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Saudi Arabia Brings Together Policy Makers, Major AI Investors

The Global Summit on Artificial Intelligence in its first edition, which was held in Riyadh two years ago (Asharq Al-Awsat)
The Global Summit on Artificial Intelligence in its first edition, which was held in Riyadh two years ago (Asharq Al-Awsat)
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Saudi Arabia Brings Together Policy Makers, Major AI Investors

The Global Summit on Artificial Intelligence in its first edition, which was held in Riyadh two years ago (Asharq Al-Awsat)
The Global Summit on Artificial Intelligence in its first edition, which was held in Riyadh two years ago (Asharq Al-Awsat)

Under the patronage of Crown Prince Mohammed Bin Salman, chairman of the Board of Directors of the Saudi Data and AI Authority (SDAIA), the second Global Artificial Intelligence (AI) Summit, organized by SDAIA, is scheduled to commence Tuesday.

Under the theme “Artificial Intelligence for the Good of Humanity,” more than 10,000 people of policymakers, specialists, and concerned figures with AI will take part in the summit.

It will be held at the headquarters of the King Abdul Aziz International Conference Center in Riyadh between Sept. 13 and 15, 2022.

Organizers have completed all preparations to embark on the summit that will go over all aspects of AI, including the present challenges and aspirations to benefit from AI technologies through what participants — including experts and specialists of senior officials from government and major IT companies in the world — will provide of various presentations that shed light on the latest research and innovations in the field, and exchange expertise and explore investment opportunities related to AI in the upcoming stage.

The summit offers an opportunity for concerned people and experts in this field to benefit from the gathering of more than 200 speakers representing 90 countries under one ceiling in Riyadh to listen to their visions and presentations through their participation in more than 100 work sessions, panel discussions and workshops, in addition to getting acquainted with more than 40 cases of using AI that will be displayed during the summit by local and global innovative institutions.

The summit is also planned to discuss several topics that show the impacts of AI on top sectors, such as smart cities, capacity building, healthcare, transportation, energy, culture, environment, and economic mobility, with the aim of finding solutions to current challenges and maximizing benefits from AI technologies.

The event will also address various AI technologies, including the present, challenges and aspirations towards utilizing these technologies in our daily lives to serve humanity, in addition to exchanging expertise with local and international experts, exploring investment opportunities related to AI technologies, and going over several fields that can reshape dialogue among technology, policies and systems in a bid to guarantee a unified application for AI that relies on humanitarian pillars.

The summit will also include the signing of more than 40 agreements and memorandums of understandings between the public and private sectors from the Kingdom of Saudi Arabia and abroad, in addition to announcing 8 local and international initiatives among global companies and institutions in a bid to enhance international cooperation on AI and its uses.

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Business

China to Resume October Fuel Exports after Holiday Pause

FILE PHOTO: Oil storage tanks and facilities of a Sinopec plant in Shanghai, China, March 26, 2026. REUTERS/Go Nakamura/File Photo
FILE PHOTO: Oil storage tanks and facilities of a Sinopec plant in Shanghai, China, March 26, 2026. REUTERS/Go Nakamura/File Photo
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China to Resume October Fuel Exports after Holiday Pause

FILE PHOTO: Oil storage tanks and facilities of a Sinopec plant in Shanghai, China, March 26, 2026. REUTERS/Go Nakamura/File Photo
FILE PHOTO: Oil storage tanks and facilities of a Sinopec plant in Shanghai, China, March 26, 2026. REUTERS/Go Nakamura/File Photo

China is set to resume October refined fuel exports after a brief halt during its Golden Week holiday, a move that will help ease tight global diesel, gasoline and jet fuel markets, four traders familiar with the matter said on Friday.

China has approved October exports of the three fuels at around 3.7 million metric tons combined, according to two other industry participants.

Chinese refiners were expected to export slightly more than 4 million tons of gasoline, diesel and ⁠jet fuel in ⁠September, Reuters reported early last month.

The world's biggest oil importer began curbing fuel exports in March to safeguard domestic fuel supplies as the US-Israeli war on Iran disrupted crude oil flows and refinery production, but relaxed controls between July and September.

China's National Development and Reform Commission and the Ministry of Commerce did not immediately respond to requests for comment.

