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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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Bank of France Chief: France Could Reduce Deficit to EU Limit in 5 Years

A man rides an electric Lime bicycle on a bike path past the Hotel des Invalides in Paris, France, September 23, 2024. REUTERS/Abdul Saboor
A man rides an electric Lime bicycle on a bike path past the Hotel des Invalides in Paris, France, September 23, 2024. REUTERS/Abdul Saboor
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Bank of France Chief: France Could Reduce Deficit to EU Limit in 5 Years

A man rides an electric Lime bicycle on a bike path past the Hotel des Invalides in Paris, France, September 23, 2024. REUTERS/Abdul Saboor
A man rides an electric Lime bicycle on a bike path past the Hotel des Invalides in Paris, France, September 23, 2024. REUTERS/Abdul Saboor

It is not realistic for France to lower its deficit to 3% of GDP within three years but it could be possible within five years with the right course of action, Bank of France head Francois Villeroy de Galhau on Wednesday.
"Three years is not realistic, not economically or with regards to growth. But to do it in five years is possible," Villeroy, who is also a policymaker at the European Central Bank, told France 2 TV.
Earlier this week, French finance minister Antoine Armand said the country's budget deficit was one of its worst in history. The government currently expects a 2024 budget deficit of 5.1% of GDP - above the European Union's limit of 3%.
Prime Minister Michel Barnier has suggested he would be open to raising taxes on the wealthy and some corporations as the country struggles to contain the deficit. Spending cuts are also expected, which Villeroy said in the interview that he supported, according to Reuters.
One of the first hurdles for France's new government will be steering a budget for 2025 through an unruly hung parliament.
In rare good news for the new government, consumer confidence improved for the third straight month in September, topping analysts' expectations, official INSEE data showed.
An increase in the proportion of households feeling that the present is a good time to make big purchases, as well as growing optimism over the ability to save money, helped drive the index up two points to 95, still below the long-term average.
Fears about unemployment also fell.
In a sign of investor concerns about the new government's ability to tackle the high budget deficit, France's borrowing costs briefly rose above Spain's on Tuesday for the first time since 2008.