Abu Dhabi Financial Group, SHUAA Capital Merger Completedhttps://english.aawsat.com/home/article/1844221/abu-dhabi-financial-group-shuaa-capital-merger-completed
Abu Dhabi Financial Group, SHUAA Capital Merger Completed
SHUAA Capital logo
SHUAA Capital has announced the completion of the merger with Abu Dhabi Financial Group and the raising of its Authorized Capital from AED1.065 billion (289 million dollars) to AED2.535 billion (690.3 million dollars) following final regulatory approvals on the transaction with ADFG, Emirates News Agency reported on Sunday.
This comes following the admission of 1,470 billion new shares on the Dubai Financial Market in favor of ADFG’s parent company and strategic investor in SHUAA, Abu Dhabi Capital Management LLC, it said.
As a demonstration of the strategic investor’s commitment to the transaction, the new SHUAA shares will be subject to a 12-month lock-up period from the date of admission, the agency added.
SCAI CEO to Asharq Al-Awsat: AI Boosts Saudi Arabia’s Economic Futurehttps://english.aawsat.com/business/5082731-scai-ceo-asharq-al-awsat-ai-boosts-saudi-arabia%E2%80%99s-economic-future
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)
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.
