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.



Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
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Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)

Saudi Arabia’s non-oil exports soared to a two-year high in May, reaching SAR 28.89 billion (USD 7.70 billion), marking an 8.2% year-on-year increase compared to May 2023.

On a monthly basis, non-oil exports surged by 26.93% from April.

This growth contributed to Saudi Arabia’s trade surplus, which recorded a year-on-year increase of 12.8%, reaching SAR 34.5 billion (USD 9.1 billion) in May, following 18 months of decline.

The enhancement of the non-oil private sector remains a key focus for Saudi Arabia as it continues its efforts to diversify its economy and reduce reliance on oil revenues.

In 2023, non-oil activities in Saudi Arabia contributed 50% to the country’s real GDP, the highest level ever recorded, according to the Ministry of Economy and Planning’s analysis of data from the General Authority for Statistics.

Saudi Finance Minister Mohammed Al-Jadaan emphasized at the “Future Investment Initiative” in October that the Kingdom is now prioritizing the development of the non-oil sector over GDP figures, in line with its Vision 2030 economic diversification plan.

A report by Moody’s highlighted Saudi Arabia’s extensive efforts to transform its economic structure, reduce dependency on oil, and boost non-oil sectors such as industry, tourism, and real estate.

The Saudi General Authority for Statistics’ monthly report on international trade noted a 5.8% growth in merchandise exports in May compared to the same period last year, driven by a 4.9% increase in oil exports, which totaled SAR 75.9 billion in May 2024.

The change reflects movements in global oil prices, while production levels remained steady at under 9 million barrels per day since the OPEC+ alliance began a voluntary reduction in crude supply to maintain prices. Production is set to gradually increase starting in early October.

On a monthly basis, merchandise exports rose by 3.3% from April to May, supported by a 26.9% increase in non-oil exports. This rise was bolstered by a surge in re-exports, which reached SAR 10.2 billion, the highest level for this category since 2017.

The share of oil exports in total exports declined to 72.4% in May from 73% in the same month last year.

Moreover, the value of re-exported goods increased by 33.9% during the same period.