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)
TT

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.



Gold Hits Four-week Peak on Safe-haven Demand

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
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Gold Hits Four-week Peak on Safe-haven Demand

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk

Gold prices rose to a near four-week high on Thursday, supported by safe-haven demand, while investors weighed how US President-elect Donald Trump's policies would impact the economy and inflation.

Spot gold inched up 0.4% to $2,672.18 per ounce, as of 0918 a.m. ET (1418 GMT). US gold futures rose 0.7% to $2,691.80.

"Safe-haven demand is modestly supporting gold, offsetting downside pressure coming from a stronger dollar and higher rates," UBS analyst Giovanni Staunovo said.

The dollar index hovered near a one-week high, making gold less appealing for holders of other currencies, while the benchmark 10-year Treasury yield stayed near eight-month peaks, Reuters reported.

"Market uncertainty is likely to persist with the upcoming inauguration of Donald Trump as the next US president," Staunovo said.

Trump is considering declaring a national economic emergency to provide legal justification for a series of universal tariffs on allies and adversaries, CNN reported on Wednesday, citing sources familiar with the matter.

Trump will take office on Jan. 20 and his proposed tariffs could potentially ignite trade wars and inflation. In such a scenario, gold, considered a hedge against inflation, is likely to perform well.

Investors' focus now shifts to Friday's US nonfarm payrolls due at 08:30 a.m. ET for further clarity on the Federal Reserve's interest rate path.

Non-farm payrolls likely rose by 160,000 jobs in December after surging by 227,000 in November, a Reuters survey showed.

Gold hit a near four-week high on Wednesday after a weaker-than-expected US private employment report hinted that the Fed may be less cautious about easing rates this year.

However, minutes of the Fed's December policy meeting showed officials' concern that Trump's proposed tariffs and immigration policies may prolong the fight against rising prices.

High rates reduce the non-yielding asset's appeal.

The World Gold Council on Wednesday said physically-backed gold exchange-traded funds registered their first inflow in four years.

Spot silver rose 0.7% to $30.32 per ounce, platinum fell 0.8% to $948.55 and palladium shed 1.4% to $915.75.