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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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S&P Affirms China's Sovereign Credit Rating at A+ with Stable Outlook

A man rides a bike on a street in Beijing, China, 04 August 2025. EPA/WU HAO
A man rides a bike on a street in Beijing, China, 04 August 2025. EPA/WU HAO
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S&P Affirms China's Sovereign Credit Rating at A+ with Stable Outlook

A man rides a bike on a street in Beijing, China, 04 August 2025. EPA/WU HAO
A man rides a bike on a street in Beijing, China, 04 August 2025. EPA/WU HAO

Ratings agency S&P Global on Thursday affirmed China's long-term credit rating at A+ and said its strong fiscal stimulus will keep economic growth resilient amid headwinds from the property sector and tariff pressures.

S&P said the outlook on China's rating is "stable."

"The stable outlook on the long-term sovereign credit rating reflects our view that China will return to self-sustaining economic growth of 4% or more annually over the next one to two years," Reuters quoted S&P as saying in a statement.

"This will allow the government to gradually reduce policy support for the economy over the next several years."

S&P said it could lower China's rating if it expects the government to pursue larger fiscal stimulus over the next three to five years, but may raise the rating if fiscal consolidation proceeds faster than anticipated.

S&P also affirmed China's "A-1" short-term foreign and local currency sovereign credit rating.

China's finance ministry said on Thursday it was glad to see S&P had reaffirmed China's sovereign credit ratings, and pledged to "dynamically" adjust policy reserves and strive to achieve the annual growth target.

In April, Fitch downgraded China's sovereign credit rating, citing rapidly rising government debt and risks to public finances, as policymakers gear up to shield the economy from rising US tariffs.

The world's No.2 economy grew at a slightly faster pace than expected in the second quarter. But July economic data so far have been mixed, with manufacturing activity shrinking for a fourth straight month even as exports posted an unexpected surge.