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Modern Technologies, AI Save Saudi Arabia $13.6 Billion

Al-Baha Artificial Intelligence Forum (Asharq Al-Awsat)
Al-Baha Artificial Intelligence Forum (Asharq Al-Awsat)
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Modern Technologies, AI Save Saudi Arabia $13.6 Billion

Al-Baha Artificial Intelligence Forum (Asharq Al-Awsat)
Al-Baha Artificial Intelligence Forum (Asharq Al-Awsat)

Over 110 Saudi government agencies benefitted from modern technologies and artificial intelligence, resulting in significant savings and revenue opportunities amounting to $13.6 billion, all made possible through the Estishraf platform.

Estishraf, a platform affiliated with the Saudi Data and Artificial Intelligence Authority (SDAIA), provides future insights for decision-makers in the Kingdom.

It provides interactive economic and social analytics and indicators in an online platform based on a national multidisciplinary team by investing in big data, advanced analytical capabilities, and artificial intelligence.

The platform also supports the formulation of decisions, policy design, and simulation of the impact of various economic, social, and demographic changes to support the future direction of achieving Vision 2030.

- Digital transformation

Director of the National Information Center at SDAIA Esam al-Wagait emphasized the Kingdom's distinguished experience in digital transformation, particularly against the backdrop of the world's escalating digital acceleration.

Wagait was speaking at the al-Baha Forum for Artificial Intelligence under the patronage of Baha Governor Prince Hussam bin Saud bin Abdulaziz.

The forum was attended by several officials, specialists, and researchers in AI, technologies, and smart cities.

The director stated that SDAIA exerted efforts that have had the most significant impact on enabling and accelerating government digital transformation and data and artificial intelligence progress within the Kingdom.

Notably, over 31 million users have benefited from Tawakkalna Services and the Naba platform, which serves over 124 beneficiary entities and notifies users about more than 510 services.

- Government cloud

Wagait lauded the Boroog platform as representing a great success in secure government communication by organizing more than 47,000 meetings.

In terms of cloud services, Deem technology hosts more than 230 government data centers that contributed to raising the level of services and improving efficiency.

SDAIA organized the first and second editions of the World Summit on Artificial Intelligence, developing numerous smart solutions and use cases in the energy, transportation, health, and security sectors.

The Authority also prioritized developing human capabilities and digital skills by establishing a specialized academy and launching training camps.

- Modern applications

Al-Baha University President Abdullah al-Hussein said that the institution had achieved promising and tangible steps in the digital transformation journey in line with the strategic plan, as it established a data center in private cloud computing.

Hussein pointed out that this solid infrastructure contributed to the adoption of modern applications to serve activities and businesses at the University through qualitative digital services that exceeded 120 services.

He added that the University established the Data Office for data management and governance, achieving the third level of government data maturity at 54 percent. Furthermore, over 260 electronic courses have been developed and offered in blended and educational modes.

He added that the University won the Blackboard Award for Teaching and Learning in the Middle East for Excellence in Community Participation in 2022 and 2023, respectively.

The University initiated the strategic plan for cybersecurity with four operational plans and eight projects, in addition to achieving a 71% compliance rate with cybersecurity controls.

- Smart cities

According to Hussein, artificial intelligence is not just a technical advance but a qualitative shift that touches every aspect of life and opens up new possibilities.

He stressed the significance of exploring, discussing, and sharing knowledge and ideas as a catalyst for multidisciplinary cooperation.

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Business

HSBC Reportedly Plans Job Cuts Across UK Wealth Business in AI Push

HSBC logo is seen in this illustration taken January 7, 2026. REUTERS/Dado Ruvic
HSBC logo is seen in this illustration taken January 7, 2026. REUTERS/Dado Ruvic
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HSBC Reportedly Plans Job Cuts Across UK Wealth Business in AI Push

HSBC logo is seen in this illustration taken January 7, 2026. REUTERS/Dado Ruvic
HSBC logo is seen in this illustration taken January 7, 2026. REUTERS/Dado Ruvic

HSBC is planning sweeping job cuts across its UK wealth management business, including a sharp reduction in financial advisers and specialist staff, as part of a broader push to integrate AI, the Financial Times reported on Wednesday.

The bank plans to cut about half of management and specialist roles in the business, while reductions among financial advisers could reach around 70%, the report said, citing people familiar with the plans.

HSBC does not disclose the number of employees in its UK wealth business, ⁠though it is ⁠thought to have hundreds of relationship managers across the country, according to the FT.

The bank did not immediately respond to a Reuters request for comment outside regular business hours.

"HSBC UK is a long-established, leading UK wealth manager and premium banking provider," the bank ⁠said in a statement to Reuters. "We're continuing to evolve to deliver more digitally enabled products and journeys to support our best-in-class wealth service and meet the changing needs of our customers."

The bank is currently in a consultation period on the proposed changes, the report said, adding that affected employees are expected to leave by the end of the month.

