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February 2024

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ECONOMY



 

The kingdom has reasons to be cheerful about its economy despite the oil sector hitting the brakes, as other macro fundamentals remain strong.



MANUFACTURING


 

Saudi and its partners are investing heavily in advancing initiatives that will help meet their sustainable development goals.


OIL MARKET


 

Oil will continue to occupy a dominant spot in the global energy mix, at least in the foreseeable future, as post-pandemic recovery influences consumption trends.


PETROCHEMICALS


 

Increasing need for diverse petrochemical products, including green chemicals, has opened a new world of opportunities for regional manufacturers.



SME

 

Through funding and training programmes, authorities have created a fertile ground for start-ups and entrepreneurs to thrive in the kingdom.



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 IN THIS EDITION

The kingdom is set to propel its digital transformation forward with the establishment of an artificial intelligence (AI) academy in collaboration with the Saudi Data and Artificial Intelligence Authority (SDAIA) and AI tech giant Nvidia.

The Industrial Artificial Intelligence Academy underscores the critical need to cultivate qualified national talents, enabling them to compete globally and achieve ambitious objectives. The academy aims to empower a new generation proficient in leveraging industrial AI to revolutionise smart spaces and operations. Additionally, it seeks to foster partnerships with leading technical entities to drive the development of advanced technologies, thereby significantly advancing industrial AI in Saudi Arabia.

The initiative reflects the kingdom's aspirations to play an active role on the globalstage and harness AI for the improvement of humanity. The academy's inauguration is part of SDAIA's ongoing efforts as the national authority for data and AL, highlighting the importance of nurturing skilled national talents and enhancing global competitiveness through the integration of AI in smart cities. Ultimately, the initiative aims to position the kingdom as a global leader in cutting-edge technologies and AI-related advancements.

The strategic partnership with Nvidia will support and strengthen the region's digital economy, with a particular focus on Saudi Arabia, which is recognised as the largest market for technical innovation in the Middle East and North Africa (MENA) region. The two parties have also explored the potential of generative AI in supporting digital transformation and investment opportunities, including fostering innovation in deep technologies and maximising the social and economic benefits of implementing generative AI techniques in the digital sector.

An International Center for AI Research and Ethics (ICAIRE) is also being established in Riyadh, along with UNESCO’s approval of it as an international Category 2 centre. The vision includes positioning the kingdom as a leader in ethical AI globally by providing support for research and development in the field of AI, increasing awareness of the ethics of AI, providing advisory support in AI policies, and supporting capacity-building in AI. 

The initiatives are part of Saudi Arabia's efforts to become a top Al tech hub in the region and beyond.
DISCLAIMER