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Artificial Intelligence to Take Center Stage at World Government Summit in Dubai

Chairman of the World Government Summit (WGS) Organization Mohammad al-Gergawi during a press conference held to reveal the summit's themes last January. (Asharq Al-Awsat)
Chairman of the World Government Summit (WGS) Organization Mohammad al-Gergawi during a press conference held to reveal the summit's themes last January. (Asharq Al-Awsat)
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Artificial Intelligence to Take Center Stage at World Government Summit in Dubai

Chairman of the World Government Summit (WGS) Organization Mohammad al-Gergawi during a press conference held to reveal the summit's themes last January. (Asharq Al-Awsat)
Chairman of the World Government Summit (WGS) Organization Mohammad al-Gergawi during a press conference held to reveal the summit's themes last January. (Asharq Al-Awsat)

Artificial Intelligence and the next frontiers are among the main themes addressed by the upcoming World Government Summit 2024, held in Dubai on February 12-14, due to its profound impact across various key sectors and the potential major transformation it could bring to communities worldwide.

The WGS will host more than 100 personalities and leaders of giant AI companies and will bring together business owners, AI experts and major players, alongside government leaders in meetings that aim to result in solutions that empower governments to keep pace with AI developments and be fully prepared to deal with its challenges and utilize its great potential.

Such meetings also aim to create frameworks to face AI challenges through dialogue and partnerships, according to Emirates News Agency (WAM).

The list of WGS attendees also includes a host of top experts, CEOs and founders of major AI, advanced technology, and smart applications companies, and pioneers of AI integration.

The Summit agenda is full of sessions, workshops, and side events addressing the various aspects of AI and its applications. The Artificial Intelligence Forum will act as a catalyst for international cooperation and multi-sector partnerships, further driving responsible AI-centric progress for the benefit of all communities.

The Forum looks into reaching a global consensus on developing and adopting principles of responsible AI by launching global dialogues that bring together private and public sector officials. It also addresses enhancing AI capabilities by developing education and infrastructure sectors and formulating future policies.

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Revenue Growth, Improved Operational Efficiency Boost Profitability of Saudi Telecom Companies

A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
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Revenue Growth, Improved Operational Efficiency Boost Profitability of Saudi Telecom Companies

A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)

Telecommunications companies listed on the Saudi Stock Exchange (Tadawul) achieved a 12.46 percent growth in their net profits, which reached SAR 4.07 billion ($1.09 billion) during the second quarter of 2024, compared to SAR 3.62 billion ($965 million) during the same period last year.

They also recorded a 4.76 percent growth in revenues during the same quarter, after achieving sales worth more than SAR 26.18 billion ($7 billion), compared to SAR 24.99 billion ($6.66 billion) in the same quarter of 2023.

The growth in the revenues and net profitability is the result of several factors, including the increase in sales volume and revenues, especially in the business sector and fifth generation services, as well as the decrease in operating expenses and the focus on improving operational efficiency, controlling costs, and moving towards investment in infrastructure.

The sector comprises four companies, three of which conclude their fiscal year in December: Saudi Telecom Company (STC), Mobily, and Zain Saudi Arabia. The fiscal year of Etihad Atheeb Telecommunications Company (GO) ends on March 31.

According to its financial results announced on Tadawul, Etihad Etisalat Company (Mobily) achieved a 33 percent growth rate of profits, bringing its profits to SAR 661 million by the end of the second quarter of 2024, compared to SAR 497 million during the same period in 2023. The company also achieved a 4.59 percent growth in revenues to reach SAR 4.47 billion, compared to SAR 4.27 billion in the same quarter of last year.

The Saudi Telecom Company achieved the highest net profits among the sector’s companies, at about SAR 3.304 billion in the second quarter of 2024, compared to SAR 3.008 billion in the same quarter of 2023. The company registered a growth of 4.52 percent in revenues.

On the other hand, the revenues of the Saudi Mobile Telecommunications Company (Zain Saudi Arabia) increased by about 6.69 percent, as it recorded SAR 2.55 billion during the second quarter of 2024, compared to SAR 2.39 billion in the same period last year.

Commenting on the quarterly results of the sector’s companies, and the varying net profits, the head of asset management at Rassanah Capital, Thamer Al-Saeed, told Asharq Al-Awsat that the Saudi Telecom Company remains the sector leader in terms of customer base expansion.

He also noted the continued efforts of Mobily and Zain to offer many diverse products and other services.

Financial advisor at the Arab Trader Mohammed Al-Maymouni said the financial results of telecom sector companies have maintained a steady growth, up to 12 percent, adding that Mobily witnessed strong progress compared to the rest of the companies, despite the great competition which affected its revenues.

He added that Zain was moving at a good pace and its revenues have improved during the second quarter of 2024. However, its profits were affected by an increase in the financing cost by SAR 26.5 million riyals and a rise in interest, while net income declined significantly compared to the previous year, during which the company made exceptional returns.