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)
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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.”



Türkiye TPAO, Shell Sign Deal to Carry out Exploration Work offshore Bulgaria

A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. (Reuters)
A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. (Reuters)
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Türkiye TPAO, Shell Sign Deal to Carry out Exploration Work offshore Bulgaria

A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. (Reuters)
A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. (Reuters)

Türkiye Petrolleri (TPAO) has signed a partnership agreement with Shell to carry out exploration work in Bulgaria's maritime zone, the Turkish energy ministry and British oil major said on Wednesday.

European Union member Bulgaria, which had been totally dependent on Russian gas until 2022, has been seeking to diversify its gas supplies and find cheaper sources, Reuters reported.

TPAO and Shell will jointly explore the Khan Tervel block, located near Türkiye's Sakarya gas field, and will hold a five-year licence in Bulgaria's exclusive economic zone, Minister Alparslan Bayraktar said.

Shell will continue as operator of the block, while TPAO will take a 33% interest in the licence, a Shell spokesperson said.

Since the start of this year, TPAO has signed energy cooperation agreements with ExxonMobil, Chevron and BP for possible exploration work in the Black Sea and the Mediterranean.

In April, Shell signed a contract with Bulgaria's government to allow the oil major to explore 4,000 square metres in the block.


Saudia Signs Strategic Partnership Agreement with Six Flags and Aquarabia Qiddiya City

udia will develop special travel packages designed to enable visitors to experience world-class attractions - SPA
udia will develop special travel packages designed to enable visitors to experience world-class attractions - SPA
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Saudia Signs Strategic Partnership Agreement with Six Flags and Aquarabia Qiddiya City

udia will develop special travel packages designed to enable visitors to experience world-class attractions - SPA
udia will develop special travel packages designed to enable visitors to experience world-class attractions - SPA

Saudia Airlines has signed a five-year strategic partnership with Six Flags and Aquarabia Qiddiya City, becoming the official premier partner exclusively in the airline category.

As part of the partnership, Saudia will develop special travel packages designed to enable visitors to experience world-class attractions. The collaboration also brings the spirit of Six Flags and Aquarabia Qiddiya City to the skies through special aircraft branding across Saudia’s fleet, SPA reported. 

Chief Marketing Officer of Saudia Group Khaled Tash said in a press release: "Saudia is committed to supporting national development projects as part of its contribution to Vision 2030, aligned with our strategy to bring the world to the Kingdom. Partnerships of this scale with national partners play a key role in positioning Saudi Arabia as a leading global destination for entertainment and tourism."

Park President of Six Flags and Aquarabia Qiddiya City Brian Machamer added: "Our partnership with Saudia not only reflects a shared ambition to connect the Kingdom to the world through world-class entertainment experiences, but strengthens our ability to attract visitors from around the world and realize our vision of setting a new global benchmark for immersive, world-class theme park entertainment and reinforcing Saudi Arabia’s growing presence on the global tourism stage."

Six Flags Qiddiya City sets a new benchmark for exceptional entertainment regionally and globally. Spanning six iconic themed lands, the theme park takes visitors on an immersive journey across 28 rides and attractions designed to world-class standards. Beyond the scale and diversity of its offerings, Six Flags Qiddiya City stands out for pushing the boundaries of engineering and entertainment, featuring five exclusive, record-breaking rides that have redefined global benchmarks. Leading these innovations is Falcons Flight, the roller coaster that has captured global attention as the fastest, tallest, and longest in the world.

Aquarabia Qiddiya City delivers a distinctive aquatic entertainment experience, offering 22 rides and water attractions, along with a man-made river designed for both relaxation and family-friendly water fun. For guests seeking privacy and elevated comfort, Aquarabia features 91 luxury cabanas, positioning the destination as a fully integrated leisure offering that redefines water-based entertainment to the highest international standards.

Located in the Tuwaiq Mountains near Riyadh, Qiddiya City is an emerging destination bringing together entertainment, sports, and culture. Six Flags and Aquarabia Qiddiya City form part of its entertainment offering.


Moody’s Establishes Regional HQ in Riyadh, Deepening Presence in Region

(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)
(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)
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Moody’s Establishes Regional HQ in Riyadh, Deepening Presence in Region

(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)
(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)

Moody’s Corporation announced that it has established its regional headquarters in Riyadh, reflecting ongoing commitment to support the development of the Kingdom’s capital markets and economy.

“This investment aligns to the Kingdom's Vision 2030 initiative and underscores its dynamism and growth,” Moody’s said in a statement this week.

The new regional headquarters marks an expansion of Moody’s presence in Saudi Arabia, where the company first opened an office in 2018, and reflects its longstanding commitment to the Middle East.

“The headquarters will strengthen Moody’s engagement with Saudi institutions and enable broader access to Moody’s decision grade data, analytics and insights,” said the statement.

“Our decision to establish a regional headquarters in Riyadh reflects our confidence in Saudi Arabia’s strong economic momentum, as well as our commitment to helping domestic and international investors unlock opportunities with our expertise and insights,” said President and Chief Executive Officer of Moody’s Rob Fauber.

“We are well positioned to provide the analytical capabilities and market intelligence that investors and institutions need to navigate evolving markets across the Middle East,” the statement quoted him as saying.

Mahmoud Totonji will lead the regional headquarters as General Manager.