Day: September 6, 2024

Saudi Arabia is preparing for the third Global AI (GAIN) Summit, which is set to host a distinguished gathering of policymakers, thought leaders, scientists, experts, and specialists in artificial intelligence (AI) from around the world September 10 to 12. The summit's agenda will place emphasis on the development of AI infrastructure, recognized as one of the top priorities for governments in the current era to optimize the benefits of these technologies. The summit will also aim to support the growth and enhancement of AI applications embedded in various aspects of life. The initiative aligns with the Kingdom's rapid growth in adopting and advancing AI-supported services, including those provided by the Saudi Data and AI Authority (SDAIA) to government entities. Such services include SDAIA's establishment of digital structures and hosting them to bolster the national drive towards digital transformation. The efforts aim to enhance the effectiveness of government services and increase their responsive ness and inclusivity for beneficiaries including citizens, residents, and visitors to the Kingdom. AI areas such as machine learning, computer vision, and natural language processing (NLP) have witnessed unprecedented growth in the past decade, necessitating advanced computational capabilities and extensive data centers for operation. AI-designed infrastructure relies on specialized devices like graphics processing units (GPUs) to accelerate machine learning processes. AI significantly contributes to rapid technological advancement, amplifying innovation opportunities and growth across various sectors. It plays a pivotal role in elevating quality, enhancing capabilities and operational efficiency, and improving productivity. Source: Saudi Press Agency

Camel racing competitions for male and female jockeys will commence as part of the sixth annual Crown Prince Camel Festival at the Taif Camel Square, starting Friday. The competitions will consist of six rounds featuring 123 jockeys from 13 countries. Five rounds are allocated for the 97 male jockeys with each round spanning a distance of 4 km. Meanwhile, the sixth round is exclusively for the 26 female jockeys covering a 2 km distance. Participants will compete for a total prize pool of 930,000 Saudi Riyals. As part of Saudi Camel Sports' endeavors to promote women's sports, last year's festival saw the inception of an international open women's racing round, marking a first in the Saudi camel racing landscape. Source: Saudi Press Agency

The inaugural 24 Fintech Conference concluded Thursday in Riyadh, hosted by the Financial Sector Development Program, the Saudi Central Bank (SAMA), the Capital Market Authority (CMA), and the Insurance Authority (IA). Co-organized by "Fintech Saudi" and "Tahaluf," -- a joint venture between Informa PLC, the Saudi Federation for Cyber Security, Programming and Drones (SAFCSP) and the Events Investment Fund (NDF) -- the conference drew over 37,000 attendees. In his closing remarks, SAMA Vice Governor for Supervision and Technology Dr. Khaled Al-Dhaher underscored the conference's significance as a platform for dialogue among policymakers, industry leaders, international talent, and regulators. He highlighted the Kingdom's role as a regional financial-technology (fintech) hub and the conference's contribution to enhancing the fintech ecosystem. Tahaluf Senior Vice President Annabelle Mander noted that the conference attracted more than 10,000 foreign registrants and featured 350 speakers, including 252 int ernational experts. The event also hosted 500 investors as part of the Venturescape initiative, aimed at empowering local startups in Saudi Arabia. 24 Fintech is recognized as one of the world's largest fintech conferences. Several agreements were announced during the conference's final day. Notably, 1957 Ventures investment fund surpassed SAR800 million. Additionally, SAMA announced a partnership with Samsung to introduce the "Samsung Pay" service in the Kingdom during the fourth quarter of 2024, further bolstering the country's digital payments infrastructure. Tabby also acquired Tweeq, expanding its range of financial services. Source: Saudi Press Agency

The King Salman Humanitarian Aid and Relief Center (KSrelief) recently conducted volunteer medical programs for adult and pediatric orthopedic surgery in the Turkish provinces of Gaziantep and Hatay from August 24 to 31. The programs involved 28 volunteers from various medical specialties as part of the Saudi Volunteer Life program to assist those affected by the earthquakes in Syria and Trkiye. During the campaign, the medical volunteer team, affiliated with KSrelief, examined 536 individuals and performed 87 complex surgeries for adults and children, all of which were successful. Additionally, 30 wheelchairs were distributed to help needy patients, and necessary medical supplies were provided for patient care. The assistance is part of the volunteer medical projects provided by the Kingdom of Saudi Arabia through KSrelief to alleviate the suffering of needy and affected people and countries worldwide. Source: Saudi Press Agency

