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SCAI CEO to Asharq Al-Awsat: AI Boosts Saudi Arabia’s Economic Future

AI is expected to contribute to 12 percent of Saudi Arabia GDP by 2030. (SPA)
AI is expected to contribute to 12 percent of Saudi Arabia GDP by 2030. (SPA)
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SCAI CEO to Asharq Al-Awsat: AI Boosts Saudi Arabia’s Economic Future

AI is expected to contribute to 12 percent of Saudi Arabia GDP by 2030. (SPA)
AI is expected to contribute to 12 percent of Saudi Arabia GDP by 2030. (SPA)

The Saudi Company for Artificial Intelligence (SCAI), wholly owned by the Saudi Public Investment Fund (PIF), is leading efforts to build a world class technological system, paving the way for achieving economic grown driven by artificial intelligence (AI).

Indications show that the sector’s contributions to the Saudi GDP will grow, SCAI CEO George Nazi told Asharq Al-Awsat.

SCAI was established in 2021 as PIF’s arm in the AI and emerging technologies sector. It aims to support PIF’s strategy and national priorities in innovating within the technology sector and positioning Saudi Arabia as a globally competitive hub for advanced technologies.

Nazi stressed that the Saudi economy is witnessing strategic preparations to stay abreast the AI revolution. The preparations are being backed by several parties, led by SCAI, whose investments help in developing technological talents and support AI initiatives in small and medium enterprises.

AI is expected to contribute to 12 percent of Saudi Arabia GDP by 2030 and the AI sector is set to grow at an annual rate of 29 percent, revealed a report by the Saudi Authority for Data and Artificial Intelligence.

Saudi Arabia has achieved global positions in international AI indices. It ranked 14th globally out of 83 countries and the first in the Arab world in the Global AI Index.

Saudi Company for Artificial Intelligence (SCAI) CEO George Nazi. (Asharq Al-Awsat)

In terms of developing digital infrastructure, Nazi said SCAI is helping in finding solid foundations for the growth and prosperity of AI, which would shed light of Saudi Arabia’s readiness for this technological transformation.

Moreover, SCAI supports the Kingdom’s Vision 2030 in dedicating AI capabilities in diversifying and boosting the economy in vital sectors, such as healthcare, energy and education. It is also working on consolidating the AI culture in society.

SCAI is playing a pivotal role in bolstering strategic partnerships with major global technology companies to create an environment that supports innovation in the Kingdom and therefore bolsters its global position as a leading force in the field, added Nazi.

Nazi also highlighted SCAI’s collaboration with the King Abdullah Financial District (KAFD) project that aims to set solutions for smart cities through advanced projects in transportation management.

The partnership is achieving transformative results and developing the smart traffic system that uses AI to smooth and ease traffic, he explained.

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Chip Powerhouse Taiwan Calls for Economic Partnership Deal with EU

Taiwan President Lai Ching-te speaks at the annual Taiwan-EU investment forum in Taipei, Taiwan November 18, 2024. (Reuters)
Taiwan President Lai Ching-te speaks at the annual Taiwan-EU investment forum in Taipei, Taiwan November 18, 2024. (Reuters)
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Chip Powerhouse Taiwan Calls for Economic Partnership Deal with EU

Taiwan President Lai Ching-te speaks at the annual Taiwan-EU investment forum in Taipei, Taiwan November 18, 2024. (Reuters)
Taiwan President Lai Ching-te speaks at the annual Taiwan-EU investment forum in Taipei, Taiwan November 18, 2024. (Reuters)

Taiwan President Lai Ching-te called on Monday for the signing of an economic partnership agreement with the European Union, saying it would boost cooperation in semiconductors and that as democracies the two sides should be working together.

Taiwan has pushed for the signing of investment and trade deals with the EU, in what would be politically significant for Taiwan given its diplomatic isolation and general exclusion from most global bodies and agreements.

For its part, the EU has been courting Taiwan as a "like-minded" partner under the European Chips Act to encourage more semiconductor production in Europe and lessen dependence on Asia, despite the lack of formal ties with the Chinese-claimed island.

Speaking at a Taiwan-EU investment forum in Taipei, Lai said that facing the threat of expanding authoritarianism, Taiwan and the EU must form a "strong democratic umbrella" and build secure supply chains for global democracies.

"Looking to the future, Taiwan hopes to take an innovative approach towards the signing of an economic partnership agreement with the EU," he said.

Such an agreement would set a sound institutional basis for further cooperation in fields such as semiconductors and AI, Lai added.

"This would not only make both our economies more resilient and secure, but also ensure the stable operation of global supply chains."

Taiwanese investment in EU has been anchored by Taiwan Semiconductor Manufacturing Co (TSMC), which in August launched a major new chip plant in Dresden, Germany, expected to be a key supplier to European industry and automakers.

Maria Martin-Prat, deputy head of the European Commission's directorate general for trade, made no mention of signing such a deal with Taiwan in a video message to the investment event, though she did praise bilateral relations.

"Taiwan, a vibrant democracy with an open economy, is a trusted partner for us to promote our economic security," she said.

Taiwan has few free trade agreements, though last year it signed an Enhanced Trade Partnership with Britain and has applied to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, or CPTPP.