Saudi Arabia, Thailand Sign 5 Agreements, Establish Business Council

Gatherers at the Saudi-Thai Business Forum at the Federation of Saudi Chambers in Riyadh. (Asharq Al-Awsat)
Gatherers at the Saudi-Thai Business Forum at the Federation of Saudi Chambers in Riyadh. (Asharq Al-Awsat)
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Saudi Arabia, Thailand Sign 5 Agreements, Establish Business Council

Gatherers at the Saudi-Thai Business Forum at the Federation of Saudi Chambers in Riyadh. (Asharq Al-Awsat)
Gatherers at the Saudi-Thai Business Forum at the Federation of Saudi Chambers in Riyadh. (Asharq Al-Awsat)

Saudi Arabia and Thailand signed in Riyadh on Monday five commercial agreements and established the Saudi-Thai Business Forum.

Thai Deputy Prime Minister and Commerce Minister Jurin Laksanawisit confirmed that the two countries would advance towards the most comprehensive cooperative scope, covering all vital sectors.

Laksanawisit addressed the Saudi-Thai Business Council at the Federation of Saudi Chambers in Riyadh, saying his meetings with Saudi officials resulted in the signing of three important agreements in free trade, facilitating commercial procedures, and establishing a joint business council.

Speaking to Asharq Al-Awsat, Laksanawisit said the Kingdom's Vision 2030 is a strong foundation for Saudi Arabia's success and development.

He stressed that the Thai government and the business sector aspire to participate in the projects and investment opportunities the Vision offers.

Trade exchange between Saudi Arabia and Thailand increased by 29 percent in 2021, said the official, noting that the approval of the establishment of a joint business council is essential to boost cooperation between the countries.

He called on Saudi businessmen to invest in various Thai economic sectors and take advantage of the opportunities, the investment environment, and the facilities it offers foreign investors.

Over 350 senior officials and business leaders from Saudi Arabia and Thailand participated in the Saudi-Thai Business Forum organized by the Federation of Saudi Chambers to discuss prospects for economic cooperation.

Governor of the Saudi Standards, Metrology, and Quality Organization (SASO), Saad al-Qasabi, delivered a speech at the council on behalf of Saudi Minister of Commerce, Majid al-Qasabi.

Saad al-Qasabi said Saudi-Thai relations are witnessing unprecedented development and outstanding achievements.

The forum boosts the partnership with Thailand, valued at $7 billion in 2021, he added, noting that intra-regional trade is expected to increase by nearly 30 percent to exceed $9 billion.

President of the Federation of Saudi Chambers, Ajlan al-Ajlan, stressed the importance of the forum in bringing about a qualitative transformation in trade and investment between the Kingdom and Thailand.

Ajlan reviewed the Kingdom's economic potential through Vision 2030 and its efforts to increase non-oil exports by developing several economic sectors.

He explained that the government supports Saudi-Thai economic relations, which helped increase the trade volume by 29 percent in 2021, while the total volume of trade exchange amounted to $34.9 billion during the past five years.

The official supports providing an appropriate investment and commercial climate, including establishing a joint council and activating the agreements signed between the two countries to promote relations to the level of strategic economic partnership.



IEA: World Faces Largest-ever Oil Supply Disruption on Middle East War

This photograph shows the entrance to the International Energy Agency (IEA) headquarters in Paris on March 11, 2026. (Photo by Ludovic MARIN / AFP)
This photograph shows the entrance to the International Energy Agency (IEA) headquarters in Paris on March 11, 2026. (Photo by Ludovic MARIN / AFP)
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IEA: World Faces Largest-ever Oil Supply Disruption on Middle East War

This photograph shows the entrance to the International Energy Agency (IEA) headquarters in Paris on March 11, 2026. (Photo by Ludovic MARIN / AFP)
This photograph shows the entrance to the International Energy Agency (IEA) headquarters in Paris on March 11, 2026. (Photo by Ludovic MARIN / AFP)

The war in the Middle East is creating the biggest oil supply disruption in history, the International Energy Agency said on Thursday, a day after it agreed to release a record volume from strategic stockpiles to offset shortages and a spike in prices.

Global supply is expected to drop by 8 million barrels per ⁠day in March, the ⁠IEA said in its latest monthly oil market report, due to the blocking of the Strait of Hormuz, a narrow channel along the Iranian coast, since the US and Israel began a campaign of airstrikes on Iran on February 28.

