Riyadh to Host First Int'l Conference on AI, Cloud Computing in May

Digital transformation has contributed to improving work in the Saudi oil and petrochemical sector. (Asharq Al-Awsat)
Digital transformation has contributed to improving work in the Saudi oil and petrochemical sector. (Asharq Al-Awsat)
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Riyadh to Host First Int'l Conference on AI, Cloud Computing in May

Digital transformation has contributed to improving work in the Saudi oil and petrochemical sector. (Asharq Al-Awsat)
Digital transformation has contributed to improving work in the Saudi oil and petrochemical sector. (Asharq Al-Awsat)

Riyadh will host the first international conference on artificial intelligence and cloud computing on May 22. The three-day conference will be held with the participation of the heads of IT departments in local and international government and private companies.

Kholoud Al-Otaibi, director of the exhibition, said the gathering would feature a comprehensive set of ideas, innovations and developments that keep pace with the ongoing technological revolution, in addition to seminars by speakers from around the world.

Al-Otaibi pointed that technical recovery was underway as a result of change in the use of artificial intelligence, which she said would revolutionize all aspects of life, work, mobility, medicine, economy and communications.

She noted that recent studies by Accenture-US have shown that artificial intelligence and solutions based on it would pump $215 billion into the Saudi economy by 2035, representing an increase of 12.5 percent of the value of the GDP.

The Kingdom holds the largest share in the digital industries market in the region, as a result of its continuous adoption of digital transformation plans to serve its Vision 2030.

The Saudi Data and Artificial Intelligence Authority (SDAIA) will participate in the conference, alongside the General Authority for Small and Medium Enterprises (Monshaat) to highlight the role of technical small and medium companies and provide an opportunity for a number of startups and interested entrepreneurs to participate in this forum.

The Kingdom has sought to digitize many vital sectors, including transportation and communications, which both witnessed over the past years a qualitative leap in technological transformation. Saudi Arabia’s plans seek to provide technical solutions to improve performance, reduce costs, and make the transportation sector smarter and more efficient.

Digital transformation has also contributed to improving work in the Saudi oil and petrochemical sector. Saudi Aramco stands out through a factory that employs a group of data scientists and machine learning experts, who seek to benefit from vast data based on artificial intelligence and deliver environmental and safety solutions across the energy value chain.



Oil Steady after US Stockpile Build

An oil pump of IPC Petroleum France is seen at sunset outside Soudron, near Reims, France, August 24, 2022. REUTERS/Pascal Rossignol/File Photo
An oil pump of IPC Petroleum France is seen at sunset outside Soudron, near Reims, France, August 24, 2022. REUTERS/Pascal Rossignol/File Photo
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20

Oil Steady after US Stockpile Build

An oil pump of IPC Petroleum France is seen at sunset outside Soudron, near Reims, France, August 24, 2022. REUTERS/Pascal Rossignol/File Photo
An oil pump of IPC Petroleum France is seen at sunset outside Soudron, near Reims, France, August 24, 2022. REUTERS/Pascal Rossignol/File Photo

Oil prices steadied on Thursday after falling more than 1% the previous day because of a build in US gasoline and diesel inventories and cuts to Saudi Arabia's July prices for Asia.

Brent crude futures were up 23 cents, or 0.35%, at $65.09 a barrel by 1148 GMT. US West Texas Intermediate crude gained 16 cents, or 0.25%, to $63.01 a barrel.

Oil prices closed around 1% lower on Wednesday after official data showed that US gasoline and distillate stockpiles grew more than expected, reflecting weaker demand in the world's largest economy.

Geopolitics and the Canadian wildfires, which can reduce oil production, provide price support despite a potentially over-supplied market in the second half of the year with expected OPEC+ production hikes, PVM analyst Tamas Varga said.

The price cut by Saudi Arabia followed the OPEC+ move over the weekend to increase output by 411,000 barrels per day (bpd) for July.

The strategy of OPEC's Saudi Arabia is partly to punish over-producers by potentially unwinding 2.2 million bpd between June and the end of October, in a bid to wrestle back market share, Reuters previously reported.

"Oil demand will be shaped by trade negotiations between the US and its trading partners," PVM's Varga said.