The Saudi British Bank (SABB) announced that it had completed its merger with Alawwal Bank to join all products and services provided to customers.
Through the integration, SABB will support economic growth across different fields in Saudi Arabia by financing the biggest infrastructure projects.
Both banks were legally merged in June 2019 to form the first integration in terms of scale and complexity in Saudi Arabia.
The Chairman of SABB, Lubna Olayan, said: "As a stronger, more diverse and now fully integrated bank, we are even better positioned to be the bank of choice for a wide range of innovative banking and finance services and to support the exciting transformation of the Kingdom and our economy."
For his part, SABB's Managing Director, David Dew, said: "Our increased balance sheet and capital means we can better support our customers and deliver greater shareholder value."
SABB will also strengthen its partnership with HSBC to enable its customers to have access to the international banking network and introduce new standards in digital services to Saudi Arabia.
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.
