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.



Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
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Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold prices rose over 1% to hit a two-week peak on Friday, heading for the best weekly performance in more than a year, buoyed by safe-haven demand as Russia-Ukraine tensions intensified.

Spot gold jumped 1.3% to $2,703.05 per ounce as of 1245 GMT, hitting its highest since Nov. 8. US gold futures gained 1.1% to $2,705.30.

Bullion rose despite the US dollar hitting a 13-month high, while bitcoin hit a record peak and neared the $100,000 level.

"With both gold and USD (US dollar) rising, it seems that safe-haven demand is lifting both assets," said UBS analyst Giovanni Staunovo.

Ukraine's military said its drones struck four oil refineries, radar stations and other military installations in Russia, Reuters reported.

Gold has gained over 5% so far this week, its best weekly performance since October 2023. Prices have gained around $173 after slipping to a two-month low last week.

"We understand that the price setback has been used by 'Western world' investors under-allocated to gold to build exposure considering the geopolitical risks that are still around. So we continue to expect gold to rise further over the coming months," Staunovo said.

Bullion tends to shine during geopolitical tensions, economic risks, and a low interest rate environment. Markets are pricing in a 59.4% chance of a 25-basis-points cut at the Fed's December meeting, per the CME Fedwatch tool.

However, "if Fed skips or pauses its rate cut in December, that will be negative for gold prices and we could see some pullback," said Soni Kumari, a commodity strategist at ANZ.

The Chicago Federal Reserve president reiterated his support for further US interest rate cuts on Thursday.

On Friday, spot silver rose 1.8% to $31.34 per ounce, platinum eased 0.1% to $960.13 and palladium fell 0.6% to $1,023.55. All three metals were on track for a weekly rise.