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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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Oil Nudges Up after Russia-Ukraine Tensions Escalate

A person walks past a working oil well in a residential neighbourhood in Signal Hill, California, US, November, 14, 2024. REUTERS/Mike Blake
A person walks past a working oil well in a residential neighbourhood in Signal Hill, California, US, November, 14, 2024. REUTERS/Mike Blake
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Oil Nudges Up after Russia-Ukraine Tensions Escalate

A person walks past a working oil well in a residential neighbourhood in Signal Hill, California, US, November, 14, 2024. REUTERS/Mike Blake
A person walks past a working oil well in a residential neighbourhood in Signal Hill, California, US, November, 14, 2024. REUTERS/Mike Blake

Oil prices edged up on Monday after fighting between Russia and Ukraine intensified over the weekend, although concerns about fuel demand in China, the world's second-largest consumer, and forecasts of a global oil surplus weighed on markets.
Brent crude futures gained 29 cents, or 0.4%, to $71.33 a barrel by 0502 GMT, while US West Texas Intermediate crude futures were at $67.20 a barrel, up 18 cents, or 0.3%.
Russia unleashed its largest air strike on Ukraine in almost three months on Sunday, causing severe damage to Ukraine's power system, reported Reuters.
In a significant reversal of Washington's policy in the Ukraine-Russia conflict, President Joe Biden's administration has allowed Ukraine to use the US-made weapons to strike deep into Russia, two US officials and a source familiar with the decision said on Sunday.
There was no immediate response from the Kremlin, which has warned that it would see a move to loosen the limits on Ukraine's use of US weapons as a major escalation.
"Biden allowing Ukraine to strike Russian forces around Kursk with long-range missiles might see a geopolitical bid come back into oil as it is an escalation of tensions there, in response to North Korean troops entering the fray," IG markets analyst Tony Sycamore said.
Saul Kavonic, an energy analyst at MST Marquee, said: "So far there has been little impact on Russian oil exports, but if Ukraine were to target more oil infrastructure that could see oil markets elevate further."
In Russia, at least three refineries have had to halt processing or cut runs due to heavy losses amid export curbs, rising crude prices and high borrowing costs, according to five industry sources.
Brent and WTI slid more than 3% last week on weak data from China and after the International Energy Agency forecasted that global oil supply will exceed demand by more than 1 million barrels per day in 2025 even if cuts remain in place from OPEC+.
China's refinery throughput fell 4.6% in October from last year and as the country's factory output growth slowed last month, government data showed on Friday.
Investors also fretted over the pace and extent of interest rate cuts by the US Federal Reserve that has created uncertainty in global financial markets.
In the US, the number of operating oil rigs fell by one to 478 last week, the lowest since the week to July 19, Baker Hughes data showed.