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Saudi Arabia Prepares 10 Regions to Become Among Top 50 Global Cities

The Minister of Municipal, Rural Affairs and Housing speaks to the audience in the opening speech of the forum. (Asharq Al-Awsat)
The Minister of Municipal, Rural Affairs and Housing speaks to the audience in the opening speech of the forum. (Asharq Al-Awsat)
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Saudi Arabia Prepares 10 Regions to Become Among Top 50 Global Cities

The Minister of Municipal, Rural Affairs and Housing speaks to the audience in the opening speech of the forum. (Asharq Al-Awsat)
The Minister of Municipal, Rural Affairs and Housing speaks to the audience in the opening speech of the forum. (Asharq Al-Awsat)

Saudi Minister of Municipal, Rural Affairs and Housing Majid Al-Hogail said that the Kingdom was working to transform at least 10 Saudi cities to become among the top 50 global cities, by achieving the factors of governance, sustainability, and interaction with residents.

His remarks came on the sidelines of the Global Smart City Forum, organized by the Saudi Data and Artificial Intelligence Authority (SDAIA) on Monday in Riyadh with the participation of world experts in the field of building smart cities and artificial intelligence.

Smart municipalities

Al-Hogail noted that the ministry’s strategy was based on Vision 2030 and was aimed at urban growth and portraying cities as vibrant centers of sustainable development and technology, where the aspirations and well-being of people are met.

He added that the strategy achieves the concept of smart municipalities and develops urban centers in existing cities, by taking advantage of AI technology and data.

Smart applications

Al-Hogail went on to say that the ministry aims for the well-being of the population by laying the foundations for smart cities and municipalities, as part of its steps to enhance community interaction in the “Baladi” application, which has received global praise as one of the most prominent smart applications in the United Nations.

For his part, Dr. Abdullah Al-Ghamdi, head of SDAIA, explained that the forum aims to achieve three goals: anticipating sustainable smart cities in the future, promoting smart government initiatives worldwide, and motivating companies to invest in building smart solutions.

He stated that in 2023, the joint efforts of government agencies that used the national smart cities platform “Smart C” contributed to reducing traffic congestion on a road network leading to the site of a huge conference in Riyadh by 36 percent, compared to 2022.

Al-Ghamdi also revealed the launch of the Smart Cities Accelerator with strong participation from local and international startups, which created commercial opportunities and facilitated market access for more than 100 teams from 39 universities.

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Business

IEA Says Global Oil Demand Picks Up Despite War Fears

FILE PHOTO: A drone view of three berths able to load vessels with oil is seen after their construction at Westridge Marine Terminal, the terminus of the Canadian government-owned Trans Mountain pipeline expansion project in Burnaby, British Columbia, Canada, April 26, 2024. REUTERS/Chris Helgren/File Photo
FILE PHOTO: A drone view of three berths able to load vessels with oil is seen after their construction at Westridge Marine Terminal, the terminus of the Canadian government-owned Trans Mountain pipeline expansion project in Burnaby, British Columbia, Canada, April 26, 2024. REUTERS/Chris Helgren/File Photo
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IEA Says Global Oil Demand Picks Up Despite War Fears

FILE PHOTO: A drone view of three berths able to load vessels with oil is seen after their construction at Westridge Marine Terminal, the terminus of the Canadian government-owned Trans Mountain pipeline expansion project in Burnaby, British Columbia, Canada, April 26, 2024. REUTERS/Chris Helgren/File Photo
FILE PHOTO: A drone view of three berths able to load vessels with oil is seen after their construction at Westridge Marine Terminal, the terminus of the Canadian government-owned Trans Mountain pipeline expansion project in Burnaby, British Columbia, Canada, April 26, 2024. REUTERS/Chris Helgren/File Photo

The International Energy Agency said Friday that "a recovery" in global oil demand had started as supplies tentatively start moving through the strategic Strait of Hormuz again and prices ease.

"A recovery in world oil demand is underway, with consumption set to rise from its May nadir," AFP quoted the IEA's monthly report as saying.

The agency had in June predicted a fall in demand of 1.1 million barrels a day (mbd) through 2026 because of the Middle East war, which strangled traffic through the strait. It now expects a one million barrel a day fall.

"Global oil supply rebounded by a sharp 4.1 mbd to 98.8 mbd in June, as a resumption of flows through the Strait of Hormuz underpinned a partial recovery in Gulf production. World output was nevertheless some 9.4 mb/d below pre-war levels," it said.

"Total Gulf oil exports, including volumes bypassing the Strait, surged by 6.5 mbd in June, to 16.1 mbd - a big jump but still well below the 24 mbd average before the war started."

