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Saudi Arabia Brings Together Policy Makers, Major AI Investors

The Global Summit on Artificial Intelligence in its first edition, which was held in Riyadh two years ago (Asharq Al-Awsat)
The Global Summit on Artificial Intelligence in its first edition, which was held in Riyadh two years ago (Asharq Al-Awsat)
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Saudi Arabia Brings Together Policy Makers, Major AI Investors

The Global Summit on Artificial Intelligence in its first edition, which was held in Riyadh two years ago (Asharq Al-Awsat)
The Global Summit on Artificial Intelligence in its first edition, which was held in Riyadh two years ago (Asharq Al-Awsat)

Under the patronage of Crown Prince Mohammed Bin Salman, chairman of the Board of Directors of the Saudi Data and AI Authority (SDAIA), the second Global Artificial Intelligence (AI) Summit, organized by SDAIA, is scheduled to commence Tuesday.

Under the theme “Artificial Intelligence for the Good of Humanity,” more than 10,000 people of policymakers, specialists, and concerned figures with AI will take part in the summit.

It will be held at the headquarters of the King Abdul Aziz International Conference Center in Riyadh between Sept. 13 and 15, 2022.

Organizers have completed all preparations to embark on the summit that will go over all aspects of AI, including the present challenges and aspirations to benefit from AI technologies through what participants — including experts and specialists of senior officials from government and major IT companies in the world — will provide of various presentations that shed light on the latest research and innovations in the field, and exchange expertise and explore investment opportunities related to AI in the upcoming stage.

The summit offers an opportunity for concerned people and experts in this field to benefit from the gathering of more than 200 speakers representing 90 countries under one ceiling in Riyadh to listen to their visions and presentations through their participation in more than 100 work sessions, panel discussions and workshops, in addition to getting acquainted with more than 40 cases of using AI that will be displayed during the summit by local and global innovative institutions.

The summit is also planned to discuss several topics that show the impacts of AI on top sectors, such as smart cities, capacity building, healthcare, transportation, energy, culture, environment, and economic mobility, with the aim of finding solutions to current challenges and maximizing benefits from AI technologies.

The event will also address various AI technologies, including the present, challenges and aspirations towards utilizing these technologies in our daily lives to serve humanity, in addition to exchanging expertise with local and international experts, exploring investment opportunities related to AI technologies, and going over several fields that can reshape dialogue among technology, policies and systems in a bid to guarantee a unified application for AI that relies on humanitarian pillars.

The summit will also include the signing of more than 40 agreements and memorandums of understandings between the public and private sectors from the Kingdom of Saudi Arabia and abroad, in addition to announcing 8 local and international initiatives among global companies and institutions in a bid to enhance international cooperation on AI and its uses.

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Trump Trade War to Sap Canadian, Mexican and US Growth, OECD Says 

Lumber is piled at a housing construction site, Thursday, June 24, 2021, in Middleton, Mass. (AP)
Lumber is piled at a housing construction site, Thursday, June 24, 2021, in Middleton, Mass. (AP)
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Trump Trade War to Sap Canadian, Mexican and US Growth, OECD Says 

Lumber is piled at a housing construction site, Thursday, June 24, 2021, in Middleton, Mass. (AP)
Lumber is piled at a housing construction site, Thursday, June 24, 2021, in Middleton, Mass. (AP)

President Donald Trump's tariff hikes will drag down growth in Canada, Mexico and the United States while driving up inflation, the OECD forecast on Monday, cutting its global economic outlook and warning that a broader trade war would sap growth further.

In the case of a generalized trade shock, not only will US households pay a high direct price, but the likely economic slowdown will cost the United States more than the extra income the tariffs are supposed to generate, the Organization for Economic Cooperation and Development estimated in its interim outlook.

Global growth is on course to slow slightly from 3.2% in 2024 to 3.1% in 2025 and 3.0% in 2026, the Paris-based policy forum said, cutting its projections from 3.3% for both this year and next in its previous economic outlook, issued in December.

But the global picture masked divergences among major economies with resilience in some big emerging markets like China helping to make up for a marked slowdown in North America.

The proliferation of tariff hikes would weigh on global business investment and boost inflation, leaving central banks little choice but to keep interest rates higher for longer than previously expected, the OECD said.

The organization updated its forecasts assuming tariffs between the United States and its neighbors are raised an extra 25 percentage points on almost all goods imports from April.

As a result, US economic growth was seen slowing this year to 2.2% before losing more steam next year to only 1.6%, the OECD said, cutting its forecasts from 2.4% and 2.1% previously.

But the Mexican economy would be hit hardest by the tariff hikes, contracting 1.3% this year and a further 0.6% next year instead of growing 1.2% and 1.6% as previously expected.

Canada's growth rate would slow to 0.7% this year and next, well below the 2% previously forecast for both years.

TRADE WAR FALLOUT

With less direct exposure to the trade war for now, the euro area economy was seen gaining momentum this year with 1.0% growth and reaching 1.2% next year, although that was down from previous forecasts for 1.3% and 1.5% respectively.

Stronger government support for Chinese growth would help offset the impact of higher tariffs in the world's second-biggest economy, the OECD said, forecasting 4.8% growth in 2025 - up from 4.7% - before slowing to 4.4% in 2026 - unchanged from the previous estimate.

However, the OECD said the global outlook would be much worse if Washington escalates the trade war by raising tariffs on all non-commodity imports and its trade partners do the same.

It estimated an increase in bilateral tariffs permanently by 10 percentage points would shave around 0.3 percentage points off global growth by the second and third years of the shock, while global inflation would be on average 0.4 percentage points higher over the first three years.

In such a scenario, the US economy would suffer a significant hit, with growth 0.7 percentage points lower than what it otherwise would have been by the third year. The direct cost to US households could be as much as $1,600 each.

The financial cost from the economic drag from tariffs would also offset any extra income they generate for the public coffers, which means they would be insufficient to pay for lowering other taxes as the US administration has planned.