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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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Business

Riyadh, Ottawa Launch Foreign Investment Agreement and Reactivate Joint Commission

The Saudi Minister of Investment meets with the Canadian Minister of Trade. Asharq A-Awsat
The Saudi Minister of Investment meets with the Canadian Minister of Trade. Asharq A-Awsat
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Riyadh, Ottawa Launch Foreign Investment Agreement and Reactivate Joint Commission

The Saudi Minister of Investment meets with the Canadian Minister of Trade. Asharq A-Awsat
The Saudi Minister of Investment meets with the Canadian Minister of Trade. Asharq A-Awsat

Saudi Arabia and Canada have launched negotiations on a Foreign Investment and Protection Agreement in the Canadian capital, Ottawa, a move reflecting the shared commitment to strengthening bilateral economic relations.

The talks coincided with a visit by a high-level Saudi delegation led by the Minister of Investment, Eng. Khalid Al-Falih, during which both sides announced the reactivation of the Joint Economic Commission.

These developments are gaining significant momentum, supported by Canada’s endorsement of Saudi Vision 2030 and the two countries’ willingness to expand their economic partnership across vital and non-oil sectors.

The Canadian Ambassador to Saudi Arabia, Jean-Philippe Linteau, told Asharq Al-Awsat that Canada was thrilled to welcome Al-Falih.

“His meetings with Prime Minister Mark Carney, Minister of Trade Maninder Sidhu and Foreign Minister Anita Anand, as well as with senior Canadian business leaders, were a clear illustration of Canada’s desire to grow the economic partnership between Saudi Arabia and Canada,” said Linteau.

The diplomat added that “there is growing momentum because of Canada’s support for the Kingdom’s Vision 2030 goals and the visit helped advance key engagement on trade and investment as well as partnerships in sectors such as education, mining, AI and infrastructure.”

In 2024, Saudi Arabia was Canada’s largest merchandise trading partner in the Middle East. Two-way merchandise trade between the two countries in 2024 was valued at approximately $4.1 billion.

Over 150 Canadian companies are active in Saudi Arabia, offering competitive solutions in artificial intelligence and frontier technology, healthcare, infrastructure, mining, defense products, and creative industries.

During their meeting in Ottawa, Sidhu and Al-Falih announced the launch of negotiations for a Foreign Investment and Protection Agreement between Canada and Saudi Arabia. They also announced the reactivation of the Joint Economic Commission, a treaty-based mechanism to promote trade and economic initiatives of mutual benefit.

Sidhu and Al-Falih welcomed the October 23 signing of a memorandum of understanding between Export Development Canada and the Saudi EXIM Bank.

The increased partnership between Canada and Saudi Arabia will boost business opportunities, increase bilateral trade and unlock export opportunities and investments in Canadian and Saudi Arabian companies alike.

The two ministers also discussed future strategic sector partnerships between Canadian and Saudi Arabian companies, including in the areas of artificial intelligence and frontier technologies, healthcare, infrastructure, mining, defense, and creative industries.

They also met with business leaders and industry stakeholders, participated in a business round table with Invest in Canada and focused on deepening Canada-Saudi relations by highlighting commercial success stories between Canadian and Saudi companies.

“Saudi Arabia is an important market for Canada as our largest bilateral merchandise trading partner in the Middle East. We’re committed to advancing economic cooperation and mutually beneficial investment opportunities to foster greater commercial prosperity for Canadians and Saudis,” Sidhu said in a statement.

“I look forward to strengthening the relationship between our two countries and promoting continued cooperation for our businesses, industries and workers,” he added.

Business

Egypt Inflation Accelerates to 12.5% in October 

A huge banner hangs off a building along the ring road, advertising the opening of the Grand Egyptian Museum (GEM) in Giza, as vehicles drive towards the southwestern outskirts of the capital Cairo on November 1, 2025. (AFP)
A huge banner hangs off a building along the ring road, advertising the opening of the Grand Egyptian Museum (GEM) in Giza, as vehicles drive towards the southwestern outskirts of the capital Cairo on November 1, 2025. (AFP)
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Egypt Inflation Accelerates to 12.5% in October 

A huge banner hangs off a building along the ring road, advertising the opening of the Grand Egyptian Museum (GEM) in Giza, as vehicles drive towards the southwestern outskirts of the capital Cairo on November 1, 2025. (AFP)
A huge banner hangs off a building along the ring road, advertising the opening of the Grand Egyptian Museum (GEM) in Giza, as vehicles drive towards the southwestern outskirts of the capital Cairo on November 1, 2025. (AFP)

Egypt's annual urban consumer price inflation rose more than expected to 12.5% in October, ending a four-month downward trend, data from statistics agency CAPMAS showed on Monday.

