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 Prices Ease as Traders Assess US Tariffs and OPEC+ Output Boost

A drone view shows a portion of the crude oil tank farm in Midland, Texas, US June 11, 2025. REUTERS/Eli Hartman/File Photo
A drone view shows a portion of the crude oil tank farm in Midland, Texas, US June 11, 2025. REUTERS/Eli Hartman/File Photo
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Oil Prices Ease as Traders Assess US Tariffs and OPEC+ Output Boost

A drone view shows a portion of the crude oil tank farm in Midland, Texas, US June 11, 2025. REUTERS/Eli Hartman/File Photo
A drone view shows a portion of the crude oil tank farm in Midland, Texas, US June 11, 2025. REUTERS/Eli Hartman/File Photo

Oil prices retreated on Tuesday, having climbed almost 2% in the previous session, as investors assessed the latest developments on US tariffs and a higher than expected increase to OPEC+ output for August.

Brent crude futures fell 12 cents, or about 0.2%, to $69.46 a barrel by 1043 GMT. US West Texas Intermediate crude lost 25 cents, or about 0.4%, to $67.68.

US President Donald Trump began telling trade partners on Monday that sharply higher US tariffs will start on August 1, though he later said that deadline was not 100% firm.

Trump's tariffs have raised uncertainty across the market and concerns that they could have a negative effect on the global economy and oil demand.

While prices seem to be pressured by OPEC+ unwinding its voluntary output cuts, tightness in middle distillates and Houthi attacks on cargo ships are supporting the market, said Rystad analyst Janiv Shah.

On Saturday the OPEC+ group comprising the Organization of the Petroleum Exporting Countries and its allies agreed to raise production by 548,000 barrels per day (bpd) in August, exceeding the 411,000 bpd increases in the previous three months.

Investors were bullish heading into the peak summer demand period in the United States, however, with data from the US Commodity Futures Trading Commission on Monday showing money managers raised their net-long futures and options positions in crude oil contracts in the week to July 1.

Once oil demand declines seasonally, the increase in OPEC+ exports will hit the market, raising downside risks to prices, HSBC analysts said in a note.

Analysts at Commerzbank expect the price of Brent to fall to $65 a barrel on the emerging oversupply in the autumn months.

The decision by OPEC+ removes nearly all of the 2.2 million bpd of voluntary cuts made by the group since 2023.

The producer group is set to approve an increase of about 550,000 bpd for September when it meets on August 3, according sources told Reuters, which would unwind all of the cuts.