GAIN Summit in Riyadh to Showcase Global Experiences on AI Use in Supporting Business Leaders

GAIN Summit in Riyadh to Showcase Global Experiences on AI Use in Supporting Business Leaders
TT

GAIN Summit in Riyadh to Showcase Global Experiences on AI Use in Supporting Business Leaders

GAIN Summit in Riyadh to Showcase Global Experiences on AI Use in Supporting Business Leaders

The third edition of the Global AI (GAIN) Summit, organized by the Saudi Data and AI Authority (SDAIA) will be held in Riyadh on September 10-12.

The summit will showcase the global experiences in the field of artificial intelligence technologies, including those that focus on the importance of business leaders' understanding of rapidly developing AI technologies, and reflecting on how to increase production driven by strategic decision-making.

The deliberations of over 300 speakers, including experts, specialists, and decision-makers from 100 countries will present business leaders and those interested in the field of data and AI with promising options and opportunities to benefit from the technologies.

The speakers will deliberate on the most effective methods of utilizing AI to make strategic decisions, support responsible leadership, analyze the extent of the impact of AI on the growth of business activities and productivity, and motivate employees within an attractive work environment that meets the aspirations of business leaders.

The summit will underscore the importance of senior leaders and policymakers in making strategic decisions, determining the scope and directions of work, and achieving a competitive advantage for business. These decisions are guided by organizational policies, available resources, future plans, and other decisions based on AI.

According to a study by PricewaterhouseCoopers, productivity growth and improvement of manufacturing processes were five times faster when AI was used to adjust processes, identify shortcomings, and reduce waste and errors.

Predictive maintenance can also reduce downtime and speed up the pace of production, allowing the plant to increase production with the same or fewer inputs.



Libya's NOC Says Recent Oilfield Closures Caused Loss of around 63% of Total Oil Productions

 A general view of Ras Lanuf Oil and Gas Company in Ras Lanuf, Libya, August 28, 2024. (Reuters)
A general view of Ras Lanuf Oil and Gas Company in Ras Lanuf, Libya, August 28, 2024. (Reuters)
TT

Libya's NOC Says Recent Oilfield Closures Caused Loss of around 63% of Total Oil Productions

 A general view of Ras Lanuf Oil and Gas Company in Ras Lanuf, Libya, August 28, 2024. (Reuters)
A general view of Ras Lanuf Oil and Gas Company in Ras Lanuf, Libya, August 28, 2024. (Reuters)

Libya's National Oil Corporation (NOC) said on Friday that the recent oilfield closures have caused the loss of approximately 63% of the country's total oil production.

Highlighting that the oil sector represents the backbone of the Libyan economy, NOC said restarting the halted oilfields will require huge costs and double technical efforts.

It emphasized that the "reasons that led to the oil closure have nothing to do with the National Oil Corporation," adding that the corporation's teams are assessing losses resulting from the closures.

The repeated shutdowns result in the loss of a large portion of the country's oil production, cause a deterioration of the sector’s infrastructure, and dissipate efforts to achieve the production increase plan, NOC added in its statement.