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Saudi Arabia to Establish World's First ‘Sustainability Center’ Using AI

The head of the Saudi Authority for Data and Artificial Intelligence during the announcement of the launch of the principles of ethics for AI on the sidelines of the Global AI Summit in Riyadh (Asharq Al-Awsat)
The head of the Saudi Authority for Data and Artificial Intelligence during the announcement of the launch of the principles of ethics for AI on the sidelines of the Global AI Summit in Riyadh (Asharq Al-Awsat)
    Riyadh - Mohammed Halal
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Saudi Arabia to Establish World's First ‘Sustainability Center’ Using AI

The head of the Saudi Authority for Data and Artificial Intelligence during the announcement of the launch of the principles of ethics for AI on the sidelines of the Global AI Summit in Riyadh (Asharq Al-Awsat)
The head of the Saudi Authority for Data and Artificial Intelligence during the announcement of the launch of the principles of ethics for AI on the sidelines of the Global AI Summit in Riyadh (Asharq Al-Awsat)

The Saudi Deputy Minister of Environment, Water and Agriculture Mansour bin Hilal Al-Mushaiti revealed that Google has reached an agreement with Saudi Arabia to help implement Artificial Intelligence (AI) sustainable solutions and cutting-edge technologies in the Kingdom.

The Saudi Authority for Data and Artificial Intelligence (SDAIA), in partnership with the global business, has established AI programs and initiatives for the Ministry of Environment, Water and Agriculture.

The agreement with Google covers three programs and 11 initiatives, according to Al-Mushaiti.

Al-Mushaiti stressed the importance of finding innovative solutions to help take advantage of the potential of untapped resources across the Kingdom.

This will support the implementation of the digital transformation strategy, environmental initiatives, and the ministry’s strategy to leverage AI in all sectors, including services and initiatives to achieve sustainable development goals in Saudi Arabia.

During the Global AI Summit in Riyadh, Al-Mushaiti touched upon the importance of AI in accelerating progress in a proactive manner to apply emerging and modern technologies, which in turn will enable the achievement of strategic goals that align with the national transformation plan, “Kingdom Vision 2030.”

“Artificial Intelligence will aid in accelerating multi-progress and achieving sustainability goals aligned with Vision 2030,” Al-Mushaiti said.

AI is also expected to contribute to the transformation into a digital society, economy, and nation.

“It is necessary to implement original solutions that will enable us to depart from the old legacy and implement state-of-the-art technologies and deploy artificial intelligence when, where, and how needed,” he added.

In other news, the Minister of Municipal and Rural Affairs and Housing Majid Bin Abdullah Al-Hogail, President of the Saudi Data & AI Authority (SDAIA) Dr. Abdullah Bin Sharaf Al-Ghamdi, and CEO of the Royal Commission for Riyadh City Fahd Bin Abdulmohsen Al-Rasheed inaugurated Wednesday the “Smartathon -The Smart Cities Challenge.”

The challenge aims to develop emerging solutions to improve the urban landscape in the cities of the Kingdom of Saudi Arabia, and to come up with technical solutions that contribute to detecting and reducing visual distortions, and benefiting from the Saudi and international experiences to find solutions using data and artificial intelligence.

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Saudi PIF Invests $200 Million in ETF Bond Fund

The fund is the first of its kind in Saudi Arabia to focus on fixed-income exchange-traded funds (ETFs). (Asharq Al-Awsat)
The fund is the first of its kind in Saudi Arabia to focus on fixed-income exchange-traded funds (ETFs). (Asharq Al-Awsat)
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Saudi PIF Invests $200 Million in ETF Bond Fund

The fund is the first of its kind in Saudi Arabia to focus on fixed-income exchange-traded funds (ETFs). (Asharq Al-Awsat)
The fund is the first of its kind in Saudi Arabia to focus on fixed-income exchange-traded funds (ETFs). (Asharq Al-Awsat)

State Street Global Advisors, a subsidiary of State Street Corporation, announced that Saudi Arabia’s Public Investment Fund (PIF) has invested SAR 750 million ($200 million) in the newly launched SPDR J.P. Morgan Saudi Aggregate Bond ETF.

According to a statement released by the company on Wednesday, this fund is the first of its kind in Saudi Arabia to focus on fixed-income exchange-traded funds (ETFs). It is listed in both the London Stock Exchange and Germany’s Xetra, offering investors the opportunity to track government and quasi-government bonds denominated in either the Saudi Riyal or the US Dollar, including sukuk (Islamic bonds).

This investment aligns with the objectives of Saudi Vision 2030, representing a significant step toward enhancing the international presence of Saudi Arabia’s financial markets and attracting foreign investments. The fund is available to investors across several European countries, including Austria, Denmark, France, Germany, and Italy.

Commenting on the investment, Yazid Al-Humaid, Deputy Governor and Head of MENA Investments at PIF, said: “The fund continues to create opportunities and enable access to diverse capital markets in the Kingdom. Investing in the first internationally listed Saudi fixed-income ETF underscores PIF’s commitment to deepening Saudi capital markets, attracting investors, and fostering partnerships across global financial centers.”

CEO of State Street Global Advisors Yi-Hsin Hung emphasized that the launch of the fund is a significant milestone in providing innovative opportunities for investors while contributing to Saudi Arabia’s economic growth.