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Saudi Arabia to Host Largest Int’l Gathering of AI Policymakers

The operations center at the headquarters of the Saudi Authority for Data and Artificial Intelligence (Asharq Al-Awsat)
The operations center at the headquarters of the Saudi Authority for Data and Artificial Intelligence (Asharq Al-Awsat)
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Saudi Arabia to Host Largest Int’l Gathering of AI Policymakers

The operations center at the headquarters of the Saudi Authority for Data and Artificial Intelligence (Asharq Al-Awsat)
The operations center at the headquarters of the Saudi Authority for Data and Artificial Intelligence (Asharq Al-Awsat)

Saudi Arabia is preparing to host the second Global Artificial Intelligence Summit from Sept. 13 to 15 in Riyadh.

The summit, entitled “Artificial Intelligence for the Good of Humanity,” is being organized by the Saudi Authority for Data and Artificial Intelligence, and being held under the patronage of Crown Prince Mohammed bin Salman, who is the chairman of SDAIA’s board of directors.

The conference will be held at the King Abdulaziz International Conference Center.

The summit is to highlight a number of topics that show the implications of AI on the most important sectors, such as smart cities, human capacity development, health care, transportation, energy, culture and heritage, environment, and economic mobility, to find solutions to current challenges and maximize the use of AI technologies.

The importance of the second summit lies in the fact that it deals with modern topics related to AI and its multiple uses in human life in the twenty-first century. The Kingdom seeks to achieve international leadership in becoming home to one of the economies based on data and AI.

This global summit will seek to become a major world forum in the field of artificial intelligence, after the success achieved in the first summit held in 2020.

The summit will discuss everything related to AI technologies and participants include experts and specialists, senior officials from government agencies and the largest international technology companies.

Various presentations will be held highlighting the latest research and technologies, while participants will also exchange expertise, and discover investment opportunities.

More than 200 experts and decision-makers took part in the first edition of the Global Artificial Intelligence Summit, which was held over two days, while more than 13,000 people attended the forum. The summit received more than 5 million views on social media networks.

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Business

New Saudi System to Sustain Insurance Funds, Enhance Job Market Efficiency

Part of the job fair at the Chamber of Commerce in the Eastern Province, Saudi Arabia (Asharq Al-Awsat)
Part of the job fair at the Chamber of Commerce in the Eastern Province, Saudi Arabia (Asharq Al-Awsat)
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New Saudi System to Sustain Insurance Funds, Enhance Job Market Efficiency

Part of the job fair at the Chamber of Commerce in the Eastern Province, Saudi Arabia (Asharq Al-Awsat)
Part of the job fair at the Chamber of Commerce in the Eastern Province, Saudi Arabia (Asharq Al-Awsat)

Saudi Arabia’s Cabinet, led by Crown Prince and Prime Minister Mohammed bin Salman, approved a new social insurance system for new workers during its session on Tuesday.
This move aims to boost labor market efficiency, ensure the sustainability of insurance funds, and support local talent stability. The Kingdom is gearing up for large-scale economic projects that require ongoing updates to meet national goals.
The government aims for a sustainable and fair retirement system, improving laws and regulations.
Minister of Economy and Planning Faisal Al-Ibrahim previously highlighted Saudi Arabia’s proactive approach to managing rising workforce rates and their retirement implications.
Minister of Human Resources and Social Development Ahmed Al-Rajhi affirmed that the Cabinet’s decision enhances retirement system efficiency and provides insurance protection for participants and their families, adapting to labor market changes.
Finance Minister Mohammed Al-Jadaan stressed the decision's goal to secure insurance coverage for participants while ensuring the sustainability of insurance funds and protecting beneficiaries' rights, thereby promoting economic and social stability.
Moreover, the Cabinet has decided to maintain current provisions of the civil retirement and social insurance systems for current participants, excluding those nearing retirement age and specific groups qualifying for pensions.
The General Organization for Social Insurance clarified that the new system applies only to newly employed civilians in both public and private sectors without prior contributions to either retirement or current social insurance systems.
Existing participants will continue under current rules, except for changes related to retirement age and qualifying periods for pensions for those with less than 20 years of contributions and under 50 lunar years old at the time of the amendments.
The retirement age for covered groups will gradually increase from 58 to 65 years, starting 4 months beyond the current retirement age, based on the participant's age when the amendments take effect.
The current retirement and insurance systems will remain unchanged for participants aged 50 and above or with 20 or more years of contributions at the time of the amendments.
For new labor market entrants, the new system facilitates job mobility between public and private sectors, with contribution rates gradually increasing by 0.5% annually over 4 years, starting from the second year.