Saudi Arabia Seeks Developing Judicial Sector with AI

Three foreign law firms were granted licenses to operate in the Kingdom at the International Conference on Justice in Riyadh on Sunday (Asharq Al-Awsat)
Three foreign law firms were granted licenses to operate in the Kingdom at the International Conference on Justice in Riyadh on Sunday (Asharq Al-Awsat)
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Saudi Arabia Seeks Developing Judicial Sector with AI

Three foreign law firms were granted licenses to operate in the Kingdom at the International Conference on Justice in Riyadh on Sunday (Asharq Al-Awsat)
Three foreign law firms were granted licenses to operate in the Kingdom at the International Conference on Justice in Riyadh on Sunday (Asharq Al-Awsat)

In a first, the Saudi government granted three foreign law firms licenses to operate in the Kingdom as it seeks developing the justice sector and anticipates the future of technologies and artificial intelligence in the courts.

This followed Saudi Arabia bringing together several ministers, officials, experts, jurists, and international specialists at the International Conference on Justice in Riyadh on Sunday.

Participants at the conference discussed the importance of digital transformation in accordance with the highest legal guarantees.

Speaking about Saudi Arabia’s digital legal experience, Saudi Justice Minister Walid Al-Samaani revealed that the Kingdom had held more than six million documented video sessions and issued more than two million verdicts from various courts.

Al-Samaani reaffirmed that transparency was ensured in the process.

The minister said that Saudi Arabia had worked under the vision led by Crown Prince Mohammad bin Salman bin Abdulaziz to develop all sectors--including the justice sector-- by supporting digital innovations and launching development projects that enhance the values of justice and transparency, improve user experience and speed up judicial processes.

Al-Samaani stated that the conference aims to enrich knowledge about the future of technologies in accordance with the highest legal guarantees. It also seeks to build justice partnerships, exchange experiences, and develop justice capabilities around the world.

He added that the Kingdom’s legal sector seeks “to raise efficiency of judicial procedures” while working with international experts.

Al-Samaani added that the sector has great opportunities for developing supportive technologies that enhance judicial guarantees.

“The change in digital transformation is a reality. What is an option now, after five years, will not be an option,” stressed the minister.

However, Al-Samaani explained, technology cannot replace humans or human thinking regardless of its advancement.

Themed “Enhancing Access to Justice through the Use of Digital Technologies,” the two-day conference aims to develop the justice sector, experiences, and the exchange of knowledge to facilitate access to justice.

The conference is presenting valuable insights on the best ways to benefit from technology to improve the performance of courts and justice sectors around the world. It also is discussing challenges and finding solutions that improve the quality of services.

Al-Samaani affirmed that digital transformation will become a reality in all sectors. Stressing that the transformation is an opportunity rather than a challenge, the minister said that it will facilitate access to justice and contribute to achieving better results.



Gold Extends Fall to Sixth Day ahead of Fed, US Inflation Data

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
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Gold Extends Fall to Sixth Day ahead of Fed, US Inflation Data

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)

Gold extended losses for a sixth straight session on Wednesday to hover near the two-week lows hit the day before on lowered expectations of deeper rate cuts, as traders turned their focus to the Federal Reserve's meeting minutes and inflation data.

Spot gold fell about 0.2% to $2,617.79 per ounce by 1145 GMT, having touched its lowest level since Sept. 20 on Tuesday. US gold futures for December delivery was steady at $2,636.20.

"The precious metals sector seems somewhat disappointed after yesterday's meeting by China's National Development and Reform Commission, which reignited concerns about growth and demand from China in Q4. Also, gold is confronting the possibility of less aggressive rate cuts," Zain Vawda, market analyst at MarketPulse by OANDA, said, Reuters reported.

Non-yielding bullion is considered a safe investment and thrives in a low interest rate environment.

China is the world's largest consumer of gold, although record high prices and worries about economy have dampened consumer sentiment. A rebound in gold prices to a record peak also dashed the Indian bullion industry's expectations of a lucrative festival season.

Even after the losses, gold prices are set for an over 25% rise this year after prices hit a record peak of $2,685.42 on Sept. 26.

"The market is currently awaiting the upcoming inflation data for US. Since last week's payroll data, the market is discussing if we are in soft landing or no landing scenario," UBS analyst Giovanni Staunovo said.

The minutes from Fed's September policy meeting are due at 1800 GMT, while the US Consumer Price Index (CPI) and Producer Price Index (PPI) data is due on Thursday and Friday, respectively.

"A significant rise in inflation could alter the scenario. However, considering the geopolitical situation and market uncertainties, we might continue to see range-bound trading with limited downside rallies," said Vawda.

In other metals, spot silver steadied at $30.69 per ounce. Platinum held steady at $949.70 and palladium fell 1% to $1,011.51.