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SDAIA Calls on Local, Foreign Contractors to Participate in AI Oases

Closing ceremony of Future Projects Forum 2021 (FPF) (Asharq Al-Awsat)
Closing ceremony of Future Projects Forum 2021 (FPF) (Asharq Al-Awsat)
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SDAIA Calls on Local, Foreign Contractors to Participate in AI Oases

Closing ceremony of Future Projects Forum 2021 (FPF) (Asharq Al-Awsat)
Closing ceremony of Future Projects Forum 2021 (FPF) (Asharq Al-Awsat)

The Saudi Data and Artificial Intelligence Authority (SDAIA) called on local and foreign contracting companies to join in the establishment of an interactive system that creates and launches artificial intelligence (AI) oases in the Kingdom.

Speaking at the virtual Future Projects Forum 2021 (FPF), Mohammed al-Salami of SDAIA said that the oases will be a national reference in the digital and technical development of AI applications.

He announced that the project will be the first of its kind regionally and will help achieve Vision 2030 while providing a diverse, qualitative and unique environment that targets all segments of society with educational and entertainment experiences.

He unveiled the “King Salman Oasis” project in the north of Riyadh, stating it will be followed by other oases.

The Forum kicked off Monday with over 37 public and private entities that presented around 1,000 projects in various fields including electricity, real estate, industrial intelligence, and water.

During the forum, Roshn CEO David Grover said that the company is designing 3,000 homes with their accompanying infrastructure, including 12 neighborhoods that will house 35,000 people in major Saudi regions.

The company is looking for qualified supervisors to complete the design and construction stage and finalize its Jeddah project to be launched next year. It is planning to launch a water canal, service areas, hotels, and about 60,000 homes.

The CEO also indicated that the company wants to provide housing for hundreds of thousands of Saudi families and enable a 70 percent increase in homeownership by 2030.

Roshn aims to become one of the largest real estate development facilities through its support to the economic development plans.

The Saudi Electricity Company presented a number of projects that focus on improving efficiency, reliability, and flexibility and maintain new assets and businesses.

The company revealed its power transmission portfolio of over $19 billion investments to achieve high efficiency in network operations and access to a highly reliable electrical system.

The company disclosed its portfolio of energy distribution projects with about $14.4 billion investments, including service delivery, enhancing the reliability of distribution networks, and improve performance to provide a service that fulfills the aspirations of subscribers and stakeholders.

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Saudi Arabia Sees Highest Level of Non-oil Private Sector Activity in 4 Months

The 1.5-point increase in the PMI reflects a larger expansion in both output and new orders. (Asharq Al-Awsat)
The 1.5-point increase in the PMI reflects a larger expansion in both output and new orders. (Asharq Al-Awsat)
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Saudi Arabia Sees Highest Level of Non-oil Private Sector Activity in 4 Months

The 1.5-point increase in the PMI reflects a larger expansion in both output and new orders. (Asharq Al-Awsat)
The 1.5-point increase in the PMI reflects a larger expansion in both output and new orders. (Asharq Al-Awsat)

Business activity in Saudi Arabia's non-oil sector accelerated to a four-month high in September, driven by strong demand, which led to faster growth in new orders. The Riyad Bank Saudi Arabia Purchasing Managers' Index (PMI), adjusted for seasonal factors, rose to 56.3 points from 54.8 in August, marking the highest reading since May and further distancing itself from the 50.0 level that indicates growth.

The 1.5-point increase in the PMI reflects a larger expansion in both output and new orders, alongside challenges in supply. The improvement in business conditions contributed to a significant rise in employment opportunities, although difficulties in finding skilled workers led to a shortage in production capacity.

At the same time, concerns over increasing competition caused a decline in future output expectations. According to the PMI statement, inventories of production inputs remained in good condition, which encouraged some companies to reduce their purchasing efforts.

Growth was strong overall and widespread across all non-oil sectors under study. Dr. Naif Al-Ghaith, Senior Economist at Riyad Bank, said that the rise in Saudi Arabia's PMI points to a notable acceleration in the growth of the non-oil private sector, primarily driven by increased production and new orders, reflecting the sector’s expansionary activity.

Al-Ghaith added that companies responded to the rise in domestic demand, which plays a crucial role in reducing the Kingdom's reliance on oil revenues. The upward trend also indicates improved business confidence, pointing to a healthy environment for increased investment, job creation, and overall economic stability.

He emphasized that this growth in the non-oil sector is particularly important given the current context of reduced oil production and falling global oil prices. With oil revenues under pressure, the strong performance of the non-oil private sector acts as a buffer, helping mitigate the potential impact on the country's economic conditions.

Al-Ghaith continued, noting that diversifying income sources is essential to maintaining growth amid the volatility of oil markets. He explained that increased production levels not only enhance the competitiveness of Saudi companies but also encourage developments aimed at expanding the private sector's participation in the economy.

This shift, he said, provides a more stable foundation for long-term growth, making the economy less susceptible to oil price fluctuations.