Global AI Summit Brings Together Experts, Decision-Makers in Riyadh

A Saudi woman tries out one of the new technologies at the Global AI Summit in 2022. (SPA)
A Saudi woman tries out one of the new technologies at the Global AI Summit in 2022. (SPA)
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Global AI Summit Brings Together Experts, Decision-Makers in Riyadh

A Saudi woman tries out one of the new technologies at the Global AI Summit in 2022. (SPA)
A Saudi woman tries out one of the new technologies at the Global AI Summit in 2022. (SPA)

The Global AI (GAIN) Summit will kick off in Riyadh on Tuesday under the patronage of Prince Mohammed bin Salman, Crown Prince, Prime Minister and Chairman of the Saudi Data and Artificial Intelligence Authority (SDAIA).

The summit, organized by SDAIA, will feature 456 speakers from 100 countries and is expected to draw 32,000 attendees. Experts said the event will focus on the regulation and ethics of AI, with hopes of advancing “responsible AI.”

Mark Minevich, an American expert the President of Going Global Ventures, member of board of directors of Intentional Data Centers Authority and Sr Fellow of US Council on Competitiveness, Strategic Advisor Mayfield Venture Capital, told Asharq Al-Awsat that GAIN will be a key event for launching AI-driven solutions and supporting economic and sustainable development.

Minevich, who has authored “Our Planet Powered by AI,” said the third edition of the summit is crucial as it will gather AI leaders to discuss important topics. He praised Saudi Arabia’s focus on “AI for Humanity” and its advancements in multi-modal AI, AI-supported healthcare, and smart city projects like NEOM.

At the summit, Minevich will stress the importance of AI governance, innovation, and strategic deployment. He noted that the event provides a global platform to explore how institutions can use AI responsibly while adhering to ethical and regulatory standards.

He also highlighted that Saudi Arabia’s efforts in AI, including its focus on AI talent and open-source tools, are positioning it as a leader in the field. These initiatives are expected to attract new investments and partnerships, contributing to the Kingdom’s Vision 2030 goals.

He noted that Saudi Arabia’s use of AI in energy and sustainability are making it a key hub for foreign investment. He expects the summit to boost efforts in economic diversification.

He also predicted that AI will create high-skill jobs and advance sectors like healthcare and finance. These initiatives, aligned with Vision 2030, will improve Saudi Arabia’s global competitiveness and drive innovation in AI industries.

Sheikh Abdullah Zaid Al-Meleihi, chairman of Al-Ramez International Group and CEO of its subsidiary, Saudi Excellence Co., told Asharq Al-Awsat that the GAIN Summit will set up a global platform to show Saudi Arabia’s commitment to using AI for economic diversification and tech leadership.

He viewed the summit as a major step in Saudi Arabia’s goal to lead in AI. The event will highlight the Kingdom’s progress in AI infrastructure, innovation, and its digital ecosystem aligned with Vision 2030.

Key topics will include AI integration in projects like NEOM, improvements in data infrastructure, and AI advancements in healthcare, energy, and urban development.

Al-Meleihi noted that a key challenge is meeting the demand for scalable infrastructure while ensuring energy efficiency. He expected the summit to create partnerships that drive innovation in various sectors and support Vision 2030 goals by promoting economic diversification and technological leadership.



US Consumers to Bargain Hunt in Annual ‘Black Friday’ Spree

 A family eats lunch near a store advertising a Black Friday sale at the Pentagon City Mall in Arlington, Virginia, on November 22, 2023. (AFP)
A family eats lunch near a store advertising a Black Friday sale at the Pentagon City Mall in Arlington, Virginia, on November 22, 2023. (AFP)
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US Consumers to Bargain Hunt in Annual ‘Black Friday’ Spree

 A family eats lunch near a store advertising a Black Friday sale at the Pentagon City Mall in Arlington, Virginia, on November 22, 2023. (AFP)
A family eats lunch near a store advertising a Black Friday sale at the Pentagon City Mall in Arlington, Virginia, on November 22, 2023. (AFP)

US shoppers are coming out in force this holiday season, but the festiveness is being tempered by inflationary pressures that have abated but not completely faded.

After the sticker shock during the latter stages of the pandemic, a familiar frustration has settled in towards consumer prices that remain broadly elevated even if they have stopped rising rapidly.

Americans are "ready to open their wallets this holiday season," said the Conference Board ahead of Black Friday -- the day after Thanksgiving, which this year, falls on November 28 -- that traditionally sees US stores kick off the Christmas shopping season with steep discounts.

"US consumers plan to spend more than last year, but inflation reduces how far their dollars can go."

In this environment, nobody expects to pay the full price for items.

"Holiday shoppers are likely to increase their budgets this year versus last year but remain selective and are looking for discounts," said a note from Morgan Stanley.

The investment bank's survey found that 35 percent planned to spend more this holiday season. But nearly two-thirds would skip a purchase if an item is not adequately discounted, meaning a price cut of more than 20 percent.

"It's gonna be a good year, but I don't think that growth is going to be spectacular because consumers are still under pressure," predicted Neil Saunders of GlobalData.

Inflation remains above the Federal Reserve's two percent long-term target, rising in October to 2.6 percent on an annual basis from 2.4 percent in September. But that's significantly below the peak level of 9.1 percent in June 2022.

Other recent economic data has been solid. Unemployment remains low at 4.1 percent, while a preliminary GDP reading for the third quarter came in at 2.8 percent.

But Joe Biden's presidency coincided with about a 20 percent rise in consumer prices as Covid-19 pandemic lockdowns gave way to supply chain bottlenecks.

That inflation played a central role in the 2024 US presidential election, with Republican Donald Trump defeating Biden's appointed Democratic successor, Vice President Kamala Harris.

"There is still a perception among consumers that things are quite difficult," Saunders said. "So people are being quite cautious and careful in their spending."

- Tariff hit? -

How Trump's looming presidency will affect inflation remains to be seen. Industry groups have warned that tariffs favored by the Republican could reignite pricing pressures.

The National Retail Federation projected that a Trump tariff proposal floated during the campaign would dent US consumer budgets by as much as $78 billion annually.

But while tough potential trade actions are already preoccupying Washington trade groups, tariffs are not on consumer radars for the 2024 season, according to Saunders.

One challenge this year will be the shortness of the season.

Black Friday falls at the latest possible date on November 29, shortening the stretch between Turkey Day and Christmas on December 25.

But the impact of that dynamic on 2024 sales should not be overstated. Retailers in recent years have pulled the holiday shopping season ahead, with some vendors launching online "Black Friday" promotions as early as October.

Among the companies that have already begun discounts: the big-box chains Walmart and Target, electronics giant Best Buy and home-improvement retailer Home Depot.

Amazon officially launched "Black Friday Week" on Thursday.

NRF has projected holiday spending growth of between 2.5 and 3.5 percent in the 2024 season compared with the year-ago period, to as much as $989 billion over the two-month period.

Economists with the trade group have pointed to an easing of gasoline prices as a supportive factor.

Online sales are projected to grow as much as nine percent this season, extending a long-term trend. Black Friday itself has become a big occasion for online shopping, along with "Cyber Monday" three days later.

"Over time, we've moved from a period where it was just Black Friday, and maybe a little of the weekend, to it being a period of discounting that starts very early," said Saunders. "It's seasonal discounts."

There has been a diminishment of "doorbuster" sales that are known to draw hordes of waiting crowds, sometimes resulting in injury or worse.

Instead, increasing numbers of consumers are spreading out their purchases or opting to click through Black Friday promotions at home.