Saudi FII Signs 16 Global Partnerships

A previous edition of the “Future Investment Initiative” forum (Asharq Al-Awsat)
A previous edition of the “Future Investment Initiative” forum (Asharq Al-Awsat)
TT

Saudi FII Signs 16 Global Partnerships

A previous edition of the “Future Investment Initiative” forum (Asharq Al-Awsat)
A previous edition of the “Future Investment Initiative” forum (Asharq Al-Awsat)

The Future Investment Initiative (FII) announced signing 16 partnerships with international corporate companies to make an impact in five key areas: artificial intelligence, robotics, education, healthcare, and sustainability.

The partnership contracts come at a time when the Saudi capital, Riyadh, is preparing to hold the fifth session of the FII from October 26 to 28under the slogan “Investing in Humanity.”

Discussions will revolve around investments that would achieve the most significant benefit to humanity, especially as multiple sectors experience an economic renaissance in the post-pandemic era.

According to information released on Thursday, the platform will bring together state leaders, company leaders, policymakers, investors, and innovators from all over the world.

The global forum will explore pioneering solutions that address challenges facing society and work to achieve those solutions.

Over three days, the FII forum will feature interactive summits on investment in education, metaverses, and ESG standards.

FII Institute CEO Richard Attias said: “Each partner brings unique and pioneering technology that supports the FII Institute mission to make a positive impact on humanity. The investments, inventions, research, and products from these top global companies all aim to create a better world for all.”

“As multiple sectors witness a renaissance in a post-COVID era, the 5th Anniversary of FII will bring together world leaders, experts, innovators, and media in a global forum to explore solutions to society’s most pressing challenges and propel action towards their realization,” he added.

The FII is working to present facts and figures as part of launching several indicators to help government policymakers and the private sector to support investment in the future of humanity.



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)
AI is expected to contribute to 12 percent of Saudi Arabia GDP by 2030. (SPA)
TT

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)
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.