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.



Lebanon's Bonds Rally as Parliament Elects 1st President since 2022

Lebanese Parliament Speaker Nabih Berri shakes hands with Lebanon’s army chief Joseph Aoun after he is elected as the country’s president at the parliament building in Beirut, Lebanon, Jan. 9, 2025. Reuters/Mohamed Azakir
Lebanese Parliament Speaker Nabih Berri shakes hands with Lebanon’s army chief Joseph Aoun after he is elected as the country’s president at the parliament building in Beirut, Lebanon, Jan. 9, 2025. Reuters/Mohamed Azakir
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Lebanon's Bonds Rally as Parliament Elects 1st President since 2022

Lebanese Parliament Speaker Nabih Berri shakes hands with Lebanon’s army chief Joseph Aoun after he is elected as the country’s president at the parliament building in Beirut, Lebanon, Jan. 9, 2025. Reuters/Mohamed Azakir
Lebanese Parliament Speaker Nabih Berri shakes hands with Lebanon’s army chief Joseph Aoun after he is elected as the country’s president at the parliament building in Beirut, Lebanon, Jan. 9, 2025. Reuters/Mohamed Azakir

Lebanese government bonds extended their three-month-long rally on Thursday as the crisis-ravaged country's parliament voted in a new head of state for the first time since 2022.

Lebanese lawmakers elected army chief Joseph Aoun as president. It came after the failure of 12 previous attempts to pick a president and boosts hopes that Lebanon might finally be able to start addressing its dire economic woes.

The country's battered bonds have almost trebled in value since September, when the regional conflict with Israel weakened Lebanese armed group Hezbollah, long viewed as an obstacle to overcoming its political paralysis.

According to Reuters, most of Lebanon's international bonds, which have been in default since 2020, rallied after Aoun's victory was announced to stand 1.3 to 1.7 cents higher on the day and at just over 16 cents on the dollar.

They have risen almost every day since late December, although they remain some of the lowest-priced government bonds in the world, reflecting the scale of Lebanon's difficulties.

With its economy and financial system still reeling from a collapse in 2019, Lebanon is in dire need of international support to rebuild from the conflict, which the World Bank estimates to have cost the country $8.5 billion.

Hasnain Malik, an analyst at financial research firm Tellimer said Aoun's victory was "the first necessary step on a very long road to recovery".

Malik said Aoun now needs to appoint a prime minister and assemble a cabinet that can retain the support of parliament, resuscitate long-delayed reforms and help Lebanon secure international financial support.

The 61-year old Aoun fell short of the required support in Thursday's first round of parliamentary voting and only succeeded in a second round, reportedly after a meeting with Hezbollah and Amal party MPs.

"That presents significant ongoing risk to any new PM and cabinet, which need to maintain the confidence of a majority of parliament," Malik said.