Al-Rajhi to Asharq Al-Awsat: Saudi Arabia Pioneers Interest in Artificial Intelligence

 Saudi Human Resources and Social Development Minister Ahmed Al-Rajhi addressing the audience during the opening of the first Global Labor Market Conference held in Riyadh from Dec. 13-14 (Asharq Al-Awsat)
Saudi Human Resources and Social Development Minister Ahmed Al-Rajhi addressing the audience during the opening of the first Global Labor Market Conference held in Riyadh from Dec. 13-14 (Asharq Al-Awsat)
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Al-Rajhi to Asharq Al-Awsat: Saudi Arabia Pioneers Interest in Artificial Intelligence

 Saudi Human Resources and Social Development Minister Ahmed Al-Rajhi addressing the audience during the opening of the first Global Labor Market Conference held in Riyadh from Dec. 13-14 (Asharq Al-Awsat)
Saudi Human Resources and Social Development Minister Ahmed Al-Rajhi addressing the audience during the opening of the first Global Labor Market Conference held in Riyadh from Dec. 13-14 (Asharq Al-Awsat)

Saudi Arabia is among the first countries to embrace Artificial Intelligence (AI), Human Resources and Social Development Minister Ahmed Al-Rajhi told Asharq Al-Awsat in a presser at the first Global Labor Market Conference.

Furthermore, Al-Rajhi anticipated that 50% of global jobs will be affected by AI, in addition to the creation of 133 million new jobs in this field by 2030.

On Wednesday, Al-Rajhi highlighted that Saudi Arabia has introduced eight major initiatives to address challenges imposed by AI.

He pointed out the commitment to provide 1.1 million training opportunities for the local private sector, aiming to equip citizens with new skills and diverse experiences to adapt to various jobs in the field by 2025.

Al-Rajhi mentioned that Saudi Arabia has launched the National Skills Standard and established 12 councils across different sectors such as energy, tourism, industry, and transportation.

These councils, in partnership with the private sector, play a crucial role in skill development.

Speaking at the opening ceremony of the first Global Labor Market Conference held in Riyadh from Dec. 13-14, Al-Rajhi stressed the transformation the labor market is currently seeing is unlike anything that has ever happened before.

The conference, organized by the Ministry of Human Resources and Social Development, is being attended by over 6,000 participants from 40 countries.

This diverse gathering includes ministers, government officials, and leaders. Additionally, heads of international and professional organizations and representatives from academic circles are also in attendance.

Al-Rajhi stated that in 2020, Saudi Arabia launched its Labor Market Strategy, implementing 70% of its initiatives.

He noted that the number of citizens in the private sector reached 2.3 million.

Emphasizing the Kingdom’s efforts, he mentioned the creation of regulatory and legislative environments for the workforce, ensuring the use of new technologies to maximize value for the global economy while eliminating exploitation.

He highlighted Saudi Arabia as having one of the world’s most diverse workforces and expressed the country's ambition to become a preferred destination for top talents.

Al-Rajhi affirmed the nation’s commitment to fostering private-sector-led work environments to meet the needs of citizens.

It is noteworthy that the conference’s opening session was preceded by a ministerial roundtable discussion, during which Al-Rajhi received minister-level labor officials from over 24 countries.

During the session, participants discussed the most pressing opportunities and changes facing labor markets, and considered joint efforts that can be undertaken to address these challenges.

During the roundtable, Al-Rajhi stressed that the current stage of the global labor market’s evolution necessitates international solidarity, cooperation, and exchange in order to effectively respond to rapid, unprecedented changes related to workplace practices, emerging technologies, and geopolitical circumstances.



Egypt Plans $1 Billion Red Sea Marina, Hotel Development

This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)
This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)
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Egypt Plans $1 Billion Red Sea Marina, Hotel Development

This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)
This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)

Egypt announced plans on Monday for a new $1 billion marina, hotel and housing development on the Red Sea in a bid to boost the region's tourist industry.

Construction on the "Monte Galala Towers and Marina" project would ‌start in ‌the second ‌half ⁠of the ‌year and run for seven years, Ahmed Shalaby, managing director of the main developer, Tatweer Misr, said.

