Riyadh: A Global Destination for AI Events

During the announcement of Artathon winners at the AI Global Summit (SPA)
During the announcement of Artathon winners at the AI Global Summit (SPA)
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Riyadh: A Global Destination for AI Events

During the announcement of Artathon winners at the AI Global Summit (SPA)
During the announcement of Artathon winners at the AI Global Summit (SPA)

The first global artificial intelligence (AI) summit, held under the patronage of Saudi Crown Prince Mohammed bin Salman, concluded Thursday, with the aim of creating a global destination for AI activities in Riyadh.

The summit called for an international framework to support international cooperation in the field of data technology and artificial intelligence.

The two-day summit held under the slogan: "AI for the Good of Humanity,” was organized by the Saudi Data and Artificial Intelligence Authority (SDAIA).

It included 30 sessions, with nearly 60 speakers, including ministers, leaders of global entities, academics, investors, and entrepreneurs from 20 countries.

President of SDAIA, Abdullah al-Ghamdi, delivered a speech on behalf of Prince Mohammed, in which he described 2020 as an exceptional year to test the potential of AI at a time when a new global status is being formed, redefining lifestyles, business, and learning.

The summit aimed to adopt Riyadh as a global destination for AI activities, where the summit will be held annually to discuss the reality, future, and issues of AI and shed light on the latest research and technologies in this field.

The summit discussed the role of AI in life and the future, and means of transition to the new era characterized by rapid change.


The AI Summit is held within the framework of the Kingdom’s endeavor to achieve its aspirations for global leadership through data and AI-based economy.

It also asserts the importance of international cooperation in order to use AI for the good of humanity, highlighting SDAIA's role in the strategic leadership of the alternative economy, in cooperation with many relevant authorities to achieve Vision 2030.

On the first day of the summit, Saudi Arabia launched the National Strategy for Data and Artificial Intelligence (NSDAI) with a vision to make the best of data and AI a tangible reality.

The strategy aims to play a pivotal role in shaping the future of data and AI at the national and global levels.

Saudi Arabia signed three memorandums of understanding (MoU) with IBM, Alibaba, and Huawei at a summit in the kingdom.

The Kingdom also signed an MoU with the International Telecommunication Union (ITU) to develop a global framework that supports international cooperation in the AI field.

Saudi Arabia, represented by SDAIA, worked with the World Bank on a joint initiative, as part of the Kingdom's endeavor to enhance, develop, and accelerate AI technologies and digital economy in developing countries.

In addition, it hosted an advisory session in cooperation with the UN, to establish a body on global cooperation to address issues around integration, coordination, and building capabilities.

At the end of the summit, winners of the NEOM and Artathon challenges were announced and received prizes worth over $266,000. The awards were delivered by Minister of Education, Hamad bin Mohammed Al al-Sheikh, and NEOM CEO Nadhmi al-Nasr.



Cluster2 Company Launches Direct Flights from Muscat to Saudi Arabia's Taif

 Three direct flights will take place per week between Muscat and Taif via Oman Air - SPA
Three direct flights will take place per week between Muscat and Taif via Oman Air - SPA
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Cluster2 Company Launches Direct Flights from Muscat to Saudi Arabia's Taif

 Three direct flights will take place per week between Muscat and Taif via Oman Air - SPA
Three direct flights will take place per week between Muscat and Taif via Oman Air - SPA

The Cluster2 Company, operator of Taif International Airport, announced the launch of three direct flights per week between Muscat and Taif via Oman Air, starting January 31, SPA reported.

The launch of international flights through the cluster’s airports comes as part of its ongoing commitment to improving the passenger experience and expanding international travel options, while continuing to build strategic partnerships with global airlines to enhance air connectivity in the Kingdom.


Oil Prices Rise as US Ramps up Action against Venezuela Tankers

A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer
A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer
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Oil Prices Rise as US Ramps up Action against Venezuela Tankers

A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer
A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer

Oil prices rose on Monday after the US intercepted ​an oil tanker in international waters off the coast of Venezuela and tensions in Russia's war against Ukraine remained high, with both developments raising fears of supply disruption.

Brent crude futures gained $1.31, or 2.17%, to $61.78 a barrel by 1316 GMT. US West Texas Intermediate crude rose by $1.25, or 2.2%, to $57.77.

Market participants now see a risk of disruption to Venezuelan oil exports because of the US ‌embargo, having previously ‌been complacent in that regard, said ‌UBS ⁠analyst Giovanni ​Staunovo.

Venezuelan crude ‌accounts for about 1% of global supply.

Growing supply from the US and the OPEC+ producer group have largely offset worries over supply disruption elsewhere to keep Brent futures around $65 a barrel in the second half of 2025, though prices have eased in the past month because of oversupply concerns.

Oil prices have been supported by developments off Venezuela while ⁠Russia-Ukraine tensions simmer in the background in an otherwise very bearish market, said June ‌Goh, analyst at Sparta Commodities.

The US Coast ‍Guard is pursuing an oil ‍tanker in international waters near Venezuela in what would be the ‍second such operation over the weekend and the third in less than two weeks if successful, officials told Reuters on Sunday.

A rebound in oil prices has been sparked by US President Donald Trump's announcement of a "total ​and complete" blockade of sanctioned Venezuelan oil tankers and subsequent developments there, followed by reports of a Ukrainian drone strike ⁠on a Russian shadow fleet vessel in the Mediterranean, said IG analyst Tony Sycamore.

The Brent and WTI benchmarks fell by about 1% last week.

US special envoy Steve Witkoff said on Sunday that talks between US, European and Ukrainian officials in Florida over the past three days in an effort to end Russia's war in Ukraine had focused on aligning positions. Those meetings and separate talks with Russian negotiators had been productive, he said.

However, the top foreign policy aide of Russian President Vladimir Putin said that changes made by the Europeans ‌and Ukraine to US proposals had not improved prospects for peace.


GASTAT: Construction Costs in Saudi Arabia Rose 1% in November

The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA
The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA
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GASTAT: Construction Costs in Saudi Arabia Rose 1% in November

The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA
The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA

The Construction Cost Index in Saudi Arabia rose 1% in November 2025 compared with the same month last year, driven by equal 1% increases in both residential and non-residential construction costs, according to data released by the Kingdom’s General Authority for Statistics (GASTAT).

The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025.

The Construction Cost Index bulletin is part of GASTAT’s ongoing efforts to develop statistical products for vital sectors and provide a reliable and effective reference with accurate estimates to support decision-making by contractors, real estate developers, and relevant entities.

These efforts contribute to drawing a clear roadmap for residential and non-residential construction projects in the building and construction sector.