SDAIA Concludes GAIN Summit in Riyadh with Local, Int’l Agreements

The summit included panel discussions and workshops featuring experts from various sectors and global companies specialized in AI applications. SPA
The summit included panel discussions and workshops featuring experts from various sectors and global companies specialized in AI applications. SPA
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SDAIA Concludes GAIN Summit in Riyadh with Local, Int’l Agreements

The summit included panel discussions and workshops featuring experts from various sectors and global companies specialized in AI applications. SPA
The summit included panel discussions and workshops featuring experts from various sectors and global companies specialized in AI applications. SPA

The third edition of the Global AI Summit (GAIN Summit), organized by the Saudi Data and Artificial Intelligence Authority (SDAIA) from September 10 to 12 at the King Abdulaziz International Conference Center in Riyadh brought together hundreds of specialists and enthusiasts in artificial-intelligence (AI) technologies and applications worldwide under the theme "Artificial Intelligence for the Good of Humanity."

AT the summit, SDAIA President Dr. Abdullah bin Sharaf Al-Ghamdi highlighted the Saudi leadership's commitment, under the guidance of Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, and Chairman of the SDAIA Board of Directors, to position Saudi Arabia as a leader in the field of AI.

The summit included panel discussions and workshops featuring experts from various sectors and global companies specialized in AI applications. The sessions unveiled the latest developments in the field, emphasizing that innovations in AI have far-reaching impacts not just technologically but also on geopolitical, political, and legislative domains. Furthermore, it was stressed that developments in AI should align with sustainable development and equality in education.

Several AI initiatives, programs, and products were unveiled during the summit, and agreements and memoranda of understanding (MoUs) were signed to bolster its applications and development within the Kingdom.

The third edition of the GAIN Summit concluded with a speech by National Information Center Director Dr. Esam bin Abdullah Al-Wagait, who highlighted the participation of 465 speakers and participants from over 100 countries and how the summit explored the latest developments shaping the future of AI.

Moreover, he underscored the global significance of announcements made during the summit, such as the work of the United Nations (UN) High-Level Advisory Body on Artificial Intelligence, the partnership of the UN International Telecommunication Union (ITU) with the Kingdom to develop a global framework for AI readiness, and the announcement of the Riyadh Charter on Artificial Intelligence for the Islamic World issued by the Islamic World Educational, Scientific and Cultural Organization (ICESCO) in collaboration with the Organization for Economic Co-operation and Development (OECD) on the Observatory on Artificial Intelligence.

Al-Wagait also highlighted important AI projects that emerged during the summit, including the Arabic Large Language Model (ALLaM), aimed at developing the best large Arabic language model in the world, and the cooperation with NVIDIA to expand the scope of AI infrastructure using 5,000 graphics processing units. Additionally, educational integration initiatives were announced, such as cooperation with the Ministry of Education to integrate the ALLaM Model into the Kingdom's education system, providing support tools for teachers and leveraging AI technology for self-learning.



Gold Rallies to Record High on US Rate Cut Optimism

FILE PHOTO: A saleswoman displays a gold necklace inside a jewellery showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Kolkata, India, May 7, 2019. REUTERS/Rupak De Chowdhuri/File Photo/File Photo
FILE PHOTO: A saleswoman displays a gold necklace inside a jewellery showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Kolkata, India, May 7, 2019. REUTERS/Rupak De Chowdhuri/File Photo/File Photo
TT

Gold Rallies to Record High on US Rate Cut Optimism

FILE PHOTO: A saleswoman displays a gold necklace inside a jewellery showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Kolkata, India, May 7, 2019. REUTERS/Rupak De Chowdhuri/File Photo/File Photo
FILE PHOTO: A saleswoman displays a gold necklace inside a jewellery showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Kolkata, India, May 7, 2019. REUTERS/Rupak De Chowdhuri/File Photo/File Photo

Gold prices soared to an all-time high on Friday as the dollar weakened amid prospects of super-sized reduction in US interest rates next week, while palladium has gained over 15% so far this week.
Spot gold was up hitting a record 0.3% at $2,567.23 per ounce by 0703 GMT, after high of $2,570.21 earlier in the session. Bullion has gained about 3% for the week so far, Reuters reported.
US gold futures rose 0.6% to $2,595.10.
The dollar fell to a one-week low on Friday, making greenback-priced gold less expensive for other currency holders, with investors on tenterhooks around uncertainty of a 25 or 50 basis point US rate cut next week.
"Regardless of the size of the initial Federal Reserve rate cut, we look to be on the verge of a potentially long and frequent easing cycle, which is a scenario that bodes well for assets such as gold, which are non-yielding," said Tim Waterer, chief market analyst at KCM Trade.
The International Monetary Fund said it was appropriate for the Fed to begin a long-awaited monetary easing cycle at its meeting next week as upside risks to inflation have subsided.
Traders see a 41% chance of a 50-bp reduction and 59% odds of a 25 bp cut.
Investors will scan the US consumer sentiment (preliminary) data, due later in the day, for further clues on rate outlook.
ANZ commodity strategist Soni Kumari said "we are seeing (gold) prices can go to $2,600 in the short term, given the price momentum is looking quite strong right now."
Spot silver rose 0.3% to $30.01 and platinum gained 0.7% to $983.95. Both metals are headed for weekly gains.
Palladium climbed 0.4% to $1,050.50 and was headed for its best week since December 2023, fueled by export curb concerns.
Russian President Vladimir Putin said Moscow should consider limiting exports of uranium, titanium and nickel in retaliation against the West.