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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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A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
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Gold Rebounds to End 6-Session Losing Streak as Dollar Rally Pauses

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk

Gold prices rebounded on Monday, having posted losses in the previous six sessions, with gains driven by a pause in the dollar's rally, while investors await comments from the Federal Reserve officials for clarity on the interest rate trajectory.
Spot gold rose 1% to $2,587.83 per ounce by 0917 GMT, moving away from a two-month low hit on Thursday. US gold futures were up 0.9% at $2,592.20.
Gold prices last week saw their biggest weekly decline in over three years as expectations of less-aggressive interest rate cuts by the Fed boosted the dollar.
However, the dollar was holding flat below Thursday's one-year high after rising 1.6% last week. A softer dollar makes bullion less expensive for buyers holding other currencies, Reuters said.
"We can look to the dollar for a significant part of the current gold price corrections ... I'm not saying you've found a solid physical floor yet, but clearly, some opportunistic buying is coming in to support the market as well," independent analyst Ross Norman said.
"As the year ends, we will see volatility in gold prices and there'll be some books clearing and profit-taking, regardless of what the Fed does in December."
Recent US economic data has reduced expectations for a December rate cut by the Fed. At least seven US central bank officials are due to speak this week.
Higher interest rates make holding gold, which doesn't pay any interest, less attractive.
"President Trump's inauguration is likely to see an ongoing strengthening of the USD (US dollar), which is negative for gold in the short to medium term. However, as his stated policies are likely to be significantly inflationary in the long term, this will benefit gold," said Michael Langford, chief investment officer at Scorpion Minerals.
Spot silver rose 1.4% to $30.63 per ounce, platinum added 1.4% at $951.59 and palladium climbed 1.8% to $967.62.