GAIN Summit Kicks off in Riyadh Under Patronage of Saudi Crown Prince

The third edition of the Global AI Summit (GAIN Summit), organized by the Saudi Data and Artificial Intelligence Authority (SDAIA), kicked off in Riyadh on Tuesday. (SPA)
The third edition of the Global AI Summit (GAIN Summit), organized by the Saudi Data and Artificial Intelligence Authority (SDAIA), kicked off in Riyadh on Tuesday. (SPA)
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GAIN Summit Kicks off in Riyadh Under Patronage of Saudi Crown Prince

The third edition of the Global AI Summit (GAIN Summit), organized by the Saudi Data and Artificial Intelligence Authority (SDAIA), kicked off in Riyadh on Tuesday. (SPA)
The third edition of the Global AI Summit (GAIN Summit), organized by the Saudi Data and Artificial Intelligence Authority (SDAIA), kicked off in Riyadh on Tuesday. (SPA)

The third edition of the Global AI Summit (GAIN Summit), organized by the Saudi Data and Artificial Intelligence Authority (SDAIA), kicked off in Riyadh on Tuesday under the patronage of Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Prime Minister, and Chairman of the SDAIA's Board of Directors.

The event, which runs through September 12, features 450 speakers and attendees from 100 countries, including prominent figures in the field of AI, policymakers, and thought leaders.

At the summit, 150 sessions and workshops will be held.

The opening ceremony was attended by several prominent figures, including members of the Royal Family, ministers, foreign officials, thought leaders, and executives from leading technology and AI companies from around the globe, alongside ambassadors accredited to the Kingdom.

In his opening speech, SDAIA President Dr. Abdullah bin Sharaf Al-Ghamdi expressed gratitude to Crown Prince Mohammed for his patronage and emphasized the summit's role in furthering the Kingdom's Vision 2030.

Al-Ghamdi highlighted the Kingdom's leadership in AI innovation and SDAIA's commitment to its role to propel the nation's economic growth through data and AI.

He underlined the summit's aim to push the AI boundaries for the benefit of humanity while acknowledging the ethical challenges posed by the rise of generative AI, including forgery, and the need to address information generated using AI.

He highlighted the global competition for AI talent and the need to overcome the challenges inherent in attracting talent, particularly from the global North, in order to ensure balanced digital, economic, and social development.

Al-Ghamdi presented the authority's achievements in the field of data and AI since its establishment in 2019, including holding the first edition of the Global AI Summit, where discussions led to the establishment of a UN-affiliated advisory body for AI.

He underlined the authority's role in fostering global collaboration in AI governance through hosting a major consultation for the UN, in which over 50 countries participated.

Moreover, he lauded UNESCO's efforts in promoting AI ethics, including the establishment of the International Center for Artificial Intelligence Research and Ethics (ICAIRE), in Riyadh, which is recognized by the organization as an international center.

He further outlined key SDAIA initiatives, including the ALLaM model, a pioneering Arabic language model developed in Saudi Arabia, and the "SauTech" innovation, a highly accurate Arabic speech-to-text tool covering 15 Arabic dialects. The technology is being utilized by the Ministry of Justice to transcribe court sessions, placing it at the forefront of AI-driven judicial system.

Al-Ghamdi emphasized SDAIA's ongoing work with government agencies to leverage AI in the healthcare sector, highlighting the "EYENAI" solution, which has contributed to the early diagnosis of 846 potential patients in the past year.

He stressed SDAIA's commitment to addressing the challenges facing local and global AI talents. To attain this goal, he said, the authority organized the largest national programming and AI Olympiad, in which more than 570,000 Saudi students participated, asserting that the Kingdom is hosting the first International AI Olympiad, with 25 countries competing in Riyadh.

He stressed that SDAIA continues to build national capabilities and aims to achieve gender equality in the AI workforce.

SDAIA, he said, has also made strides on a global scale with its effort to promote gender equality worldwide, particularly through the Elevate Initiative, which was launched during the second edition of the Global AI Summit, and through which the skills of women from 28 countries have been honed.

