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Saudi Innovation Lab Expands with Two Centers in Riyadh

Innovation centers at Aramco play a crucial role in the company's digital transformation (Saudi Aramco)
Innovation centers at Aramco play a crucial role in the company's digital transformation (Saudi Aramco)
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Saudi Innovation Lab Expands with Two Centers in Riyadh

Innovation centers at Aramco play a crucial role in the company's digital transformation (Saudi Aramco)
Innovation centers at Aramco play a crucial role in the company's digital transformation (Saudi Aramco)

Saudi Aramco is expanding its Saudi Accelerated Innovation Laboratory (SAIL) with two new centers in Riyadh to provide tech solutions for government sectors and specialize in digital product manufacturing.

In a statement to Asharq Al-Awsat, Saudi Aramco revealed that the Riyadh centers are set to start operations by the end of 2025 and mid-2026, respectively.

SAIL, launched last November, focuses on boosting digital capabilities and driving digital progress across Saudi Arabia.

At the recent 2024 Leap Conference in March, Saudi Aramco CEO Amin Nasser showcased the aramcoMETABRAIN, a generative AI model, and announced the setup of the SAIL.

This laboratory aims to create digital products and projects tackling business sector challenges, utilizing its five capabilities: research and development, solution manufacturing, project creation, investment, and academic development. Its goals will be achieved by establishing national and global partnerships.

Aramco has signed agreements to expand the SAIL beyond the Saudi company, making it a national hub.

Partners include the Saudi Authority for Research and Innovation Development, King Abdulaziz City for Science and Technology, the National Industrial Development and Logistics Program, and the Ministry of Communications and Information Technology.

Through this initiative, the aim is to create a top-notch digital platform attracting global leaders and fostering innovation to meet current needs and invest in the future.

It also seeks to empower Saudi businesses to excel in their fields and contribute to the digital economy's growth, keeping the Kingdom at the forefront of digital innovation.

Saudi Aramco assured its global clients that cutting-edge technologies will ensure reliable energy and boost employee efficiency and safety.

The focus of technological advancements is ultimately to improve people’s work and lives.

The rise of Fourth Industrial Revolution technologies is reshaping the global economy, particularly the energy sector, heralding an era where data-driven technologies are central to decision-making.

Through a mix of advanced technologies—from AI and big data analytics to drones and IoT—projects can harness data insights, respond swiftly to challenges, and enhance productivity.

This digital transformation is key to Saudi Aramco’s operations, according to the company’s official website.

The oil and gas sector, pivotal in global economic transformation for decades, stands at the brink of a new era. Digital transformation promises increased efficiency, workplace safety, and reduced carbon footprint.

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Dollar Strengthens on Elevated US Bond Yields, Tariff Talks

A teller sorts US dollar banknotes inside the cashier's booth at a forex exchange bureau in downtown Nairobi, Kenya February 16, 2024. REUTERS/Thomas Mukoya/File photo
A teller sorts US dollar banknotes inside the cashier's booth at a forex exchange bureau in downtown Nairobi, Kenya February 16, 2024. REUTERS/Thomas Mukoya/File photo
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Dollar Strengthens on Elevated US Bond Yields, Tariff Talks

A teller sorts US dollar banknotes inside the cashier's booth at a forex exchange bureau in downtown Nairobi, Kenya February 16, 2024. REUTERS/Thomas Mukoya/File photo
A teller sorts US dollar banknotes inside the cashier's booth at a forex exchange bureau in downtown Nairobi, Kenya February 16, 2024. REUTERS/Thomas Mukoya/File photo

The dollar rose for a second day on Wednesday on higher US bond yields, sending other major currencies to multi-month lows, with a report that Donald Trump was mulling emergency measures to allow for a new tariff program also lending support.

The already-firm dollar climbed higher on Wednesday after CNN reported that President-elect Trump is considering declaring a national economic emergency as legal justification for a large swath of universal tariffs on allies and adversaries.

The dollar index was last up 0.5% at 109.24, not far from the two-year peak of 109.58 it hit last week, Reuters reported.

Its gains were broad-based, with the euro down 0.43% at $1.0293 and Britain's pound under particular pressure, down 1.09% at $1.2342.

Data on Tuesday showed US job openings unexpectedly rose in November and layoffs were low, while a separate survey showed US services sector activity accelerated in December and a measure of input prices hit a two-year high - a possible inflation warning.

Bond markets reacted by sending 10-year Treasury yields up more than eight basis points on Tuesday, with the yield climbing to 4.728% on Wednesday.

"We're getting very strong US numbers... which has rates going up," said Bart Wakabayashi, Tokyo branch manager at State Street, pushing expectations of Fed rate cuts out to the northern summer or beyond.

"There's even the discussion about, will they cut, or may they even hike? The narrative has changed quite significantly."

Markets are now pricing in just 36 basis points of easing from the Fed this year, with a first cut in July.

US private payrolls data due later in the session will be eyed for further clues on the likely path of US rates.

Traders are jittery ahead of key US labor data on Friday and the inauguration of Donald Trump on Jan. 20, with his second US presidency expected to begin with a flurry of policy announcements and executive orders.

The move in the pound drew particular attention, as it came alongside a sharp sell-off in British stocks and government bonds. The 10-year gilt yield is at its highest since 2008.

Higher yields in general are more likely to lead to a stronger currency, but not in this case.

"With a non-data driven rise in yields that is not driven by any positive news - and the trigger seems to be inflation concern in the US, and Treasuries are selling off - the correlation inverts," said Francesco Pesole, currency analyst at ING.

"That doesn't happen for every currency, but the pound remains more sensitive than most other currencies to a rise in yields, likely because there's still this lack of confidence in the sustainability of budget measures."

Markets did not welcome the budget from Britain's new Labor government late last year.

Elsewhere, the yen sagged close to the 160 per dollar level that drew intervention last year, touching 158.55, its weakest on the dollar for nearly six months.

Japan's consumer sentiment deteriorated in December, a government survey showed, casting doubt on the central bank's view that solid household spending will underpin the economy and justify a rise in interest rates.

China's yuan hit 7.3322 per dollar, the lowest level since September 2023.