In May, Chief Executive Georges Elhedery said at an HSBC investor day event that staff needed ⁠to ⁠embrace AI-driven change rather than resist it and that "generative AI will destroy certain jobs".

Elhedery has made AI a central part of his strategy since taking over in 2024, deploying the technology across multiple functions and businesses to simplify operations and personalize content for customers.

Banks across the globe have increased investments in AI, reshaping workforces and leading to changes in job roles. This has deepened concerns among economists that AI will upend established industries, with job losses already emerging in sectors most exposed to automation.

Business

Norway Plans to Spend $63.6 Billion from Wealth Fund in 2027

A general view of the cityscape in Oslo, Norway November 17, 2020. NTB SCANPIX/Cornelius Poppe via REUTERS
A general view of the cityscape in Oslo, Norway November 17, 2020. NTB SCANPIX/Cornelius Poppe via REUTERS
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Norway Plans to Spend $63.6 Billion from Wealth Fund in 2027

A general view of the cityscape in Oslo, Norway November 17, 2020. NTB SCANPIX/Cornelius Poppe via REUTERS
A general view of the cityscape in Oslo, Norway November 17, 2020. NTB SCANPIX/Cornelius Poppe via REUTERS

Norway's minority Labour Party government said on Wednesday it plans to raise its spending level in 2027 from the country's $2.3 trillion sovereign wealth fund to help cover public expenses.

The government proposed withdrawing 608.4 billion Norwegian crowns ($63.61 billion) from the fund in 2027, up from a revised 583.4 billion in 2026, and must ⁠now negotiate with ⁠four centrist and left-wing parties to pass the budget.

Gross domestic product (GDP) outside the oil industry is now expected to grow by 1.1% this year, against 1.7% growth seen in ⁠May.

Growth is seen at 1.7% in 2027, an increase from 1.6% predicted previously.

"The budget proposal is estimated to have a neutral effect on the activity in the economy next year," the government said in a statement.

It saw core inflation in 2026 at 3.1%, down from 3.2% seen in May, easing to ⁠a ⁠rate of 2.8% in 2027 against 2.6% seen previously.

The structural non-oil deficit for 2027, a key measure of how much money the government will spend from the wealth fund, was expected to be 2.7% of the fund's projected value at the end of 2026, in line with the current year.

Business

Moody’s: Spending Restraint to Strengthen Saudi Arabia’s Fiscal Recovery in 2027

Saudi capital, Riyadh (Reuters)
Saudi capital, Riyadh (Reuters)
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Moody’s: Spending Restraint to Strengthen Saudi Arabia’s Fiscal Recovery in 2027

Saudi capital, Riyadh (Reuters)
Saudi capital, Riyadh (Reuters)

Credit rating agency Moody’s said on Tuesday that the fiscal recovery planned for Saudi Arabia in 2027 supports its view that prudent fiscal management will remain a key factor in spending and borrowing decisions.

The agency also noted that reprioritizing state investments could preserve fiscal space while economic diversification continues.

Commenting on Saudi Arabia’s Pre-Budget Statement for next year, the rating agency said that prolonged trade disruptions and additional spending have limited the fiscal improvement it previously expected.

However, it said, Saudi Arabia’s move to rein in spending in 2027 reinforces its view that prudent fiscal management will remain a cornerstone of spending and borrowing decisions.

For 2027, the government projects a spending decrease to SAR 1.392 trillion ($371.2 billion), alongside a 1% rise in revenue to SAR 1.202 trillion ($320.5 billion); this would narrow the projected deficit to around SAR 191 billion ($50.7 billion), equivalent to 3.6% of GDP.

Moody’s said the government's ability to reprioritize investments linked to Saudi Vision 2030 could preserve fiscal space while economic diversification continues. Focusing resources on projects with strong returns would likely help reconcile growth objectives with spending restraint.

As for oil, the agency expected that disruptions to strategic shipping routes will persist through the end of the first half of 2027, which could affect oil production. However, it noted that higher oil prices have cushioned the impact of lower production and exports in recent months.

Saudi Arabia's real GDP is expected to contract 3.6% in 2026, largely because of a sharp decline in oil activity, even as the non-oil economy continues to expand, according to the Ministry of Finance's Pre-Budget Statement for 2027.

The Ministry estimates that oil activity will decline by around 21.8% this year, while non-oil activities are expected to grow 3.2%, helping cushion the impact of lower oil output on the wider economy.

Non-oil activity grew 1.8% in the first half of 2026, lifting its contribution to GDP to a record 57.3%, the statement said.

Moody’s review reflects a credit assessment of the Pre-Budget Statement for 2027 that places more emphasis on the government's capability to recalibrate investment and prioritize spending efficiency while explicitly preserving its overarching economic diversification goals. This, it said, would help preserve fiscal flexibility amid geopolitical strains and global market uncertainties.