The 10-tower development - a partnership with the ⁠housing ministry and other state bodies ‌including the armed ‍forces' engineering authority - ‍would cost about 50 ‍billion Egyptian pounds ($1.07 billion), he added.

The project, also announced by the cabinet, will cover 470,000 square meters on the Gulf of Suez, about ⁠35 km south of Ain Sokhna, Shalaby said.

Egypt aims to boost total tourist arrivals to around 30 million by 2030, from around 19 million recorded by the tourism ministry in 2025.


Saudi-Polish Investment Forum Explores Prospects for Economic and Investment Cooperation

The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA
The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA
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Saudi-Polish Investment Forum Explores Prospects for Economic and Investment Cooperation

The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA
The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA

The Saudi-Polish Investment Forum was held today at the headquarters of the Federation of Saudi Chambers in Riyadh, with the participation of Minister of Investment Khalid Al-Falih, Minister of Finance of the Republic of Poland Andrzej Domański, and Vice President of the Federation of Saudi Chambers Emad Al-Fakhri.

The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation, expanding investment partnerships in priority sectors, and exploring high-quality investment opportunities that support sustainable growth in Saudi Arabia and Poland.

During a dedicated session, the forum reviewed economic and investment prospects in both countries through presentations highlighting promising opportunities, investment enablers, and supportive legislative environments.

Several specialized roundtables addressed strategic themes, including the development of the digital economy, with a focus on information and communication technologies (ICT), financial technologies (fintech), and artificial intelligence-driven innovation, SPA reported.

Discussions also covered the development of agricultural value chains from production to market access through advanced technologies, food processing, and agricultural machinery. In addition, participants examined ways to enhance the construction sector by developing systems and materials, improving execution efficiency, and accelerating delivery timelines. Energy security issues and the role of industrial sectors in supporting economic transformation and sustainability were also discussed.

The forum witnessed the announcement of two major investment agreements. The first aims to establish a framework for joint cooperation in supporting investment, exchanging information and expertise, and organizing joint business events to strengthen institutional partnerships.

The second agreement focuses on supporting reciprocal investments through the development of financing and insurance tools and the stimulation of joint ventures to boost investment flows.

The forum concluded by emphasizing the importance of continued coordination and dialogue between the public and private sectors in both countries to deepen Saudi-Polish economic relations and advance shared interests.


Gold Rises as Dollar Slips, Focus Turns to US Jobs Data

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
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Gold Rises as Dollar Slips, Focus Turns to US Jobs Data

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo

Gold prices rose on Monday, buoyed by a softer dollar as investors braced for a week packed with US economic data that could offer more clues on the US Federal Reserve's monetary policy.

Spot gold rose 1.2% to $5,018.56 per ounce by 9:30 a.m. ET (1430 GMT), extending a 4% rally from Friday.

US gold futures for April delivery also gained 1.3% to $5,042.20 per ounce.

The US dollar fell 0.8% to a more than one-week low, making greenback-priced bullion cheaper for overseas buyers.

"The big mover today (in gold prices) is the US dollar," said Bart Melek, global head of commodity strategy at TD Securities, adding that expectations are growing for weak economic data, particularly on the labor front, Reuters reported.

Investors are closely watching this week's release of US nonfarm payrolls, consumer prices and initial jobless claims for fresh signals on monetary policy, with markets already pricing in at least two rate cuts of 25 basis points in 2026.

US nonfarm payrolls are expected to have risen by 70,000 in January, according to a Reuters poll.

Lower interest rates tend to support gold by reducing the opportunity cost of holding the non-yielding asset.

Meanwhile, China's central bank extended its gold buying spree for a 15th month in January, data from the People's Bank of China showed on Saturday.

"The debasement trade continues, with ongoing geopolitical risks driving people into gold," Melek said, adding that China's purchases have had a psychological impact on the market.

Spot silver climbed 2.9% to $80.22 per ounce after a near 10% gain in the previous session. It hit an all-time high of $121.64 on January 29.

Spot platinum was down 0.2% at $2,092.95 per ounce, while palladium was steady at $1,707.25.

"A slowdown in EV sales hasn't really materialized despite all the policy softening, so I do see that platinum and palladium will possibly slow down," after a bullish run in 2025, WisdomTree commodities strategist Nitesh Shah said.