 countries, and over 100,000 visitors are expected at the event.



WGC: Gold Investment Hits 3-year High in 1st Quarter on Trade Turmoil

FILE PHOTO: Gold bangles are displayed at a jewellery store in Mumbai, India, March 20, 2025. REUTERS/Francis Mascarenhas/File Photo
FILE PHOTO: Gold bangles are displayed at a jewellery store in Mumbai, India, March 20, 2025. REUTERS/Francis Mascarenhas/File Photo
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WGC: Gold Investment Hits 3-year High in 1st Quarter on Trade Turmoil

FILE PHOTO: Gold bangles are displayed at a jewellery store in Mumbai, India, March 20, 2025. REUTERS/Francis Mascarenhas/File Photo
FILE PHOTO: Gold bangles are displayed at a jewellery store in Mumbai, India, March 20, 2025. REUTERS/Francis Mascarenhas/File Photo

Global gold demand including over-the-counter (OTC) trading rose by 1% year-on-year to 1,206 metric tons in the first quarter of 2025 as investment jumped 170%, the World Gold Council said on Wednesday.

Spot gold prices are up 26% so far this year and have hit multiple record highs as first-quarter investment demand hit the highest since the first quarter of 2022, when global markets were grappling with the immediate consequences of Russia's invasion of Ukraine.

"It's been a bumpy start to the year for global markets as trade turmoil, unpredictable US policy announcements, sustained geopolitical tensions and a return of recessionary fears have created a highly uncertain environment for investors," the WGC's senior markets analyst Louise Street said.

Driving up investment demand were massive inflows into physically backed gold exchange-traded funds and 14% growth in demand for gold bars in the first quarter, Reuters reported. That offset a 32% slump in demand for coins.

However, bar and coin investment in China rose 12% to 124.2 tons, the highest level since the second quarter of 2013's record high, said the WGC, an industry body whose members are global gold miners.

Amid high prices, global gold jewelry consumption, the key category of physical demand, fell 21% to 380.3 tons, the lowest level since the 2020 pandemic.

Central banks, another major source of gold demand, cut purchases by 21% to 243.7 tons in the first quarter, the WGC calculated, based on reported purchases and an estimate of unreported buying.

"While this level of demand was 21% lower year-on-year, it remains robust and in line with the quarterly average for the last three years of sustained, strong buying," it added.

For the full year, the WGC expects gold investment to continue gathering pace and central banks to repeat buying close to the range seen over the past three years due to elevated trade-related risks.