The median forecast had been for inflation to rise to 12% in a poll of 14 analysts, some of whom cited an increase in fuel prices and a new law allowing landlords to raise rents. The inflation rate rose from 11.7% in September.

Month-on-month, prices rose by 1.8% in October, CAPMAS said. Food and beverage prices rose by an annual 1.5% and by a monthly 1.2%, it said.

The government on October 17 increased the price of a wide range of fuel products by nearly 13%.

A new law letting landlords raise monthly rents took effect in early August, applicable with the first subsequent rent payment. This means the first increases would have been reflected in September inflation figures.

The annual inflation rate has plunged from a record 38% in September 2023, helped by an $8 billion financial support package from the International Monetary Fund in March 2024.

M2 money supply growth, at an annual 22.9% in September, was little changed from August, central bank data showed.

Slowing inflation prompted Egypt's central bank to cut its overnight lending rate by 100 basis points on October 2, following an August 28 cut of 200 basis points, this year's third and fourth reductions.

Business

Sharaa, Georgieva Discuss Syria’s ‘Economic Transformation’

This handout picture released by the Syrian Presidency's Telegram page, shows Syria's President Ahmed al-Sharaa (L) and Syrian Foreign Minister Asaad al-Shaibani, (2nd-R) walking with International Monetary Fund (IMF) Managing Director Kristalina Georgieva ahead of their meeting in Washington D.C. on November 9, 2025. (Photo by Syrian Presidency Telegram Page / AFP)
This handout picture released by the Syrian Presidency's Telegram page, shows Syria's President Ahmed al-Sharaa (L) and Syrian Foreign Minister Asaad al-Shaibani, (2nd-R) walking with International Monetary Fund (IMF) Managing Director Kristalina Georgieva ahead of their meeting in Washington D.C. on November 9, 2025. (Photo by Syrian Presidency Telegram Page / AFP)
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Sharaa, Georgieva Discuss Syria’s ‘Economic Transformation’

This handout picture released by the Syrian Presidency's Telegram page, shows Syria's President Ahmed al-Sharaa (L) and Syrian Foreign Minister Asaad al-Shaibani, (2nd-R) walking with International Monetary Fund (IMF) Managing Director Kristalina Georgieva ahead of their meeting in Washington D.C. on November 9, 2025. (Photo by Syrian Presidency Telegram Page / AFP)
This handout picture released by the Syrian Presidency's Telegram page, shows Syria's President Ahmed al-Sharaa (L) and Syrian Foreign Minister Asaad al-Shaibani, (2nd-R) walking with International Monetary Fund (IMF) Managing Director Kristalina Georgieva ahead of their meeting in Washington D.C. on November 9, 2025. (Photo by Syrian Presidency Telegram Page / AFP)

Syrian President Ahmed al-Sharaa met during his visit to Washington with International Monetary Fund chief Kristalina Georgieva to discuss Syria’s “economic transformation.”

“It was a privilege to welcome President Ahmed al-Sharaa to the IMF. We discussed the economic transformation Syrians need & deserve—which his government is making possible,” Georgieva said on X on Sunday.

“I reiterated IMF's readiness to help, including through our existing technical support for key institutions,” she added.

US President Donald Trump is set to welcome al-Sharaa on Monday in the first-ever visit by a Syrian president to the White House.

Also Sunday, al-Sharaa met with the Syrian community in Washington, D.C., attended by Foreign Minister Asaad al-Shaibani and US Special Envoy to Syria Tom Barrack.

During the meeting, al-Sharaa highlighted the important role of Syrians abroad in maintaining strong ties with their homeland, conveying Syria’s true image, and defending its just causes. He praised their efforts and initiatives as demonstrations of deep belonging and pride in their nation.

For his part, al-Shaibani thanked the community for its contributions and role in supporting the homeland from abroad, stressing that the government
keeps channels of communication open with Syrian expats.

Barrack also delivered remarks, commending the Syrian community’s role in strengthening relations between Syria and the international community.