Middle East Gulf countries including Iraq, Qatar, Kuwait, the United Arab Emirates and ⁠Saudi Arabia have cut total oil production by at least 10 million bpd - a volume equal to almost 10% of world demand - as a result of the conflict, Reuters quoted the IEA as saying.

The agency added that, without a rapid restart of shipping flows, these losses were set to increase.

"Shut-in upstream production will take weeks and, in some cases, months to return to pre-crisis levels depending on the degree of field complexity and the timing for workers, equipment and resources to return to the region," the agency said.

The ⁠IEA, which ⁠advises industrialized countries, on Wednesday agreed to release a record 400 million barrels of oil from strategic stockpiles held by member nations to combat a spike in global crude prices since the start of the US-Israeli war on Iran, with the US contributing the bulk of the supply.

Oil prices rose on Thursday, as Iran stepped up attacks on oil and transport facilities across the Middle East, raising fears of a prolonged conflict and continued oil-flow disruptions through the Strait of Hormuz.

Brent crude, which hit $119.50 a barrel on Monday, its highest since mid-2022, was up more than 6% on Thursday at just below $98 a barrel.


Saudi Arabia Declares 2026 ‘Year of Artificial Intelligence’ to Boost Data Economy

Abdullah Al-Ghamdi, President of Saudi Data and Al Authority, speaks during the Global Al Summit in Riyadh, Saudi Arabia October 21, 2020. REUTERS/Ahmed Yosri  
Abdullah Al-Ghamdi, President of Saudi Data and Al Authority, speaks during the Global Al Summit in Riyadh, Saudi Arabia October 21, 2020. REUTERS/Ahmed Yosri  
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Saudi Arabia Declares 2026 ‘Year of Artificial Intelligence’ to Boost Data Economy

Abdullah Al-Ghamdi, President of Saudi Data and Al Authority, speaks during the Global Al Summit in Riyadh, Saudi Arabia October 21, 2020. REUTERS/Ahmed Yosri  
Abdullah Al-Ghamdi, President of Saudi Data and Al Authority, speaks during the Global Al Summit in Riyadh, Saudi Arabia October 21, 2020. REUTERS/Ahmed Yosri  

As the global race toward a digital economy accelerates and the world enters a new era driven by algorithms, Saudi Arabia is positioning itself as a key player in the future of advanced technologies.

The Saudi Cabinet has declared 2026 the “Year of Artificial Intelligence,” a decision that reflects a strategic direction placing AI at the center of the Kingdom’s development policies in the coming years.

“This step embodies the vision of Crown Prince and Prime Minister Mohammed bin Salman, aimed at strengthening the Kingdom’s global standing in advanced technologies and creating broad national momentum around their role in shaping a smarter and more sustainable future,” said Abdullah Al-Ghamdi, president of the Saudi Data and Artificial Intelligence Authority (SDAIA), in a statement issued after the decision.

Al-Ghamdi added that the “Year of Artificial Intelligence” reflects Saudi Arabia’s scientific, cultural and humanitarian commitment to deploying these technologies in service of humanity and making them an effective tool for improving people’s lives worldwide.

He said the nationwide celebration of the year highlights the kingdom’s position as an international hub for advanced technologies and an influential actor in shaping global AI policy.

According to Al-Ghamdi, artificial intelligence has become one of the most powerful drivers of the global economy. Advanced economies increasingly rely on it to boost growth and improve quality of life by transforming vital sectors such as healthcare, education, transport, energy and security, while accelerating innovation and strengthening competitiveness.

Building a National AI Ecosystem

In recent years, the Saudi Data and Artificial Intelligence Authority, established by royal decree in 2019 with direct support from Crown Prince Mohammed bin Salman, has worked to build an integrated national ecosystem for data and artificial intelligence.

This effort has included expanding digital infrastructure, launching the National Strategy for Data and Artificial Intelligence, developing regulatory and governance frameworks, and introducing national platforms and programs to encourage the adoption of AI technologies across multiple sectors.

The authority has also hosted major international events in the field, most notably the Global AI Summit, which is preparing to hold its fourth edition in September under the patronage of the Crown Prince. The summit brings together leading experts, policymakers, and major technology companies from around the world.

