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 Oil Giant Aramco Posts Third-Quarter Profits of $27.5 Billion

The Saudi Aramco logo is pictured at Hyvolution exhibition in Paris, France, February 1, 2024. (Reuters)
The Saudi Aramco logo is pictured at Hyvolution exhibition in Paris, France, February 1, 2024. (Reuters)
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Saudi Oil Giant Aramco Posts Third-Quarter Profits of $27.5 Billion

The Saudi Aramco logo is pictured at Hyvolution exhibition in Paris, France, February 1, 2024. (Reuters)
The Saudi Aramco logo is pictured at Hyvolution exhibition in Paris, France, February 1, 2024. (Reuters)

Saudi Arabian oil giant Aramco reported third-quarter profits of $27.5 billion on Tuesday, down about 15% from last year as low oil prices ate into its revenues.

Aramco had revenues of $111.1 billion over the quarter, the company said in a filing on Riyadh's Tadawul stock exchange. It had $113 billion in revenues the same quarter last year.

Profits for the third quarter last year were $32.5 billion.

The profit decrease “was mainly due to the impact of lower crude oil prices and weakening refining margins,” Aramco said.

Profit for the first nine months of 2024 was $83.9 billion, down from $94.5 billion the year before.

Oil prices have been depressed over recent days as tensions in the Middle East appear to have receded slightly and as China's economy has slowed. Benchmark Brent crude traded Tuesday at around $75 a barrel.

Aramco will pay dividends of $20.28 billion for the third quarter and a performance-linked dividend of $10.77 billion, the company said. It has said it hopes its overall dividend for the year will be over $124 billion.