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.



Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
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Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters

The credit rating agency “Moody’s Ratings” upgraded Saudi Arabia’s credit rating to “Aa3” in local and foreign currency, with a “stable” outlook.
The agency indicated in its report that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification and the robust growth of its non-oil sector. Over time, the advancements are expected to reduce Saudi Arabia’s exposure to oil market developments and long-term carbon transition on its economy and public finances.
The agency commended the Kingdom's financial planning within the fiscal space, emphasizing its commitment to prioritizing expenditure and enhancing the spending efficiency. Additionally, the government’s ongoing efforts to utilize available fiscal resources to diversify the economic base through transformative spending were highlighted as instrumental in supporting the sustainable development of the Kingdom's non-oil economy and maintaining a strong fiscal position.
In its report, the agency noted that the planning and commitment underpin its projection of a relatively stable fiscal deficit, which could range between 2%-3% of gross domestic product (GDP).
Moody's expected that the non-oil private-sector GDP of Saudi Arabia will expand by 4-5% in the coming years, positioning it among the highest in the Gulf Cooperation Council (GCC) region, an indication of continued progress in the diversification efforts reducing the Kingdom’s exposure to oil market developments.
In recent years, the Kingdom achieved multiple credit rating upgrades from global rating agencies. These advancements reflect the Kingdom's ongoing efforts toward economic transformation, supported by structural reforms and the adoption of fiscal policies that promote financial sustainability, enhance financial planning efficiency, and reinforce the Kingdom's strong and resilient fiscal position.