Riyadh Hosts Largest Global AI Summit

The Saudi Data and Artificial Intelligence Authority (SDAIA) will organize the Global AI Summit under the theme: AI for the Good of Humanity, from October 21-22. (Photo: AFP)
The Saudi Data and Artificial Intelligence Authority (SDAIA) will organize the Global AI Summit under the theme: AI for the Good of Humanity, from October 21-22. (Photo: AFP)
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Riyadh Hosts Largest Global AI Summit

The Saudi Data and Artificial Intelligence Authority (SDAIA) will organize the Global AI Summit under the theme: AI for the Good of Humanity, from October 21-22. (Photo: AFP)
The Saudi Data and Artificial Intelligence Authority (SDAIA) will organize the Global AI Summit under the theme: AI for the Good of Humanity, from October 21-22. (Photo: AFP)

Saudi Arabia is preparing to launch its National Data and Industrial Intelligence Strategy, which was recently approved by the Custodian of the Two Holy Mosques, in line with the Kingdom’s aspiration for global leadership through data-based economy and industrial intelligence.

This comes as Riyadh hosts on Oct. 21-22 the Global Summit on Artificial Intelligence, which is organized by the Saudi Data and Artificial Intelligence Authority (SDAIA), under the title, “AI for the Good of Humanity”, under the auspices of Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Deputy Prime Minister.

The global summit will be attended by an elite of AI experts, including high-level government officials, CEOs, investors, innovators, and many thought leaders and entrepreneurs.

Among the participants will be many distinguished speakers and global experts from different countries, who will cover a range of topics divided into four sectors: Shaping the New Normal, AI and Governments, Governing AI and The Future of AI.

During the summit, officials will announce the launch of a national strategy for data and AI in Saudi Arabia, an initiative that was recently adopted by King Salman and forms part of the Kingdom’s plans for global leadership through a data-driven economy and AI.

Dr. Abdullah Sharaf Al-Ghamdi, Chairman of the Data and Industrial Intelligence Authority, said that the summit would be held as an accompanying event to Saudi Arabia’s presidency of the G20 summit.

He stressed that the Kingdom has made a great leap in the field of AI and was the first country to create a platform that collects data and AI under one umbrella.

For his part, Dr. Esam Al-Wagait, the director of the National Information Center, said that Saudi Arabia was witnessing remarkable progress in data and industrial intelligence. He noted that the country has seen its ranking advance in a number of relevant global indicators, jumping 40 ranks in the governments’ readiness for AI - an indicator issued by the Oxford Insight – to reach the 38th position.

The summit will shed light on the role of the Data and Industrial Intelligence Authority in the strategic leadership of the alternative economy, in cooperation with many relevant authorities, to contribute to achieving the goals of Vision 2030.



Oil Prices Slip as Russia Sanctions Stay in Focus

FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford//File Photo
FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford//File Photo
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Oil Prices Slip as Russia Sanctions Stay in Focus

FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford//File Photo
FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford//File Photo

Oil prices slipped on Tuesday from the previous day's four-month highs but the market remained supported by continuing focus on the impact of new US sanctions on Russian oil exports to key buyers India and China.

Brent futures were down 58 cents, or 0.72%, to $80.43 a barrel by 1421 GMT, while US West Texas Intermediate (WTI) crude fell 62 cents, or 0.79% to $78.20 a barrel, Reuters reported.

Prices jumped 2% on Monday after the US Treasury Department on Friday imposed sanctions on Gazprom Neft and Surgutneftegas as well as 183 vessels that transport oil as part of Russia's so-called shadow fleet of tankers.

"With several nations seeking alternative fuel supplies in order to adapt to the sanctions, there may be more advances in store, even if prices correct a bit lower should tomorrow's US CPI data come in somewhat hotter-than-expected", said Charalampos Pissouros, senior investment analyst at brokerage XM.

While analysts were still expecting a significant price impact on Russian oil supplies from the fresh sanctions, their effect on the physical market could be less pronounced than what the affected volumes might suggest.

ING analysts estimated the new sanctions had the potential to erase the entire 700,000 barrel-per-day surplus they had forecast for this year, but said the real impact could be lower.

"The actual reduction in flows will likely be less, as Russia and buyers find ways around these sanctions," they said in a note.

Nevertheless, analysts expect less of a supply overhang in the market as a result.

"We anticipate that the latest round of sanctions are more likely to move the market closer to balance this year, with less pressure on demand growth to achieve this," said Panmure Liberum analyst Ashley Kelty.

Uncertainty about demand from major buyer China could blunt the impact of the tighter supply. China's crude oil imports fell in 2024 for the first time in two decades outside of the COVID-19 pandemic, official data showed on Monday.