Al-Rajhi to Asharq Al-Awsat: Saudi Arabia Pioneers Interest in Artificial Intelligence

 Saudi Human Resources and Social Development Minister Ahmed Al-Rajhi addressing the audience during the opening of the first Global Labor Market Conference held in Riyadh from Dec. 13-14 (Asharq Al-Awsat)
Saudi Human Resources and Social Development Minister Ahmed Al-Rajhi addressing the audience during the opening of the first Global Labor Market Conference held in Riyadh from Dec. 13-14 (Asharq Al-Awsat)
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Al-Rajhi to Asharq Al-Awsat: Saudi Arabia Pioneers Interest in Artificial Intelligence

 Saudi Human Resources and Social Development Minister Ahmed Al-Rajhi addressing the audience during the opening of the first Global Labor Market Conference held in Riyadh from Dec. 13-14 (Asharq Al-Awsat)
Saudi Human Resources and Social Development Minister Ahmed Al-Rajhi addressing the audience during the opening of the first Global Labor Market Conference held in Riyadh from Dec. 13-14 (Asharq Al-Awsat)

Saudi Arabia is among the first countries to embrace Artificial Intelligence (AI), Human Resources and Social Development Minister Ahmed Al-Rajhi told Asharq Al-Awsat in a presser at the first Global Labor Market Conference.

Furthermore, Al-Rajhi anticipated that 50% of global jobs will be affected by AI, in addition to the creation of 133 million new jobs in this field by 2030.

On Wednesday, Al-Rajhi highlighted that Saudi Arabia has introduced eight major initiatives to address challenges imposed by AI.

He pointed out the commitment to provide 1.1 million training opportunities for the local private sector, aiming to equip citizens with new skills and diverse experiences to adapt to various jobs in the field by 2025.

Al-Rajhi mentioned that Saudi Arabia has launched the National Skills Standard and established 12 councils across different sectors such as energy, tourism, industry, and transportation.

These councils, in partnership with the private sector, play a crucial role in skill development.

Speaking at the opening ceremony of the first Global Labor Market Conference held in Riyadh from Dec. 13-14, Al-Rajhi stressed the transformation the labor market is currently seeing is unlike anything that has ever happened before.

The conference, organized by the Ministry of Human Resources and Social Development, is being attended by over 6,000 participants from 40 countries.

This diverse gathering includes ministers, government officials, and leaders. Additionally, heads of international and professional organizations and representatives from academic circles are also in attendance.

Al-Rajhi stated that in 2020, Saudi Arabia launched its Labor Market Strategy, implementing 70% of its initiatives.

He noted that the number of citizens in the private sector reached 2.3 million.

Emphasizing the Kingdom’s efforts, he mentioned the creation of regulatory and legislative environments for the workforce, ensuring the use of new technologies to maximize value for the global economy while eliminating exploitation.

He highlighted Saudi Arabia as having one of the world’s most diverse workforces and expressed the country's ambition to become a preferred destination for top talents.

Al-Rajhi affirmed the nation’s commitment to fostering private-sector-led work environments to meet the needs of citizens.

It is noteworthy that the conference’s opening session was preceded by a ministerial roundtable discussion, during which Al-Rajhi received minister-level labor officials from over 24 countries.

During the session, participants discussed the most pressing opportunities and changes facing labor markets, and considered joint efforts that can be undertaken to address these challenges.

During the roundtable, Al-Rajhi stressed that the current stage of the global labor market’s evolution necessitates international solidarity, cooperation, and exchange in order to effectively respond to rapid, unprecedented changes related to workplace practices, emerging technologies, and geopolitical circumstances.



Oil Prices Ease as Markets Weigh China Stimulus Hopes

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Prices Ease as Markets Weigh China Stimulus Hopes

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil edged lower on Thursday in light holiday trade as the dollar's strength offset hopes for additional fiscal stimulus in China, the world's biggest oil importer.

Brent crude futures settled down 32 cents, or 0.43%, at $73.26 a barrel. US West Texas Intermediate crude closed at $69.62, down 0.68%, or 48 cents, from Tuesday's pre-Christmas settlement.

Chinese authorities have agreed to issue 3 trillion yuan ($411 billion) worth of special treasury bonds next year, Reuters reported on Tuesday, citing two sources, as Beijing ramps up fiscal stimulus to revive a faltering economy.

"Injecting a stimulus into a nation's economy creates increased demand, and increased demand pushes prices higher," said Tim Snyder, chief economist at Matador Economics, Reuters reported.

The World Bank on Thursday raised its forecast for China's economic growth in 2024 and 2025, but warned that subdued household and business confidence, along with headwinds in the property sector, would keep weighing it down next year.

The US dollar continued to edge up higher after hitting a milestone last week. A stronger dollar makes oil more expensive for holders of other currencies.

The latest weekly report on US inventories, from the American Petroleum Institute industry group, showed crude stocks fell last week by 3.2 million barrels, market sources said on Tuesday.

Traders will be waiting to see if the official inventory report from the Energy Information Administration confirms the decline. The EIA data is due at 1 p.m. EST (1800 GMT) on Friday, later than normal because of the Christmas holiday.

Analysts in a Reuters poll expect crude inventories fell by about 1.9 million barrels in the week to Dec. 20, while gasoline and distillate inventories are seen falling by 1.1 million barrels and 0.3 million barrels respectively.

Elsewhere, southbound traffic in Turkey's Bosphorus Strait was set to resume on Thursday, having been halted earlier in the day after a tanker suffered an engine failure, shipping agent Tribeca said.