Riyadh Hosts Third Edition of Global AI Summit in September

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)
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Riyadh Hosts Third Edition of Global AI Summit in September

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)

The third edition of the Global AI Summit will be held in Riyadh from September 10 to 12 under the patronage of Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, and Chairman of the Board of Directors of the Saudi Data and Artificial Intelligence Authority (SDAIA).

In a statement, SDAIA President Dr. Abdullah bin Sharaf Al-Ghamdi expressed his gratitude to Crown Prince Mohammed for his unwavering support for the Global AI Summit.

He emphasized the pivotal role this patronage plays in advancing the national data and AI agenda, maximizing the benefits of cutting-edge technologies, and improving the Kingdom's global standing and reinforcing its leadership position in the field.

“This summit builds on the remarkable achievements of its previous editions, held in 2020 and 2022 under the gracious patronage of the Crown Prince,” he added.

“The third edition of the summit distinguishes itself through its extensive range of topics covering diverse areas of global interest in data and AI. This is particularly significant considering the rapid progress of these technologies and their profound impact on individuals and institutions,” he stressed.

The summit will cover key topics in the field of AI, such as innovation and industry trends, shaping a brighter future for AI, and cultivating an enabling environment for human talent.

Sub-themes will delve into various issues, including local and global AI applications, the integral relationship between humans and AI, business leadership in AI, the correlation between data and applications, generative AI, AI ethics, AI processing and infrastructure, and the role of AI in smart cities.

Al-Ghamdi extended an invitation to leading AI policymakers and individuals passionate about data and innovation to participate in the upcoming summit.

The gathering aims to tackle critical issues surrounding AI development and establish a framework for its responsible use.

According to Al-Ghamdi, the summit is expected to have a positive impact both locally and internationally. It aims to strengthen the Kingdom's role in supporting the UN 2030 Sustainable Development Goals, thus contributing to a better future for all.

Al-Ghamdi underscored the summit's significance to Saudi Vision 2030, led by Crown Prince Mohammed, and said it aspires to make Riyadh a global compass for AI advancements, fostering collaboration on responsible AI development that benefits humanity as a whole.

Attendees will gain insights from prominent international decision makers, ministers, heads of organizations, and tech CEOs.

The summit will facilitate interaction with leading data scientists and AI researchers, offering a global perspective on cutting-edge developments.

The event is expected to witness the signing of local and international agreements, which will form the foundation of future international initiatives in AI led by Saudi Arabia.

Al-Ghamdi said the third edition of the summit underscores the Kingdom's ambition, as envisioned by Crown Prince Mohammed, to become a leading global model in the AI field.



EIB to Allot 70 Bln Euros for Tech Sector in 2025-2027

FILE PHOTO: The logo of the European Investment Bank is pictured in the city of Luxembourg, Luxembourg, March 25, 2017. Reuters/Eric Vidal/File Photo
FILE PHOTO: The logo of the European Investment Bank is pictured in the city of Luxembourg, Luxembourg, March 25, 2017. Reuters/Eric Vidal/File Photo
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EIB to Allot 70 Bln Euros for Tech Sector in 2025-2027

FILE PHOTO: The logo of the European Investment Bank is pictured in the city of Luxembourg, Luxembourg, March 25, 2017. Reuters/Eric Vidal/File Photo
FILE PHOTO: The logo of the European Investment Bank is pictured in the city of Luxembourg, Luxembourg, March 25, 2017. Reuters/Eric Vidal/File Photo

The European Investment Bank is likely to announce on Friday plans to pump 70 billion euros into the development of European technology firms over the next three years, EU officials said.

The program, called Tech EU, is meant to help Europe compete with China and the United States in the race for innovative clean and digital technologies.

The EIB, the biggest multilateral lender in the world with a balance sheet total of 556 billion euros, expects its own 70 bln euros to mobilize a further 250 billion euros of private cash as investors crowd into projects supported by the EIB, Reuters quoted EU officials as saying.

The 70 billion is to be split into 20 billion euros for equity and quasi-equity, 40 billion euros for loans and 10 billion for guarantees in 2025-2027, the officials said.

The plan is to complement European Commission efforts to support higher risk ventures and innovative companies throughout their investment journey, from proof of concept to an initial public offering.

The EIB wants to focus on supercomputing, artificial intelligence, digital infrastructure, critical raw materials, green industries such as offshore wind, health, security and defense technologies, robotics and advanced materials, the officials said.