GAIN Summit Showcases International Experiences in Governing AI Usage 

Discussions on Tuesday focused on utilizing AI to support and accelerate development programs and to create ideal opportunities for improving social life and its quality.  (SPA)
Discussions on Tuesday focused on utilizing AI to support and accelerate development programs and to create ideal opportunities for improving social life and its quality.  (SPA)
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GAIN Summit Showcases International Experiences in Governing AI Usage 

Discussions on Tuesday focused on utilizing AI to support and accelerate development programs and to create ideal opportunities for improving social life and its quality.  (SPA)
Discussions on Tuesday focused on utilizing AI to support and accelerate development programs and to create ideal opportunities for improving social life and its quality.  (SPA)

The first day of the third Global Artificial Intelligence Summit (GAIN) in Riyadh featured ministers responsible for technology and communications sectors, showcasing their countries' experiences in implementing regulations and controls to maximize the benefits of AI technologies.

GAIN is organized by the Saudi Data and AI Authority (SDAIA) and runs through September 12.

Discussions on Tuesday focused on utilizing AI to support and accelerate development programs and to create ideal opportunities for improving social life and its quality.

Ministers emphasized the importance of implementing regulations to neutralize the risks and threats associated with AI technologies and highlighted the need to use and benefit from AI in accordance with international ethics and norms.

South African Minister of Science and Technology and Innovation Dr. Bonginkosi Nzimande commended the important role of the global summit hosted by SDAIA. He emphasized that the summit provides an ideal environment and platform for international coordination.

He said this coordination will help developing countries keep up with and compete against technologically advanced countries through genuine international cooperation. This technology is a significant contributor to the renaissance of countries and humanity.

Gabon’s Minister of Communication and Media Laurence Ndong emphasized her country's commitment to collaborating with the United Nations Educational, Scientific and Cultural Organization (UNESCO) to develop policies for governing and regulating AI technologies.

Such policies aim to ensure the optimal use of AI technologies for the benefit of Gabon's infrastructure and national development, she stressed.

Ndong also highlighted the importance of addressing the challenges and threats posed by these technologies to government institutions and societies, emphasizing the need for international cooperation to ensure that AI serves humanity as a whole.

Bahrain’s Information and eGovernment Authority Chief Executive Mohammed Ali Al-Qaed reviewed the experiences of several leading countries in AI fields. He discussed the measures and regulations these countries have taken for the use of technologies based on value-based principles that preserve the ethics and culture of their people.

Bahrain is also following a similar path, taking into account the continuous and instant development in this field, he added. Legislation is being constantly developed, especially as it experiences significant and ongoing advancements.

Cambodia’s Ministry of Post and Telecommunications Secretary of State Makara Khov emphasized that his country recognizes the inherent dangers and threats posed by AI technologies.

Cambodia has taken significant measures to address such risks by implementing regulations and procedures governing the use of AI in government institutions and society. The measures have enabled Cambodia to mitigate many risks and threats, while harnessing the potential of essential technologies such as AI.

Oman’s Ministry of Communications and Information Technology Undersecretary Dr. Ali Al-Shidhani agreed with the ministers and officials noted the Sultanate’s successful experience using technologies to develop human resources in various fields and improve its education and health sectors.

Germany’s Ministry of Digital and Transport State Secretary Stefan Schnorr emphasized the importance of addressing the risks associated with technology, especially AI, at the social and geopolitical levels. He called for collaborative efforts between countries and organizations to neutralize these dangers and promote innovation.

Serbia’s Ministry of Science, Technological Development, and Innovation State Secretary Dr. Miroslav Trajanovic warned of the rapid changes and advancements in AI technologies. He emphasized the need for flexible and dynamic measures and laws that can be continually updated to keep pace with these evolving technologies.

Trajanovic stressed that effectively addressing the challenges and threats accompanying AI technologies requires intelligence, professionalism, and the implementation of optimal ways and mechanisms to benefit from them.

Senegal Director of Information and Communication Technology Aissatou Jeanne Ndiaye confirmed that the Senegalese government has utilized AI technologies to support education and scientific research. She emphasized the importance of considering these technologies' potential risks and threats and noted that measures, procedures, and regulations have been implemented to address such concerns.



Oil Edges Up ahead of US Fed Rate Decision, 2025 Outlook

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Edges Up ahead of US Fed Rate Decision, 2025 Outlook

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil edged up on Wednesday as a drop in US crude inventories offered some support, although investors stayed cautious ahead of a potential interest rate cut by the US Federal Reserve and its projections for 2025.

Brent futures rose 53 cents, or 0.7%, to $73.72 a barrel at 1436 GMT, while US West Texas Intermediate crude climbed 54 cents, or 0.8%, to $70.62.

The Fed is expected to cut rates by a quarter point, but to signal a cautious approach to loosening monetary policy next year.

"A quarter-point cut itself is unlikely to shake markets much. Investors may focus more on hints and clues on how likely a January pause is, as well as on how many rate cuts policymakers are contemplating throughout 2025," said Charalampos Pissouros, senior investment analyst at brokerage XM, Reuters reported.

The US central bank will release its policy statement at 2 p.m. ET (1900 GMT), followed by remarks from Chair Jerome Powell.

Lower rates decrease borrowing costs, which can boost economic growth and demand for oil.

"Oil prices ought to see more of a reaction to the crude inventory draw seen in the API data overnight... however, such is the diverting power of central bank rate decisions that investors in all of the trading mediums are taking a very light touch to proceedings" said John Evans, analyst with oil broker PVM.

In the US, American Petroleum Institute data on Tuesday showed that crude stocks fell by 4.69 million barrels in the week ended Dec. 13, a source said. Gasoline inventories rose by 2.45 million barrels, and distillate stocks rose by 744,000 barrels, according to the source.

Analysts projected US energy firms pulled about 1.6 million barrels of crude from storage during the week ended Dec. 13, according to a Reuters poll on Tuesday.

The US Energy Information Administration will release its oil storage data on Wednesday.

"Trade war fears and uncertainty on how aggressively the US Fed will cut interest rates next year is likely capping the upside for now," UBS analyst Giovanni Staunovo said.