Saudi Arabia Ranks 1st in Government Strategy for Artificial Intelligence in Tortoise Global AI Index

The Kingdom ranked first in the Government Strategy Index for Artificial Intelligence and secured 31st position in the total classification indicators issued by Tortoise
The Kingdom ranked first in the Government Strategy Index for Artificial Intelligence and secured 31st position in the total classification indicators issued by Tortoise
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Saudi Arabia Ranks 1st in Government Strategy for Artificial Intelligence in Tortoise Global AI Index

The Kingdom ranked first in the Government Strategy Index for Artificial Intelligence and secured 31st position in the total classification indicators issued by Tortoise
The Kingdom ranked first in the Government Strategy Index for Artificial Intelligence and secured 31st position in the total classification indicators issued by Tortoise

Saudi Arabia ranked first globally in the Government Strategy Index for Artificial Intelligence, one of the indicators of the global classification of artificial intelligence issued by Tortoise Intelligence, which evaluates more than 60 countries in the world.

Germany and China secured the second and third rankings, respectively.

The Global Ranking of Artificial Intelligence incorporates more than 100 indicators, categorized into seven sub-pillars: government strategy, research, development, talent, infrastructure, operating environment, and commercial.

The Kingdom ranked first in the Government Strategy Index for Artificial Intelligence and secured 31st position in the total classification indicators issued by Tortoise, a company that has a global advisory board that includes experts in artificial intelligence from around the world.

The Kingdom has accomplished a remarkable feat, scoring 100% in all criteria of the index related to artificial intelligence. This includes the establishment of the National Strategy for Data and AI (NSDAI) within the Kingdom, the presence of a dedicated government authority for artificial intelligence, the allocation of funding and budget for AI initiatives, and the formulation and monitoring of national targets for artificial intelligence.

The Saudi Data and Artificial Intelligence Authority has led the national plans for data and artificial intelligence to achieve the aspirations of Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Prime Minister, and Chairman of the SDAIA Board of Directors, and the objectives of the Saudi Vision 2030.

It has worked to develop the National Strategy for Data and AI (NSDAI) to unify efforts and launch national initiatives in data and artificial intelligence and make optimal use of them.

This significant achievement by the Kingdom perfectly aligns with the overarching goals of Saudi Vision 2030, which aims to position the country prominently in global indicators across various domains.



Pinterest Shares Surge as Strong Ad Spend Defies Tariff Uncertainty

A keyboard is placed in front of a displayed Pinterest logo in this illustration taken February 21, 2023. (Reuters)
A keyboard is placed in front of a displayed Pinterest logo in this illustration taken February 21, 2023. (Reuters)
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Pinterest Shares Surge as Strong Ad Spend Defies Tariff Uncertainty

A keyboard is placed in front of a displayed Pinterest logo in this illustration taken February 21, 2023. (Reuters)
A keyboard is placed in front of a displayed Pinterest logo in this illustration taken February 21, 2023. (Reuters)

Pinterest shares jumped more than 11% on Friday, after a strong quarterly revenue forecast allayed investor jitters about the uncertainty of advertising spending on its platform amid global economic volatility.

Its robust first-quarter revenue positions it alongside peers Reddit and Facebook-parent Meta, which also saw strong top-line results at a time when deepening global trade tensions have clouded the outlook for many firms dependent on marketing spend.

A shifting US trade policy coupled with escalating geopolitical tensions have sparked fears of a spike in inflation levels and a possible recession, prompting a broader pullback in consumer and enterprise spending.

However, Pinterest's focus on strengthening the effectiveness of its artificial intelligence tools for creating ad campaigns and a growing Gen Z userbase makes it an attractive destination for marketers.

"AI is helping to serve up the right type of ads for different audience segments, which ultimately means there could be a greater propensity to click on the ad if it is relevant," said Dan Coatsworth, investment analyst at AJ Bell.

Pinterest's global monthly active users rose 10% from a year earlier to 570 million in the first quarter, exceeding analysts' expectations according to data compiled by LSEG.

"We believe Pinterest's strategic focus on AI improvements and international expansion is yielding results," said Angelo Zino, senior equity analyst at CFRA Research.

Pinterest flagged a reduction in spending from Asian e-commerce retailers due to the roll-back of the "de minimis" exemption earlier this year, which led notable Chinese advertisers including online marketplace Temu and fast-fashion retailer Shein to slash ad budgets.

Barclays analysts said they expect "trends to worsen in e-commerce advertising" later this year if and when tariffs impact consumer spending.

If gains hold, Pinterest is set to add around $2 billion to its market cap.

The company trades at 14.51 times the estimates of its earnings for the next 12 months, compared with Reddit's 67.65 and Snap's 22.19.