Saudi Arabia Attracts 40 French AI Startups

The Artefact “Data & AI Summit 2024” in Riyadh, Saudi Arabia (Asharq Al-Awsat)
The Artefact “Data & AI Summit 2024” in Riyadh, Saudi Arabia (Asharq Al-Awsat)
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Saudi Arabia Attracts 40 French AI Startups

The Artefact “Data & AI Summit 2024” in Riyadh, Saudi Arabia (Asharq Al-Awsat)
The Artefact “Data & AI Summit 2024” in Riyadh, Saudi Arabia (Asharq Al-Awsat)

Saudi Arabia has brought in 40 French AI startups through its National Industrial Development and Logistics Program (NIDLP), said Rachid Boulaouane, Investment Director at a French agency.

He spoke during the “Data & AI Summit 2024” in Riyadh, organized by the global data consultancy Artefact on Tuesday.

Saudi Arabia aims for AI to add over $135 billion to its economy by 2030, making up 12.4% of its GDP, according to Artefact data.

Boulaouane highlighted strong cooperation between Saudi Arabia and France to promote AI growth, focusing on developing talent and creating an ecosystem for AI startups.

He noted that France’s 2030 plan includes €56 billion in investments aimed at enhancing tech activities, eco-friendly innovation, and decarbonization.

He explained that France’s tech sector employs about 80,000 people and has a significant impact on GDP. The collaboration in technology has become a vital part of the growing relationship between the two countries.

Boulaouane outlined several key areas of their partnership:

Tech Exchange and R&D: Both countries are sharing knowledge in innovation and advanced technologies, with events like “VivaTech” aimed at attracting French startups to Saudi Arabia.

Joint Investments: Investment agencies from both nations are funding joint projects in tech and innovation, including AI and Fourth Industrial Revolution technologies.

Education and Capacity Building: Universities are collaborating to enhance student and researcher exchanges and develop joint training programs for tech skills.

Regulations and Infrastructure: Both nations are working to improve regulatory and legal frameworks to create a more appealing business environment for tech firms and startups.

Boulaouane emphasized that this collaboration supports Saudi Arabia’s “Vision 2030” strategy for economic diversification and aligns with France’s goals to expand into Gulf markets.



Saudi Arabia Tightens Regulations on Precious Metals and Gemstone Traders to Combat Money Laundering

Maaden gold mine in Al-Ammar, Saudi Arabia (Asharq Al-Awsat)
Maaden gold mine in Al-Ammar, Saudi Arabia (Asharq Al-Awsat)
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Saudi Arabia Tightens Regulations on Precious Metals and Gemstone Traders to Combat Money Laundering

Maaden gold mine in Al-Ammar, Saudi Arabia (Asharq Al-Awsat)
Maaden gold mine in Al-Ammar, Saudi Arabia (Asharq Al-Awsat)

Saudi Arabia has imposed stricter regulations on traders of precious metals and gemstones as part of its anti-money laundering efforts. The government has instructed investors to comply with Article 7 of the Anti-Money Laundering Law, which mandates financial institutions and designated non-financial businesses to implement due diligence measures.

These measures coincide with Saudi Arabia’s push to expand its mining sector, a key component of Vision 2030. The Kingdom has increased its mineral wealth estimate to SAR9.4 trillion ($2.5 trillion) and introduced exploration incentives worth SAR682.5 million ($182 million) by the end of 2023.

The new Mining Investment Law aims to attract investment and boost mineral production. Since its enactment, the number of mining licenses has risen by 138%, according to the Ministry of Industry and Mineral Resources.

The Saudi Ministry of Commerce has directed private sector entities to apply customer due diligence measures, especially for high-risk transactions. Businesses must verify customer identity using official documents and obtain and confirm details such as full name, address, date and place of birth, and nationality for individual customers. Transactions must not be conducted without proper identity verification, and businesses are encouraged to contact the General Administration for Anti-Money Laundering for guidance.

Saudi Arabia aims to increase the mining sector’s GDP contribution to SAR176 billion ($47 billion) by 2030 while enhancing domestic mineral supply, improving the trade balance, and attracting investment. Other priorities include expanding non-oil revenue, creating jobs, developing local talent, and strengthening regulatory frameworks. These efforts align with the Kingdom’s broader goal of establishing a competitive and sustainable mining industry while ensuring compliance with international financial regulations.