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Global Firms to Asharq Al-Awsat: Saudi Arabia Speeds Up AI Progress

Panel discussion at the Global AI Summit in Riyadh, Saudi Arabia (Asharq Al-Awsat)
Panel discussion at the Global AI Summit in Riyadh, Saudi Arabia (Asharq Al-Awsat)
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Global Firms to Asharq Al-Awsat: Saudi Arabia Speeds Up AI Progress

Panel discussion at the Global AI Summit in Riyadh, Saudi Arabia (Asharq Al-Awsat)
Panel discussion at the Global AI Summit in Riyadh, Saudi Arabia (Asharq Al-Awsat)

Global tech companies at the third Global AI Summit in Riyadh emphasized Saudi Arabia’s rapid progress in artificial intelligence, noting the Kingdom’s growing leadership in the field.

They highlighted the summit as a key opportunity for businesses to expand their local and international partnerships.

In talks with Asharq Al-Awsat, they described the summit as a major event that shapes the future of AI, helping to address challenges and fully leverage the technology.

The companies also pointed out that AI, closely tied to cloud computing, provides dynamic and complex solutions. They stressed that managing and protecting AI requires top-notch cybersecurity standards.

Abdulrahman bin Mohammed Al-Thehaiban, managing director of Google Cloud for the Middle East, Türkiye and Africa region (META), stressed the importance of AI, which is closely linked to cloud computing and offers innovative, adaptable solutions.

Speaking to Asharq Al-Awsat, Al-Thehaiban highlighted Google Cloud’s role in the event. He emphasized the company’s goal to connect with clients locally and globally, showcasing its AI technology solutions.

Al-Thehaiban said Google Cloud meets all AI needs for businesses and governments, including those related to climate change. He mentioned partnerships with the Saudi Data and Artificial Intelligence Authority (SDAIA) that have trained women in AI.

He added that AI now significantly impacts not just businesses and governments but also individuals, with increasing reliance on the technology.

Al-Thehaiban also noted that while data collection was a major focus six years ago, it is now crucial for implementing AI solutions.

Ahmed Al-Reshoodi, COO of Saudi Cloud Computing Co., told Asharq Al-Awsat that AI needs advanced cloud services and strong data management and cybersecurity.

At the third Global AI Summit in Riyadh, he noted his company’s focus on localizing the latest technologies in Saudi data centers, operated by local talent, supporting Vision 2030 goals.

Al-Reshoodi said the company works with various organizations across the Kingdom, including government, private, financial, and small businesses.

He highlighted that AI is increasingly used in smart cities, financial tech, and healthcare, and emphasized his company’s commitment to meeting Saudi Arabia’s growing cloud service needs.

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OECD Sees Global Growth Stabilizing at 3.2% this Year

Commuters cross a street in Tokyo's Shinjuku business and shopping district, Japan, 17 September 2024, a day before the International Equal Pay Day. EPA/FRANCK ROBICHON
Commuters cross a street in Tokyo's Shinjuku business and shopping district, Japan, 17 September 2024, a day before the International Equal Pay Day. EPA/FRANCK ROBICHON
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OECD Sees Global Growth Stabilizing at 3.2% this Year

Commuters cross a street in Tokyo's Shinjuku business and shopping district, Japan, 17 September 2024, a day before the International Equal Pay Day. EPA/FRANCK ROBICHON
Commuters cross a street in Tokyo's Shinjuku business and shopping district, Japan, 17 September 2024, a day before the International Equal Pay Day. EPA/FRANCK ROBICHON

Global growth is in the process of stabilizing as the drag from central bank rate hikes fades and falling inflation boosts households' incomes, the OECD said on Wednesday, marginally raising its outlook for this year.
The world economy was projected to grow 3.2% both this and next year, the Organization for Economic Cooperation and Development forecast, nudging up its 2024 forecast from 3.1% previously while leaving 2025 unchanged, Reuters reported.
As the lagged impact of central bank tightening evaporates, interest rate cuts would boost spending going forward while consumer spending benefitted from lower inflation, the OECD said in an update of its latest economic outlook.
If a recent decline in oil prices persists, global headline inflation could be 0.5 percentage points lower than expected over the coming year, the Paris-based OECD said.
With inflation heading towards central bank targets, the OECD projected that the US Federal Reserve's main interest rate would ease to 3.5% by the end of 2025 from 4.75%-5% currently and European Central Bank would cut to 2.25% from 3.5% now.
US growth was expected to slow from 2.6% this year to 1.6% in 2025 though interest rate cuts would help cushion the slowdown, the OECD said, trimming its 2025 estimate from a forecast of 1.8% in May.
The Chinese economy, the world's second-biggest, was seen slowing from 4.9% in 2024 to 4.5% in 2025 as government stimulus spending is offset by flagging consumer demand and a real estate rut.
The euro zone would help make up for slower growth in the two biggest economies next year with the 20-nation bloc's growth forecast to nearly double from 0.7% growth this year to 1.3% as incomes grow faster than inflation.
The OECD hiked its outlook for the UK economy amid high wage growth, projecting the UK economy expanding by 1.1% in 2024 and 1.2% in 2025, up from May forecasts for 0.4% this year and 1% next year.