These initiatives have helped Saudi Arabia achieve advanced rankings in several global indices related to data and artificial intelligence. They have also expanded the use of smart technologies across government, private and nonprofit sectors, improving service efficiency, boosting innovation, and stimulating the digital economy.

As part of efforts to build national capabilities, SDAIA trained more than one million Saudi citizens in artificial intelligence technologies within a single year through the SMAI initiative, reflecting the kingdom’s strategy of preparing a generation capable of working with emerging technologies and leading the country’s digital transformation.

Saudi Arabia’s AI sector is also experiencing rapid investment growth. Government spending on artificial intelligence and emerging technologies rose 56.25 percent in 2024 compared with 2023, according to the Saudi Press Agency.

Meanwhile, Saudi companies operating in the AI sector secured $9.1 billion in funding last year through 70 investment deals, while the number of companies working in the data and artificial intelligence sector has reached 664.

Expanding Technological Infrastructure

At the same time, Saudi Arabia has significantly expanded its technological infrastructure.

Data center capacity increased 42.4 percent between 2023 and 2024, alongside the launch of advanced projects such as the high-performance supercomputer Shaheen 3 and the development of global-scale data centers designed to support artificial intelligence applications.

In early 2026, the Kingdom also inaugurated Hexagon, the world’s largest government data center, with a capacity of 480 megawatts. Saudi Arabia now hosts nine cloud regions, four of which are under construction by global cloud service providers.

In addition, more than 430 government systems have been integrated into the National Data Lake, strengthening the country’s data infrastructure.

Saudi Arabia’s efforts extend beyond the domestic arena. The Kingdom has supported international initiatives promoting the responsible use of artificial intelligence in line with the United Nations Sustainable Development Goals.

Among the most notable initiatives is the establishment in Riyadh of the International Center for Artificial Intelligence Research and Ethics (ICAIRE) under the auspices of UNESCO.

As part of strengthening the national AI ecosystem, Crown Prince Mohammed bin Salman announced in May 2025 the launch of Humain, a company owned by the Public Investment Fund, Saudi Arabia’s sovereign wealth fund. The firm aims to develop and manage artificial intelligence solutions and invest across the sector.

The company is working on advanced AI models, including one of the most prominent large language models in Arabic. It is also developing next-generation data centers and cloud computing infrastructure, strengthening local technological capabilities and opening new opportunities for the digital economy both regionally and globally.

The Public Investment Fund and its portfolio companies are also supporting the AI ecosystem through investments and international partnerships, leveraging Saudi Arabia’s strategic geographic position between three continents, which facilitates connections between global data networks and enables rapid processing of vast data volumes.

The Kingdom’s rapidly growing economy and large youth population interested in emerging technologies are also contributing to capacity building, research and innovation in the field.

 

 


Citibank Closes UAE Branches Temporarily as Precautionary Measure

A photograph shows Dubai's skyline with the Burj Khalifa at the center on March 11, 2026. (Photo by FADEL SENNA / AFP)
A photograph shows Dubai's skyline with the Burj Khalifa at the center on March 11, 2026. (Photo by FADEL SENNA / AFP)
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Citibank Closes UAE Branches Temporarily as Precautionary Measure

A photograph shows Dubai's skyline with the Burj Khalifa at the center on March 11, 2026. (Photo by FADEL SENNA / AFP)
A photograph shows Dubai's skyline with the Burj Khalifa at the center on March 11, 2026. (Photo by FADEL SENNA / AFP)

Citibank will close its branches and financial centers in the United Arab Emirates through March 14 as a precautionary measure, the bank's website showed on Thursday, following a wave of banks sending staff home as the crisis in the Middle East deepens.

The ⁠US bank plans ⁠to reopen all affected branches on March 16, but the branch in the Mall of the Emirates in central Dubai, will remain open ⁠during this period, it said.

Earlier this week, Citi told its staff to evacuate offices in the Dubai International Financial Centre (DIFC) and Dubai's Oud Metha neighborhood, telling them to work from home until further notice.

HSBC, another major global bank, has closed all branches in ⁠Qatar ⁠until further notice, according to a customer notice, saying the measure was to ensure the safety of staff and customers.

Banks across the region have stepped up precautions after Iran threatened banking interests linked to the US and Israel.