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)
TT

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.



Gold Firms; Focus on US Data for Cues on Fed's Policy Path

FILE PHOTO: A woman looks at a gold bangle inside a jewellery showroom at a market in Mumbai January 15, 2015. REUTERS/Shailesh Andrade//File Photo
FILE PHOTO: A woman looks at a gold bangle inside a jewellery showroom at a market in Mumbai January 15, 2015. REUTERS/Shailesh Andrade//File Photo
TT

Gold Firms; Focus on US Data for Cues on Fed's Policy Path

FILE PHOTO: A woman looks at a gold bangle inside a jewellery showroom at a market in Mumbai January 15, 2015. REUTERS/Shailesh Andrade//File Photo
FILE PHOTO: A woman looks at a gold bangle inside a jewellery showroom at a market in Mumbai January 15, 2015. REUTERS/Shailesh Andrade//File Photo

Gold prices hovered near a four-week peak on Thursday, while focus shifted to jobs report due on Friday for clarity on the Federal Reserve's 2025 interest rate path.
Spot gold edged 0.1% higher to $2,664.30 per ounce, as of 0732 GMT. US gold futures rose 0.4% to $2,681.80
"Prices are trading in a narrow range ... A new trigger is needed for gold to breach its resistance," said Ajay Kedia, director at Kedia Commodities in Mumbai.
The bullion hit a near four-week high in the previous session after a weaker-than-expected US private employment report hinted that the Fed may be less cautious about easing rates this year.
The market now awaits US jobs report on Friday for more cues on the Fed's policy path.
Investors are also awaiting Donald Trump to take office on Jan. 20 and his proposed tariffs and protectionist policies are expected to fuel inflation.
Policymakers at the Fed's last meeting also "noted that recent higher-than-expected readings on inflation, and the effects of potential changes in trade and immigration policy, suggested that the process could take longer than previously anticipated," the minutes showed on Wednesday.
Bullion is considered an inflationary hedge, but high rates reduce the non-yielding asset's allure.
"We believe the bulk of the rally has been put in and that while gold's upward momentum may carry it higher in the near term and in early 2025, a combination of physical and financial market factors may tame the rally and drive gold moderately lower by the end of next year," HSBC said in a note.
Elsewhere, physically-backed gold exchange-traded funds (ETFs) registered their first inflow in four years, the World Gold Council said.
Spot silver added 0.2% to $30.17 per ounce, platinum dropped 0.3% to $952.54 and palladium shed 0.8% to $921.37.