The Middle East war and the Ukraine-Russia ⁠conflict have disrupted refined fuel output globally and caused prices to rise, particularly for diesel fuel.

China has the world's largest refining capacity, and though its fuel export volumes have typically lagged behind India and South Korea among Asian processors, its refined products are sought after because of the disruptions, particularly in Asia.

However, market analysts said China's move would only modestly ease the fuel market tightness, Reuters reported.

"It will be limited as markets remain tight overall and Middle Eastern supplies are still disrupted," said Stuti Jhunjhunwala, an oil market analyst at Energy Aspects based in Kolkata, India.

June Goh, senior analyst at Sparta Commodities, said Beijing's resumption of ⁠exports was expected ⁠but the volumes were lower than anticipated.

While Beijing typically regulates fuel exports through a quota system, it has recently tightened oversight by vetting shipments on a month-by-month basis.

However, China started its week-long National Day holiday on October 1 without giving major refiners in the world's largest refining hub a green light to export fuel products to regions other than Hong Kong and Macau in October, Reuters reported last week.

Amid the refined fuel tightness, this week the International Energy Agency, which advises industrialized countries on energy policy, agreed to accelerate the release of oil stocks and prioritize diesel supplies under a plan launched in March.

Business

SAMA Governor: Saudi Arabia Maintains Considerable Economic Resilience Despite Regional Tensions

Ayman Alsayari during his participation in the Istanbul Economic Forum (Asharq Al-Awsat)
Ayman Alsayari during his participation in the Istanbul Economic Forum (Asharq Al-Awsat)
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SAMA Governor: Saudi Arabia Maintains Considerable Economic Resilience Despite Regional Tensions

Ayman Alsayari during his participation in the Istanbul Economic Forum (Asharq Al-Awsat)
Ayman Alsayari during his participation in the Istanbul Economic Forum (Asharq Al-Awsat)

Saudi Central Bank (SAMA) Governor Ayman Alsayari said the global economy has shown considerable resilience despite successive geopolitical shocks, but warned that continued conflict in the region was complicating the outlook for growth and inflation.

Speaking at the Istanbul Economic Forum on Thursday, Alsayari said global economic growth was projected at approximately 3% in 2026, following repeated downward revisions, with a recovery expected in 2027. Global inflation, meanwhile, was forecast at around 4.7%, raising concerns about renewed price pressures after a period of easing inflation since 2024.

Turning to Saudi Arabia, Alsayari said the Kingdom had maintained considerable economic resilience despite its proximity to regional tensions, supported by strong foreign reserves and assets, long-term infrastructure investments and economic diversification under Vision 2030.

He highlighted the importance of investments in energy infrastructure, particularly the East-West Pipeline, and in maintaining oil exports amid disruptions affecting the Strait of Hormuz and the Red Sea.

The pipeline has helped Saudi Arabia continue meeting customer demand, he said.

Ayman Alsayari speaking during a session at the Istanbul Economic Forum (Asharq Al-Awsat)

Alsayari said Saudi Aramco had prepared for potential disruptions by establishing oil reserves in different parts of the world, allowing it to continue supplying customers during the conflict.

The governor stressed that recent developments demonstrated the importance of investing in critical infrastructure during periods of stability to strengthen the economy's capacity to absorb unexpected shocks.

The SAMA governor said Saudi banks had maintained their financial resilience since the beginning of the regional conflict, supported by strong liquidity and capital positions.

According to June 2026 data, the banking sector's liquidity coverage ratio stood at 170%, its capital adequacy ratio at 20.9%, and its net stable funding ratio at 114.6%.

He said Saudi banks continued to benefit from the Kingdom's A+ sovereign credit rating, which supported their access to international financing markets despite rising risk premiums.

Domestic liabilities accounted for 87.1% of total liabilities at Saudi banks, significantly limiting their exposure to capital outflow risks.

Alsayari said the Saudi economy recorded negative growth for two consecutive quarters in 2026, largely reflecting weakness in the oil sector.

However, non-oil economic activity continued to expand, growing by approximately 2% in the first quarter and 1% in the second quarter.

He attributed the resilience of domestic demand partly to population growth and record-low unemployment among Saudi nationals, alongside the progress achieved through the Kingdom's economic diversification program.