According to the IEA, world supply improved to 102.6 mbd in June and would continue to get better if there was "a swift de-escalation of renewed hostilities".

"If transit volumes improve, oil supply will expand by 7.5 mbd next year," the agency added.

The agency said world oil reserves increased for the first time since the US-Israeli attacks on Iran on February 28 set off the war.

It added that stocks in the richest nations had fallen as their oil imports remained low despite the rise in volumes being transported by sea.

While oil prices fell dramatically in June, fresh fighting between US and Iranian forces this week "clouds the outlook", the IEA said.

"Renewed exchanges of fire in the Gulf this week highlight the risks of not reaching a lasting peace agreement, which is a must for the normalization in oil markets," it commented.

Business

Humain, Cohere Launch Strategic Partnership to Expand AI Infrastructure in Saudi Arabia

Logo of the Saudi company Humain (Asharq Al-Awsat)
Logo of the Saudi company Humain (Asharq Al-Awsat)
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Humain, Cohere Launch Strategic Partnership to Expand AI Infrastructure in Saudi Arabia

Logo of the Saudi company Humain (Asharq Al-Awsat)
Logo of the Saudi company Humain (Asharq Al-Awsat)

Humain, the company building an integrated artificial intelligence ecosystem, and Canadian sovereign AI company Cohere have announced a strategic partnership to develop AI computing infrastructure and support the development of sovereign AI models and enterprise AI solutions in Saudi Arabia.

The agreement was announced during Canadian Prime Minister Mark Carney’s visit to the Kingdom, marking Cohere’s first international expansion outside North America.

Under the partnership, Humain will allocate at least 50 megawatts of AI-dedicated computing capacity to support the next generation of foundation models being developed by Cohere.

The capacity may be expanded over the next five years in line with growing demand, with the infrastructure scheduled to become operational in the fourth quarter of 2027.

The collaboration also includes the development of customized AI solutions for enterprises, sovereign Arabic-language models, and specialized models for various economic sectors, supporting the secure adoption of AI applications across the Kingdom.

Humain Chief Executive Officer Tareq Amin said access to computing capacity will be the defining factor in the future of artificial intelligence.

He added that Cohere’s decision to establish its first large-scale international computing deployment in Saudi Arabia reflects the strength of the infrastructure Humain is developing to support advanced AI research and foundation models.

For his part, Aidan Gomez, Cohere’s co-founder and chief executive officer, said developing new generations of AI models requires sustained access to high-performance computing.

He added that the partnership with Humain provides the infrastructure and flexibility needed to support the company’s long-term strategy, while also enabling collaboration on sovereign AI models and initiatives that will benefit both Saudi Arabia and global markets.

The partnership aims to combine Humain’s AI infrastructure with Cohere’s expertise in developing large language models, strengthening regional AI computing capabilities and creating a scalable platform to meet growing demand for enterprise AI solutions.

It also seeks to enable organizations to deploy secure, production-ready AI applications tailored to business needs.

Business

ECB is Back to Square One as US-Iran War Resumes

FILE PHOTO: A view of the European Central Bank (ECB) headquarters in Frankfurt, Germany, March 6, 2025. REUTERS/Jana Rodenbusch/File Photo
FILE PHOTO: A view of the European Central Bank (ECB) headquarters in Frankfurt, Germany, March 6, 2025. REUTERS/Jana Rodenbusch/File Photo
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ECB is Back to Square One as US-Iran War Resumes

FILE PHOTO: A view of the European Central Bank (ECB) headquarters in Frankfurt, Germany, March 6, 2025. REUTERS/Jana Rodenbusch/File Photo
FILE PHOTO: A view of the European Central Bank (ECB) headquarters in Frankfurt, Germany, March 6, 2025. REUTERS/Jana Rodenbusch/File Photo

The European Central Bank is back to square one in its fight against high inflation in the euro zone after new hostilities between the US and Iran caused energy prices to rise again, ECB policymaker Yannis Stournaras said on Friday.

The ECB raised rates at its June 10-11 meeting and investors expect it to do so twice more ⁠over the next ⁠year to contain the fallout from the Iran war on fuel costs.

"Hostilities started again," Stournaras, the Greek central bank governor, told an event in Greece. "So we're back to ⁠square one and that shows how precarious and volatile is the situation in the Middle East and, as a consequence, it also shows the uncertainty surrounding inflation forecasts and therefore the challenges that policy has to face."

An unexpectedly rapid retreat in energy prices following a ceasefire deal between the US and Iran ⁠had ⁠taken pressure off the ECB to lift rates again at its next meeting on July 22-23, though the case for a hike later on remained firm, four sources told Reuters last week.

But traders have ramped up their bets on ECB hikes again in recent days on signs that the deal to end hostilities is in jeopardy.