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SCAI Launches AI Operations to Compete with Global Technologies

SCAI’s operations will focus on delivering end-to-end cutting-edge AI solutions to prioritized sectors for the Kingdom such as energy and healthcare. (Reuters)
SCAI’s operations will focus on delivering end-to-end cutting-edge AI solutions to prioritized sectors for the Kingdom such as energy and healthcare. (Reuters)
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SCAI Launches AI Operations to Compete with Global Technologies

SCAI’s operations will focus on delivering end-to-end cutting-edge AI solutions to prioritized sectors for the Kingdom such as energy and healthcare. (Reuters)
SCAI’s operations will focus on delivering end-to-end cutting-edge AI solutions to prioritized sectors for the Kingdom such as energy and healthcare. (Reuters)

The Saudi Company for Artificial Intelligence (SCAI), a company wholly owned by the Public Investment Fund (PIF), launched operations to grow and develop artificial intelligence (AI) and emerging technologies industries in the Kingdom.

The company’s operations will focus on delivering end-to-end cutting-edge AI solutions across various disciplines.

These will apply to a wide range of use cases for both businesses and consumers in prioritized sectors for the Kingdom such as energy and healthcare.

SCAI also aims to be the trusted AI provider for smart city practical solutions.

“As PIF’s arm in the AI and emerging technologies sector, the company will develop local capability, cutting edge technology, and strategic partnerships to support creating Saudi-owned solutions in the AI ecosystem,” said SCAI Chairman Dr. Abdullah bin Sharaf al-Ghamdi.

This comes in line with the Kingdom’s Vision 2030 objectives of diversifying and growing the economy and improving the quality of life for Saudi citizens, he added.

“SCAI will be a key enabler to promote the national AI objectives and accelerate technology adoption across various sectors in the Kingdom,” said Ayman Al-Rashid, CEO of SCAI.

“The world is embracing the era of data and information, and AI is rapidly changing the way we live.”

It is critical for Saudi Arabia to invest in the foundations of the sector to unlock long-term sustainable value for all stakeholders in the Kingdom and beyond, he stressed.

SCAI’s mandate comes in line with PIF’s strategy, which focuses on 13 priority sectors, including the technology sector.

Through its mandate, PIF is establishing national champions and enabling the development of new sectors in line with Vision 2030.

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China Mulls Draft Law to Promote Private Sector Development

A Chinese national flag flutters on a financial street in Beijing. (Reuters)
A Chinese national flag flutters on a financial street in Beijing. (Reuters)
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China Mulls Draft Law to Promote Private Sector Development

A Chinese national flag flutters on a financial street in Beijing. (Reuters)
A Chinese national flag flutters on a financial street in Beijing. (Reuters)

Chinese lawmakers are deliberating a draft of the country's first basic law specifically focused on the development of the private sector, the country’s Xinhua news agency reported.

“The law will be conducive to creating a law-based environment that is favorable to the growth of all economic sectors, including the private sector,” said Justice Minister He Rong, while explaining the draft on Saturday during the ongoing session of the Standing Committee of the National People's Congress, the national legislature.

The draft private sector promotion law covers areas such as fair competition, investment and financing environments, scientific and technological innovation, regulatory guidance, service support, rights and interests protection and legal liabilities.

The draft has incorporated suggestions solicited from representatives of the private sector, experts, scholars and the general public, the minister said.

China left its benchmark lending rates unchanged as expected at the monthly fixing on Friday.

Persistent deflationary pressure and tepid credit demand call for more stimulus to aid the broad economy, but narrowing interest margin on the back of fast falling yields and a weakening yuan limit the scope for immediate monetary easing.

The one-year loan prime rate (LPR) was kept at 3.10%, while the five-year LPR was unchanged at 3.60%.

In a Reuters poll of 27 market participants conducted this week, all respondents expected both rates to stay unchanged.

Morgan Stanley said in a note that the 2025 budget deficit and mix are more positive than expected and suggest Beijing is willing to set a high growth target and record fiscal budget to boost market confidence, but further policy details are unlikely before March.

Last Friday, data released by the country's central bank said total assets of China's financial institutions had risen to 489.15 trillion yuan (about $68.03 trillion) by the end of third quarter this year.

The figure represented a year-on-year increase of 8%, said the People's Bank of China.

Of the total, the assets of the banking sector reached 439.52 trillion yuan, up 7.3% year on year, while the assets of securities institutions rose 8.7% year on year to 14.64 trillion yuan.

The insurance sector's assets jumped 18.3% year on year to 35 trillion yuan, the data showed.

The liabilities of the financial institutions totaled 446.51 trillion yuan, up 8% year on year, according to the central bank.

Separately, data released by the National Energy Administration on Thursday showed that China's electricity consumption, a key barometer of economic activity, rose by 7.1% year on year in the first 11months of the year.

During the period, power consumption of the country's primary industries increased by 6.8% year on year, while that of its secondary and tertiary sectors rose by 5.3% and 10.4%, respectively.

Residential power usage saw strong growth of 11.6% during this period, the administration said.

In November alone, power usage climbed 2.8% from one year earlier, according to the data.