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SDAIA: Saudi Arabia is a Pioneer in Smart City Initiatives

The director of the National Information Center at the Saudi Data and AI Authority (SDAIA) confirmed that the Kingdom has launched initiatives in the field of smart cities. SPA
The director of the National Information Center at the Saudi Data and AI Authority (SDAIA) confirmed that the Kingdom has launched initiatives in the field of smart cities. SPA
TT
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SDAIA: Saudi Arabia is a Pioneer in Smart City Initiatives

The director of the National Information Center at the Saudi Data and AI Authority (SDAIA) confirmed that the Kingdom has launched initiatives in the field of smart cities. SPA
The director of the National Information Center at the Saudi Data and AI Authority (SDAIA) confirmed that the Kingdom has launched initiatives in the field of smart cities. SPA

The director of the National Information Center at the Saudi Data and AI Authority (SDAIA), Dr. Esam bin Abdullah Al-Wagait, confirmed that the Kingdom has launched initiatives in the field of smart cities inspired by innovation.

He made a speech on Wednesday during the Smart City Expo World Congress held in Barcelona, where he said that generative artificial intelligence (AI) integrated into city services and urban solutions will become the cornerstone of future smart-city initiatives.

He also indicated that using the power of generative AI will not only include designs and urbanization of cities but will create smart cities adapted to the needs of their residents and promoting a sustainable and inclusive living environment.

Al-Wagait reiterated that in support of the increasing use of the Internet of Things (IoT), the Kingdom has demonstrated its commitment to the basic vision that stipulates enhancing the smart-city environment in which communication and connectivity are not just applied concepts but a lifestyle, seamlessly integrating IoT into the city’s technical structure.

He also underscored the transformation of the pioneering national project NEOM, as the project is a realistic embodiment of the future vision of smart cities through the effective use of IoT, big data, and AI, which aims to redefine the concepts of urban design and planning and set new global standards for efficiency in improving every aspect of the urban city and achieving well-being for its citizens.

He noted the transformation journey of SDAIA through its various initiatives, including establishing the Smart Riyadh Operations Center (Smart ROC), which works as a central point that uses data and AI techniques to monitor, analyze, and forecast operational indicators in various sectors in Riyadh. He said the major mission of the center is to address the city's challenges, improve quality of life, infrastructure, and urban services.

He said SDAIA has developed smart systems to monitor crowds and traffic through coordination with government agencies to build AI-based systems which supported the center to successfully manage traffic during the International Technology Conference (LEAP23) in Riyadh, led to reducing traffic congestion by 36% and ensured a quick and effective response to ambulance and emergency cases in record time.

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Dollar Resumes Upward Trend, Euro Hits Lowest since Nov 2022

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
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Dollar Resumes Upward Trend, Euro Hits Lowest since Nov 2022

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

The dollar hit new multi-month highs against the euro and the pound on Thursday, the first day of 2025 trading, as it built on last year's strong gains on expectations US interest rates will remain high relative to peers.

The euro fell to as low as $1.0314, its lowest since November 2022, down around 0.3% on the day. It is now down nearly 8% since its late September highs above $1.12, one major victim of the dollar's recent surge.

Traders anticipate deep interest rate cuts from the European Central Bank in 2025, with markets pricing in at least four 25 basis point cuts, while not being certain of even two such moves from the US Federal Reserve, Reuters reported.

The dollar was hitting milestones across the board and the pound was last down 0.65% at $1.2443, its lowest since April, with its fall accelerating after it broke through resistance around $1.2475.

"It's more of the same at the start of the new calendar year with the dollar continuing to extend its advances in anticipation of Trump putting in place friendly policies at the start of his term," said Lee Hardman, senior currency analyst at MUFG.

US President-elect Donald Trump's policies are widely expected to not only boost growth but also add to upward price pressure. That will lead to a Fed cautious about cutting rates too much further, in turn underpinning US Treasury yields and boost dollar demand.

A weaker growth outlook outside the US, conflict in the Middle East and the Russia-Ukraine war have also added to demand for the dollar.

The dollar also reversed an early loss on Thursday to climb against the Japanese yen, and was last up 0.17% at 157.26.

It reached a five-month high above 158 yen in late December, potentially putting pressure on the Bank of Japan, which is expected to raise interest rates early this year, but possibly not immediately.

"If dollar/yen were to break above 160 ahead of the next BOJ meeting, that could be a catalyst for the BOJ to hike in January rather than wait until March," said Hardman.

"Though for now markets are leaning towards March after the dovish comments from (governor Kazuo) Ueda at his last press conference."

Even those who are more cautious about sustained dollar strength think it could take a long time to play out.

"The dollar may be vulnerable – but only if the US data confound market expectations that the Fed doesn’t cut rates more than once in the first half of this year, and not by more than 50bp in the whole of 2025," said Kit Juckes chief FX strategist at Societe Generale in a note.

"There's a good chance of that happening, but it seems very unlikely that cracks in US growth will appear early in the year – hence my preference for taking any bearish dollar thoughts with me into hibernation until the weather improves."

China's yuan languished at 14-month lows as worries about the health of the world's second-biggest economy, the prospect of US import tariffs from the Trump administration and sliding local yields weighed on investor sentiment.

Elsewhere, the Swiss franc, another victim of the recent dollar strength, gave back early gains to last trade flat at 0.90755 per dollar.

The Australian and New Zealand dollars, however, managed to break away from two-year lows touched on Tuesday. The Aussie was 0.36% higher at $0.6215 having dropped 9% in 2024, its weakest yearly performance since 2018.

The kiwi rose 0.47% to $0.5614.