Modern Technologies, AI Save Saudi Arabia $13.6 Billion

Al-Baha Artificial Intelligence Forum (Asharq Al-Awsat)
Al-Baha Artificial Intelligence Forum (Asharq Al-Awsat)
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Modern Technologies, AI Save Saudi Arabia $13.6 Billion

Al-Baha Artificial Intelligence Forum (Asharq Al-Awsat)
Al-Baha Artificial Intelligence Forum (Asharq Al-Awsat)

Over 110 Saudi government agencies benefitted from modern technologies and artificial intelligence, resulting in significant savings and revenue opportunities amounting to $13.6 billion, all made possible through the Estishraf platform.

Estishraf, a platform affiliated with the Saudi Data and Artificial Intelligence Authority (SDAIA), provides future insights for decision-makers in the Kingdom.

It provides interactive economic and social analytics and indicators in an online platform based on a national multidisciplinary team by investing in big data, advanced analytical capabilities, and artificial intelligence.

The platform also supports the formulation of decisions, policy design, and simulation of the impact of various economic, social, and demographic changes to support the future direction of achieving Vision 2030.

- Digital transformation

Director of the National Information Center at SDAIA Esam al-Wagait emphasized the Kingdom's distinguished experience in digital transformation, particularly against the backdrop of the world's escalating digital acceleration.

Wagait was speaking at the al-Baha Forum for Artificial Intelligence under the patronage of Baha Governor Prince Hussam bin Saud bin Abdulaziz.

The forum was attended by several officials, specialists, and researchers in AI, technologies, and smart cities.

The director stated that SDAIA exerted efforts that have had the most significant impact on enabling and accelerating government digital transformation and data and artificial intelligence progress within the Kingdom.

Notably, over 31 million users have benefited from Tawakkalna Services and the Naba platform, which serves over 124 beneficiary entities and notifies users about more than 510 services.

- Government cloud

Wagait lauded the Boroog platform as representing a great success in secure government communication by organizing more than 47,000 meetings.

In terms of cloud services, Deem technology hosts more than 230 government data centers that contributed to raising the level of services and improving efficiency.

SDAIA organized the first and second editions of the World Summit on Artificial Intelligence, developing numerous smart solutions and use cases in the energy, transportation, health, and security sectors.

The Authority also prioritized developing human capabilities and digital skills by establishing a specialized academy and launching training camps.

- Modern applications

Al-Baha University President Abdullah al-Hussein said that the institution had achieved promising and tangible steps in the digital transformation journey in line with the strategic plan, as it established a data center in private cloud computing.

Hussein pointed out that this solid infrastructure contributed to the adoption of modern applications to serve activities and businesses at the University through qualitative digital services that exceeded 120 services.

He added that the University established the Data Office for data management and governance, achieving the third level of government data maturity at 54 percent. Furthermore, over 260 electronic courses have been developed and offered in blended and educational modes.

He added that the University won the Blackboard Award for Teaching and Learning in the Middle East for Excellence in Community Participation in 2022 and 2023, respectively.

The University initiated the strategic plan for cybersecurity with four operational plans and eight projects, in addition to achieving a 71% compliance rate with cybersecurity controls.

- Smart cities

According to Hussein, artificial intelligence is not just a technical advance but a qualitative shift that touches every aspect of life and opens up new possibilities.

He stressed the significance of exploring, discussing, and sharing knowledge and ideas as a catalyst for multidisciplinary cooperation.



Saudi PIF Invests $200 Million in ETF Bond Fund

The fund is the first of its kind in Saudi Arabia to focus on fixed-income exchange-traded funds (ETFs). (Asharq Al-Awsat)
The fund is the first of its kind in Saudi Arabia to focus on fixed-income exchange-traded funds (ETFs). (Asharq Al-Awsat)
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Saudi PIF Invests $200 Million in ETF Bond Fund

The fund is the first of its kind in Saudi Arabia to focus on fixed-income exchange-traded funds (ETFs). (Asharq Al-Awsat)
The fund is the first of its kind in Saudi Arabia to focus on fixed-income exchange-traded funds (ETFs). (Asharq Al-Awsat)

State Street Global Advisors, a subsidiary of State Street Corporation, announced that Saudi Arabia’s Public Investment Fund (PIF) has invested SAR 750 million ($200 million) in the newly launched SPDR J.P. Morgan Saudi Aggregate Bond ETF.

According to a statement released by the company on Wednesday, this fund is the first of its kind in Saudi Arabia to focus on fixed-income exchange-traded funds (ETFs). It is listed in both the London Stock Exchange and Germany’s Xetra, offering investors the opportunity to track government and quasi-government bonds denominated in either the Saudi Riyal or the US Dollar, including sukuk (Islamic bonds).

This investment aligns with the objectives of Saudi Vision 2030, representing a significant step toward enhancing the international presence of Saudi Arabia’s financial markets and attracting foreign investments. The fund is available to investors across several European countries, including Austria, Denmark, France, Germany, and Italy.

Commenting on the investment, Yazid Al-Humaid, Deputy Governor and Head of MENA Investments at PIF, said: “The fund continues to create opportunities and enable access to diverse capital markets in the Kingdom. Investing in the first internationally listed Saudi fixed-income ETF underscores PIF’s commitment to deepening Saudi capital markets, attracting investors, and fostering partnerships across global financial centers.”

CEO of State Street Global Advisors Yi-Hsin Hung emphasized that the launch of the fund is a significant milestone in providing innovative opportunities for investors while contributing to Saudi Arabia’s economic growth.