FII: Artificial Intelligence Represents Future of Global Economy

Saudi Finance Minister Mohammed Al-Jadaan speaks at one of the sessions of the second day of the conference. (SPA)
Saudi Finance Minister Mohammed Al-Jadaan speaks at one of the sessions of the second day of the conference. (SPA)
TT

FII: Artificial Intelligence Represents Future of Global Economy

Saudi Finance Minister Mohammed Al-Jadaan speaks at one of the sessions of the second day of the conference. (SPA)
Saudi Finance Minister Mohammed Al-Jadaan speaks at one of the sessions of the second day of the conference. (SPA)

Economic policymakers and decision-makers have identified key points for leveraging artificial intelligence to shape the future of investment and drive global economic growth.

These insights were discussed on Wednesday in dialogue sessions at the eighth annual Future Investment Initiative conference held in Riyadh. Sessions on the second day, attended by over 7,000 participants and 600 international speakers, also emphasized building bridges of understanding, uniting global communities to tackle challenges, and underscored the importance of a collaborative approach.

Saudi Finance Minister Mohammed Al-Jadaan announced that the Kingdom is one of the world’s most attractive regions for investors seeking to achieve their investment goals.

The minister stated that Saudi Arabia is deepening its commitment to Vision 2030 for economic transformation, revealing that the non-oil sector now represents 52% of the Kingdom’s economy, a result attributed to the vision’s objectives.

Speaking during an opening session on the second day of the Future Investment Initiative conference, Al-Jadaan expressed satisfaction with the progress made so far, underscoring that Saudi Arabia ranks among the most capable countries globally in meeting investor needs.

Al-Jadaan explained that the National Center for Performance Measurement, an independent government authority that monitors government performance, reported a few months ago that around 87% of the vision’s targets have either been achieved or are on track.

“We are focusing on the remaining 13% to bring them in line by prioritizing them accordingly,” he added.

He acknowledged that the Kingdom faces challenges in achieving Vision 2030 targets, particularly in human resources and execution capacity, and stated: “We aim to ensure we are unlocking further potential without overburdening the economy.”

Saudi Arabia is currently targeting a 40% female participation rate in the workforce by 2030, having already surpassed the original 30% target. Al-Jadaan highlighted that 45% of small and medium-sized enterprises are led by women.

He also noted that the country is working to align its economic plans with a private sector capable of complementing government efforts.

In one of the discussion sessions, Ashraf Al-Ghazawi, Saudi Aramco’s Executive Vice President, stated that the company produces the world’s lowest carbon-intensity oil. He noted that Aramco operates 17 cogeneration plants, contributing to a reduction of approximately 7 million tons of carbon emissions.

Additionally, Abdulrahman Al-Faqeeh, CEO of the Saudi Basic Industries Corporation (SABIC), revealed that the company successfully cut carbon emissions at its facilities by 12.5 percent by the end of last year compared to 2010.

Robert Wilt, CEO of the Saudi Arabian Mining Company (Ma’aden), highlighted the company’s accelerated efforts to shorten the copper extraction process.

He added: “We have made progress in reducing waste, water consumption, and carbon emissions.”



Airbus Says Middle East Regional Aircraft to More Than Double by 2044

Airbus logo is seen in this illustration taken, March 10, 2025. REUTERS/Dado Ruvic/Illustration
Airbus logo is seen in this illustration taken, March 10, 2025. REUTERS/Dado Ruvic/Illustration
TT

Airbus Says Middle East Regional Aircraft to More Than Double by 2044

Airbus logo is seen in this illustration taken, March 10, 2025. REUTERS/Dado Ruvic/Illustration
Airbus logo is seen in this illustration taken, March 10, 2025. REUTERS/Dado Ruvic/Illustration

Airbus expects the Middle East's regional aircraft fleet to more than double to 3,700 planes by 2044, an official said on Sunday.

The European planemaker expects passenger traffic in the Middle East to grow at a compound annual rate of 4.4% over the next two decades, Airbus Head of Marketing in Africa and the Middle East Grainne van den Berg told a press conference.

Airbus also expects the services market in the region to double to $29.9 billion by the end of 2044, van den Berg added, Reuters reported.

The forecast came ahead of the Dubai Airshow, the largest Middle East aviation event taking place on November 17-21.

Airbus, which is among the planemakers taking part as it vies for orders with its main competitor Boeing, predicts widebody aircraft will make up 42% of total demand in the region by 2044, representing the highest share globally.

"The Middle East is transforming global aviation, and the forecast fleet expansion is truly significant, particularly when it comes to widebodies," said Airbus President in Africa and Middle East Gabriel Semelas.

"This region is becoming the long-haul hub now and into the future," Semelas added.


Gulf Leadership in Artificial Intelligence Spurs Lebanon’s Private Sector

Lebanon ranks 82nd globally in the 2024 Government AI Readiness Index (Lebanon AI Conference)
Lebanon ranks 82nd globally in the 2024 Government AI Readiness Index (Lebanon AI Conference)
TT

Gulf Leadership in Artificial Intelligence Spurs Lebanon’s Private Sector

Lebanon ranks 82nd globally in the 2024 Government AI Readiness Index (Lebanon AI Conference)
Lebanon ranks 82nd globally in the 2024 Government AI Readiness Index (Lebanon AI Conference)

Lebanon is joining the global artificial-intelligence wave, albeit with limited resources and mostly private initiatives, at a time when Gulf states are leading the region in deploying AI to boost national economies.

