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.



Gold Edges Higher in Holiday Trade; Eyes on Fed's 2025 Plan

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
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Gold Edges Higher in Holiday Trade; Eyes on Fed's 2025 Plan

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo

Gold inched higher on Thursday in holiday-thinned trade, as investors focused on the US Federal Reserve's interest rate strategy and anticipated tariff policies under President-elect Donald Trump, both of which could influence the metal's direction in the coming year.

Spot gold rose 0.2% to $2,619.59 per ounce, as of 0023 GMT.

According to Reuters, bullion has surged approximately 27% so far this year, scaling multiple record highs, fueled by significant Fed rate cuts, including a jumbo reduction in September, and heightened geopolitical uncertainties.

Meanwhile, US gold futures steadied at $2,637.10.

In a holiday-curtailed week, trading volumes will likely thin out as the year-end approaches, and Markets are eyeing jobless claims data due later in the day, while preparing for major policy shifts, including tariffs, deregulation and tax changes, in 2025 as Trump returns to the White House in January.

On the geopolitical level, the Palestinian militant group Hamas and Israel traded blame on Wednesday over their failure to conclude a ceasefire agreement despite progress reported by both sides in past days.

Gold is considered a safe investment option during economic and geopolitical turmoil and tends to thrive in a low interest rate environment.