Inflation in Saudi Arabia remained moderate at 1.8% as of mid-August 2026, supported by government measures, including domestic fuel price caps, and the Saudi riyal's peg to the US dollar.

Alsayari said the currency peg had helped limit imported inflation, given the structure of the Saudi economy.

Business

WTO Raises 2026 Global Merchandise Trade Growth Forecast to 3.9% On AI Boom

A view shows shipping containers at a commercial port in Vladivostok, Russia August 25, 2023. REUTERS/Tatiana Meel/File Photo 
A view shows shipping containers at a commercial port in Vladivostok, Russia August 25, 2023. REUTERS/Tatiana Meel/File Photo 
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WTO Raises 2026 Global Merchandise Trade Growth Forecast to 3.9% On AI Boom

A view shows shipping containers at a commercial port in Vladivostok, Russia August 25, 2023. REUTERS/Tatiana Meel/File Photo 
A view shows shipping containers at a commercial port in Vladivostok, Russia August 25, 2023. REUTERS/Tatiana Meel/File Photo 

The World Trade Organization (WTO) has upgraded its global merchandise trade growth forecast for 2026 to 3.9%, a significant jump from its previous 1.9% projection made in March.

The upward revision is primarily driven by surging investments in artificial intelligence (AI) and adaptable supply chains, which have successfully cushioned economic shocks from the ongoing Middle East conflict.

The latest WTO Global Trade Outlook and Statistics report expects 4.1% growth in 2027, up from a previous forecast of 2.6%, and marginally below 2025 trade volume growth of 4.2%.

A surge in spending on semiconductors and AI data centers provided a significant boost, with trade in those products jumping 67% from a year earlier, the report said.

It said in the first half of 2026, AI-enabling goods such as semiconductors and servers accounted for 47% of global merchandise trade growth.

The WTO said merchandise trade had proved more resilient than expected in the face of disruptions, as stronger demand for AI-related products offset some of the impact of the war and supply chain disruptions.

However, the Geneva-based trade watchdog downgraded its outlook for services trade to 3.3% in 2026, down ⁠from a previous baseline forecast of 4.8%, due to higher aviation fuel costs linked to the conflict in the Middle East.

Growth forecasts this year for transport and travel services, both of which rely heavily on the region, were also cut to 0.9% and 0.2%, respectively. Services trade growth is forecast to rebound to 6.4% in 2027.

Regional Disparities

The WTO report said Asia is set to lead merchandise trade growth in 2026, with imports rising 9.5% and exports 9.9%, while Africa is also expected to post strong growth, with imports up 8.9% and exports ⁠up 5.6%.

Import growth is forecast to remain subdued in North America at 1.4%, although exports are expected to increase 5.7%. By contrast, both imports and exports in the Middle East are projected to contract sharply, falling 15.4% and 17.2%, respectively.

The WTO said signs of wider fragmentation between rival geopolitical ⁠trade blocs had eased while world GDP is expected to grow by 2.6% in 2026, with the largest gains in Asia at 4.3%, followed by Africa and South America, while the Middle East is expected to see a sharp drop in output of 4%.

AI Leads Trade

The report also noted one of the widest gaps in recent years between the growth in world merchandise trade volumes — at 3.5% year-on-year in the ⁠first half of 2026 — and the dollar value of trade, at 15%, reflecting higher prices for energy products and strong demand for AI-enabling goods.

In value terms, AI-enabling goods accounted for nearly half of global merchandise trade growth in the first half of 2026, but remain highly geographically concentrated, the report said.

It then warned that several risks could still affect the forecast such as diminishing household purchasing power due to higher fuel and fertilizer costs linked to disruption of the Strait of Hormuz, a critical route for global energy supplies, and the Russian war in Ukraine, as well as any slowdown in AI investment.

Also, the WTO said signs of wider fragmentation between rival geopolitical ⁠trade blocs had eased, but decoupling between the US and China had accelerated and was now the main driver of divergence in global trade patterns.

US imports from China fell 29% in 2025, reducing China's share of total US imports to 9.3% from more than 20% before trade tensions between the world's two largest economies flared up in 2018, the report said.