Al-Ghamdi stressed that AI is not a tool that replaces human capabilities, but a powerful enabler in expanding them, and "this journey is not just about technical achievements, but a race for a more brilliant industrial intelligence. It is about forging a partnership between humans and machines to solve pressing challenges so that AI can work for humanity".

He called for a human-centered AI, where technology promotes creativity and human compassion instead of replacing them, urging participants to join the summit discussions to bridge gaps, improve the quality of life, and create a future in which technology and humanity are in harmony.

Minister of Communications and Information Technology Abdullah Al-Swaha presented the investment theory in AI in the first session of summit, titled "Empowering Society through AI Driven Technology". He noted that the Kingdom's challenge lies in starting from a high level of ambition to achieve productivity and prosperity through local, regional, and global innovations.

He said: "We can take cloud computing as an example, as innovation began in 2006 and continued until 2013. The sector faced many challenges at the physical and technical levels as well. Still, it succeeded in moving from an industry worth $10 billion to a broad market worth more than half a trillion dollars".

He touched on three main challenges in AI: devices and energy efficiency, where, he said, AI techniques lack energy efficiency; storage and memory, with many global developers exerting efforts to accelerate the development of memory devices; and models, where there might be confusion regarding accurate and false information, or some biases may occur.

The opening ceremony included visual presentations of the scope of AI, its relationship with humans, and the development of related technologies.

At the summit, SDAIA, in partnership with UNESCO, announced that the International Center for Artificial Intelligence Research and Ethics (ICAIRE) classifies as a Category 2 Center (C2C) under UNESCO auspices.

ICAIRE's classification underscores the significant role Saudi Arabia plays in fostering international and regional partnerships in AI policies, ethics, and research, in addition to its global initiatives supporting the United Nations 2030 Sustainable Development Goals (SDGs).

The classification is an acknowledgement of the Kingdom's dedication to advancing UNESCO's mission to utilize AI for the betterment of humanity, with emphasis on assisting developing nations, and the attainment of the UN SDGs.



Bank of America Forecasts Three US Rate Cuts this Year

A customer uses an ATM at a Bank of America branch in Boston, Massachusetts, US, October 11, 2017. REUTERS/Brian Snyder
A customer uses an ATM at a Bank of America branch in Boston, Massachusetts, US, October 11, 2017. REUTERS/Brian Snyder
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Bank of America Forecasts Three US Rate Cuts this Year

A customer uses an ATM at a Bank of America branch in Boston, Massachusetts, US, October 11, 2017. REUTERS/Brian Snyder
A customer uses an ATM at a Bank of America branch in Boston, Massachusetts, US, October 11, 2017. REUTERS/Brian Snyder

Bank of America, the most conservative among Wall Street's brokerages on the size of the Federal Reserve's expected interest rate cuts this year, has raised its forecast to match most of its peers after the recent nonfarm payrolls data.

BofA Global Research said on Sunday that it now expects the central bank to lower rates by 25 basis points (bps) in each of the three remaining policy meetings this year, compared with its previous forecast of two 25-bps cuts in September and December, according to Reuters.

The change was after data on Friday showed US employment rose less than expected in August, but a drop in the jobless rate to 4.2% suggested the labor market was not falling off the cliff to warrant a half-point rate cut this month.

BofA economists concurred, saying the hurdle for a 50-bps cut in September is high “because despite evidence of a cool labor market, layoffs remain low.”

Their latest forecast is the same as that of eight other brokerages, including Morgan Stanley and UBS Global Research, though it was not immediately clear if these brokerages would, or have already, altered their forecasts.

The jobs data had little effect on investors' bets on the size of a cut at the Fed's meeting next week. Interest rate futures signal a 70% chance of a 25 bps cut, nearly the same as last week.

Barclays and Goldman Sachs retained their call of three 25-bps cuts this year, saying the jobs data did not warrant a 50-bps cut.

Before the latest jobs data, UBS Global Wealth Management, JP Morgan, Wells Fargo, Citigroup and Wells Fargo Investment Institute had expected a 50 bps cut in September.