Drones, Technology Localization Top ‘AI’ Discussions in Riyadh

Saudi Arabia is hosting the International Exhibition and Conference for Artificial Intelligence and Cloud Computing from May 22 to 24. (Asharq Al-Awsat)
Saudi Arabia is hosting the International Exhibition and Conference for Artificial Intelligence and Cloud Computing from May 22 to 24. (Asharq Al-Awsat)
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Drones, Technology Localization Top ‘AI’ Discussions in Riyadh

Saudi Arabia is hosting the International Exhibition and Conference for Artificial Intelligence and Cloud Computing from May 22 to 24. (Asharq Al-Awsat)
Saudi Arabia is hosting the International Exhibition and Conference for Artificial Intelligence and Cloud Computing from May 22 to 24. (Asharq Al-Awsat)

Experts at the International Exhibition and Conference on Artificial Intelligence and Cloud Computing, held in Riyadh, discussed enhancing AI for the drone sector in smart cities and the possibility of localizing the technology in the Kingdom.

They also tackled mapping cloud digital transformation and the role of AI in the customer services industry, with the participation of several local, regional, and global companies.

Saudi Arabia aims to compete in global markets and against developed countries by enhancing sustainability, creating jobs, investing in entrepreneurship, attracting global investments in various fields, and incubating SMEs and large companies to support the Saudi economy, Prince Fahd bin Abdullah Al Saud, advisor to the Saudi Ministry of Interior, told Asharq Al-Awsat.

“The Kingdom seeks to fully digitize vital sectors and adopt technological transformation through plans based on providing technical solutions to improve performance, reduce costs and make all sectors in the Kingdom more efficient and smart,” Wafi bin Hammad Albalawi, vice president of the Saudi Electronic University, told Asharq Al-Awsat.

Albalawi pointed to a recent study conducted by the US-based company Accenture, which said that investment in artificial intelligence will increase the Saudi gross domestic product by 12.5 % and will inject more than $215 billion into the Saudi economy by 2035.

This can encourage the adoption of technology and innovation within Saudi SMEs, especially since the Kingdom enjoys the largest share in the digital industries market.

Saudi Arabia has continuously adopted digital transformation to serve its national transformation plan, dubbed Kingdom Vision 2030.

Maher Uday, a specialist in digital interaction systems at Avaya, which specializes in the customer services industry, stressed the acceleration of process automation in the field of customer service in general.

Uday predicted that, during the next two years, the automation of e-marketing will boom in various customer service fields.

This will affect a number of activities such as booking flights, ordering food from restaurants, booking a taxi, and purchasing other online products using AI.

Saudi Arabia is hosting the International Exhibition and Conference for Artificial Intelligence and Cloud Computing from May 22 to 24. The event features leaders and pioneers in the technology sectors, both in local, global government, and private institutions.

This conference is one of the most specialized and widely spread events globally and seeks to foster innovation and increase competitiveness.

It offers a platform for collaboration between AI leaders and investors to create a better future. The conference offers discussion panels and workshops that will address relevant topics such as artificial intelligence, data science, the internet, cybersecurity, big data, and more.

Saudi Arabia seeks to digitize many vital sectors and adopt technological transformation through steps based on digital solutions, to improve performance, reduce costs and raise efficiency, as well as create an attractive environment for investors and entrepreneurs.



IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
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IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage

The International Monetary Fund (IMF) approved the third review of Sri Lanka's $2.9 billion bailout on Saturday but warned that the economy remains vulnerable.
In a statement, the global lender said it would release about $333 million, bringing total funding to around $1.3 billion, to the crisis-hit South Asian nation. It said signs of an economic recovery were emerging, Reuters reported.
In a note of caution, it said "the critical next steps are to complete the commercial debt restructuring, finalize bilateral agreements with official creditors along the lines of the accord with the Official Creditor Committee and implement the terms of the other agreements. This will help restore Sri Lanka's debt sustainability."
Cash-strapped Sri Lanka plunged into its worst financial crisis in more than seven decades in 2022 with a severe dollar shortage sending inflation soaring to 70%, its currency to record lows and its economy contracting by 7.3% during the worst of the fallout and by 2.3% last year.
"Maintaining macroeconomic stability and restoring debt sustainability are key to securing Sri Lanka's prosperity and require persevering with responsible fiscal policy," the IMF said.
The IMF bailout secured in March last year helped stabilize economic conditions. The rupee has risen 11.3% in recent months and inflation disappeared, with prices falling 0.8% last month.
The island nation's economy is expected to grow 4.4% this year, the first increase in three years, according to the World Bank.
However, Sri Lanka still needs to complete a $12.5 billion debt restructuring with bondholders, which President Anura Kumara Dissanayake aims to finalize in December.
Sri Lanka will enter into individual agreements with bilateral creditors including Japan, China and India needed to complete a $10 billion debt restructuring, Dissanayake said.
He won the presidency in September, and his leftist coalition won a record 159 seats in the 225-member parliament in a general election last week.