Expectations point to long-term, exceptional growth in this promising sector, which is attracting sizable investments aimed at modernizing societies and enhancing performance across both productive sectors and public services.

In remarks to Asharq Al-Awsat, AI specialist Hilda Maalouf noted that Gulf governments and private industries are moving in tandem to integrate AI across their systems.

She highlighted the region’s strong readiness, supported by major government-backed investments in advanced technologies and fast-expanding data-center infrastructure, particularly in Saudi Arabia and the UAE.

Lebanon, by contrast, faces deep structural hurdles, especially in the public sector. Still, Maalouf, an Oxford-certified AI expert, told Asharq Al-Awsat that the country retains a dynamic private sector and high-caliber talent striving to stay competitive in IT and AI, despite crippling power outages and a weak internet network that has stalled the rollout of 5G.

According to Omar Hallak, partner and head of the public-sector practice at global data and AI consultancy Artefact, the Gulf’s ambitious national strategies have put it far ahead of other regional countries.

Readiness rankings confirm this: the UAE ranks 13th globally in the 2024 Government AI Readiness Index, followed by Saudi Arabia (22nd) and Qatar (32nd). Lebanon stands at 82nd worldwide.

These disparities, Hallak explained, reflect the widening gap between Gulf economies -now reaping the rewards of sustained tech investment - and countries like Lebanon, whose digital infrastructure and economic crises continue to hinder progress. Despite strong local talent and emerging startups, Lebanon’s AI transition remains slow due to limited government support and weak investment.

Gulf states have forged strategic partnerships with global tech giants such as Microsoft and OpenAI, attracting major cloud-computing providers to build advanced infrastructure.

Their remaining challenge is a shortage in national technical skills, where Lebanon, ironically, excels. Yet Lebanon continues to lose talent to migration while lacking the infrastructure to retain it.

Most Gulf strategies now focus on attracting global experts in data science and AI, in addition to training local citizens. Saudi Arabia aims to train 20,000 specialists by 2030, while leading universities, including King Saud University and the Mohamed bin Zayed University of Artificial Intelligence, are expanding AI programs.

Economically, AI is expected to add $260 billion to Gulf economies by 2030, with Saudi Arabia alone projected to gain $135 billion (12.4% of GDP) and the UAE about $96 billion (13.6%). The World Economic Forum reports that Gulf economic prospects already outpace global averages, driven by technological transformation.

According to analysts, AI adoption will enhance productivity, reduce bureaucracy and corruption, and stimulate public–private partnerships. Gulf states are particularly well-positioned in finance, energy, health care, and education. In Lebanon, AI’s most promising impact lies in service-based sectors such as tourism, transport, finance, education, and health.

Hallak added that sectors rich in data, including public services, finance, energy, manufacturing, and telecommunications, will be the primary drivers of AI adoption across the region, especially in economies where energy and natural resources remain central to growth.


Hyundai Motor Announces $86 Bln Investment in South Korea after US Trade Deal

FILED - 10 January 2017, US, Detroit: A Hyundai logo is seen at the North American International Auto Show (NAIAS) in Detroit, Michigan. Photo: Uli Deck/dpa
FILED - 10 January 2017, US, Detroit: A Hyundai logo is seen at the North American International Auto Show (NAIAS) in Detroit, Michigan. Photo: Uli Deck/dpa
TT

Hyundai Motor Announces $86 Bln Investment in South Korea after US Trade Deal

FILED - 10 January 2017, US, Detroit: A Hyundai logo is seen at the North American International Auto Show (NAIAS) in Detroit, Michigan. Photo: Uli Deck/dpa
FILED - 10 January 2017, US, Detroit: A Hyundai logo is seen at the North American International Auto Show (NAIAS) in Detroit, Michigan. Photo: Uli Deck/dpa

Hyundai Motor Group will invest 125.2 trillion won ($86.47 billion) in South Korea from 2026 to 2030, the automaker said on Sunday after Seoul finalized a trade deal reducing US tariffs on South Korean autos to 15% from 25%.

That compares with investments by Hyundai Motor and its group affiliate Kia Corp of 89.1 trillion won from 2021 to 2025, according to the group.

South Korean President Lee Jae Myung met with Hyundai Motor Group Chairman Euisun Chung and other business leaders on Sunday, two days after details were released on the trade deal, which includes South Korea's promise to invest $350 billion in US strategic sectors.

"We are well aware of concerns about exports declining and domestic production shrinking due to US tariffs of 15%," Chung said after the meeting, Reuters reported.

"We will diversify export markets, increase exports from domestic factories and more than double auto exports through new electric-vehicle factories by 2030," Chung said, adding that the group will also provide support to auto parts makers hit by President Donald Trump's tariffs.

Of Hyundai's domestic investments, 50.5 trillion won ($35 billion) will be in AI and other future business opportunities, 48.4 trillion won in research and development, and 36.2 trillion won on optimizing production facilities and building a skyscraper, the group said.