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Intl. Companies Intend to Invest in AI, Robotics in Saudi Arabia

Saudi Arabia to adopt AI technology and robotics by providing an attractive local investment environment. (Asharq Al-Awsat)
Saudi Arabia to adopt AI technology and robotics by providing an attractive local investment environment. (Asharq Al-Awsat)
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Intl. Companies Intend to Invest in AI, Robotics in Saudi Arabia

Saudi Arabia to adopt AI technology and robotics by providing an attractive local investment environment. (Asharq Al-Awsat)
Saudi Arabia to adopt AI technology and robotics by providing an attractive local investment environment. (Asharq Al-Awsat)

Major international companies intend to invest in artificial intelligence and robotics in Saudi Arabia, senior investors told Asharq Al-Awsat.

AI Investor Abdullah bin Zaid Al-Meleihi said that Saudi Arabia aims at establishing 400 startup companies in artificial intelligence.

He added that the Kingdom was seeking to provide a more attractive environment for foreign investments, pointing to a gathering of Saudi and foreign companies led by the Saudi Excellence Holding Company, which intends to introduce advanced technologies in the field of artificial intelligence and unveil new technologies.

He added that investments in AI are expected to surpass $150 million over the next two years.

For his part, Sem Koksal, CEO and partner of Legacy Technologies, told Asharq Al-Awsat that the quality and nature of Saudi public and private initiatives enhanced the AI technology industry.

He also stressed that the AI sector would increase the attractiveness of foreign investments in the Kingdom.

Dr. Muhammad Al-Shuhail, Advisor to the chairman of Prince Sultan College of Business and a specialist in AI and technology, emphasized a Saudi endeavor to develop the technology sector, in line with the Kingdom’s Vision 2030.

While he highlighted Saudi Arabia’s digital transformation process, Al-Shuhail pointed to the construction of smart cities, including NEOM.

The second edition of the Global AI Summit concluded on Friday in Riyadh.

Organized by the Saudi Authority for Data and Artificial Intelligence (SDAIA), the summit highlighted the means to maximize the use of the sector’s technologies, along with developments, challenges and solutions in the smart city sectors, human capacity development, health care, transportation, energy, culture and heritage, environment, and economic mobility.

The summit was attended by a large number of experts, specialists and officials in government agencies and global technology companies.

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Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices were little changed on Thursday as investors weighed firm winter fuel demand expectations against large US fuel inventories and macroeconomic concerns.

Brent crude futures were down 3 cents at $76.13 a barrel by 1003 GMT. US West Texas Intermediate crude futures dipped 10 cents to $73.22.

Both benchmarks fell more than 1% on Wednesday as a stronger dollar and a bigger than expected rise in US fuel stockpiles pressured prices.

"The oil market is still grappling with opposite forces - seasonal demand to support the bulls and macro data that supports a stronger US dollar in the medium term ... that can put a ceiling to prevent the bulls from advancing further," said OANDA senior market analyst Kelvin Wong.

JPMorgan analysts expect oil demand for January to expand by 1.4 million barrels per day (bpd) year on year to 101.4 million bpd, primarily driven by increased use of heating fuels in the Northern Hemisphere.

"Global oil demand is expected to remain strong throughout January, fuelled by colder than normal winter conditions that are boosting heating fuel consumption, as well as an earlier onset of travel activities in China for the Lunar New Year holidays," the analysts said.

The market structure in Brent futures is also indicating that traders are becoming more concerned about supply tightening at the same time demand is increasing.

The premium of the front-month Brent contract over the six-month contract reached its widest since August on Wednesday. A widening of this backwardation, when futures for prompt delivery are higher than for later delivery, typically indicates that supply is declining or demand is increasing.

Nevertheless, official Energy Information Administration (EIA) data showed rising gasoline and distillates stockpiles in the United States last week.

The dollar strengthened further on Thursday, underpinned by rising Treasury yields ahead of US President-elect Donald Trump's entrance into the White House on Jan. 20.

Looking ahead, WTI crude oil is expected to oscillate within a range of $67.55 to $77.95 into February as the market awaits more clarity on Trump's administration policies and fresh fiscal stimulus measures out of China, OANDA's Wong said.