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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)
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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.

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US Economy Grows at 3.1% Pace in 3rd Quarter, an Upgrade from Previous Estimate

FILE PHOTO: A sailboat passes by the Statue of Liberty in New York Harbor, in New York City, US, September 20, 2024. REUTERS/Brendan McDermid/File Photo
FILE PHOTO: A sailboat passes by the Statue of Liberty in New York Harbor, in New York City, US, September 20, 2024. REUTERS/Brendan McDermid/File Photo
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US Economy Grows at 3.1% Pace in 3rd Quarter, an Upgrade from Previous Estimate

FILE PHOTO: A sailboat passes by the Statue of Liberty in New York Harbor, in New York City, US, September 20, 2024. REUTERS/Brendan McDermid/File Photo
FILE PHOTO: A sailboat passes by the Statue of Liberty in New York Harbor, in New York City, US, September 20, 2024. REUTERS/Brendan McDermid/File Photo

The American economy grew at a healthy 3.1% annual clip from July through September, propelled by vigorous consumer spending and an uptick in exports, the government said in an upgrade to its previous estimate.
Third-quarter growth in US gross domestic product — the economy's output of goods and services — accelerated from the April-July rate of 3% and continued to look sturdy despite high interest rates, the Commerce Department said Thursday. GDP growth has now topped 2% in eight of the last nine quarters.
Consumer spending, which accounts for about two-thirds of US economic activity, expanded at a 3.7% pace, fastest since the first quarter of 2023 and an uptick from Commerce’s previous third-quarter estimate of 3.5%, The Associated Press reported.
Exports climbed 9.6%. Business investment grew a lackluster 0.8%, but investment in equipment expanded 10.8%. Spending and investment by the federal government jumped 8.9%, including a 13.9% surge in defense spending.
American voters were unimpressed by the steady growth under Democratic President Joe Biden. Exasperated by prices that remain 20% higher than they were when an inflationary surge began in early 2021, they chose last month to send Donald Trump back to the White House with Republican majorities in the House and Senate.
Trump will inherit an economy that looks healthy overall. The unemployment rate remains low at 4.2% even though it is up from the 53-year low 3.4% reached in April 2023. Inflation hit a four-decade high 9.1% in mid-2002. Eleven interest rate hikes by the Federal Reserve in 2022 and 2023 helped bring it down — to 2.7% last month. That is above the Fed's 2% target. But the central bank still felt comfortable enough with the progress against inflation to cut its benchmark rate Wednesday for the third time this year.
Within the GDP data, a category that measures the economy’s underlying strength rose at a solid 3.4% annual rate from July through September, an upgrade from the previous estimate and up from 2.7% in the April-June quarter. This category includes consumer spending and private investment but excludes volatile items like exports, inventories and government spending.
Wednesday’s report also contained some encouraging news on inflation. The Federal Reserve’s favored inflation gauge — called the personal consumption expenditures index, or PCE — rose at just a 1.5% annual pace last quarter, down from 2.5% in the second quarter. Excluding volatile food and energy prices, so-called core PCE inflation was 2.2%, up modestly from the previous estimate but down from 2.8% in the April-June quarter.
Thursday's report was the Commerce Department's third and final look at third-quarter GDP. It will publish its initial estimate of October-December growth on Jan. 30.