The Communication and Financial Knowledge Center (CFKC), in collaboration with Fintech Saudi and the Financial Academy, organized two lectures on September 4 and 5. The first lecture, titled "Intersections of Financial Technology with Blockchain," was led by Mohammed Al-Jasser, an expert in financial technology (fintech) and blockchain. He focused on the practical applications of financial technology, particularly highlighting the advantages and benefits of successful blockchain applications in fintech. Al-Jasser also discussed the intersection of blockchain and fintech and the uses of blockchain in payments, asset tokenization, and smart contracts, while addressing the future challenges and potential impact of emerging technologies. The second lecture, "The Role of Technology in Personal Financial Planning and Investment," was conducted by Dr. Mohammed Makni, a financial expert and university professor. Dr. Makni elaborated on the role of fintech in financial planning, saving, and investment, highlighting the digital saving and investment tools used in the Kingdom. He emphasized the use of technological applications in developing saving and investment strategies and how they can be utilized to evaluate personal financial performance, analyze the results of saving and investment, and modify plans based on data. The lectures were part of the CFKC's efforts to raise financial awareness about the importance and role of financial technology and its applications in saving and investment. They are an extension of a series of activities to enrich and disseminate financial knowledge. Source: Saudi Press Agency

Minister of Industry and Mineral Resources Bandar bin Ibrahim Al-Khorayef invited Chinese companies to invest in promising industrial sectors highlighted by the National Industrial Strategy. Such sectors include the automotive, food, pharmaceutical, and aviation industries. He extended this invitation during a roundtable meeting organized by the Federation of Chambers of Commerce in Guangzhou as part of his official visit to the People's Republic of China. Al-Khorayef provided an overview of the capabilities, incentives, and services that the Kingdom of Saudi Arabia offers to industrial investors. These include developed industrial lands, industrial financing, workforce training, and incentives for specific target industries. Additionally, the country gives preference to local products in government purchases. "We are looking for companies that can help us boost investment in key industrial sectors that are essential for the Kingdom. These include automotive, aviation, food, pharmaceutical, machinery, eq uipment, and renewable energy industries. We also aim to develop supply chains for buses, trucks, and light-duty vehicles, as the demand for these is expected to rise in the upcoming years,' the minister said. He praised the strong relationship between the Kingdom and China at both leadership and people-to-people levels. He affirmed the Kingdom's desire to enhance its economic partnership with China, particularly in the industrial and mining sectors, as part of its efforts to diversify the economic base. The meeting was attended by Industry and Mineral Resources Assistant Minister for Planning and Development Dr. Abdullah Al-Ahmari, National Industrial Development Center (NIDC) Chief Executive Eng. Saleh Al-Sulami, and Saudi Authority for Industrial Cities and Technology Zones (MODON) Chief Executive Eng. Majid Al-Argoubi. Source: Saudi Press Agency

A security source in Kirkuk Governorate announced the arrest of drug dealers. He said in a press statement that a preemptive security operation was carried out with a security intelligence effort in cooperation with the tactical regiment and the SWAT force by raiding the dens of the dealers and arresting two defendants in flagrante delicto and seizing (a group of weapons and narcotic substances with drug use tools and an electronic scale) after a tight ambush in Kirkuk Governorate. The defendants were arrested in accordance with Article 28 of the Anti-Narcotics and Psychotropic Substances Law No. 50 of 2017. Source: National Iraqi News Agency

The King Salman Humanitarian Aid and Relief Center (KSrelief) on Wednesday distributed 2,916 food baskets in Libya's Derna city, benefiting 14,580 individuals. The initiative was part of the emergency food assistance for families affected by the storm Daniel, implemented in cooperation with the Libyan Red Crescent Society. The aid was part of the relief projects implemented by the Kingdom of Saudi Arabia through its humanitarian arm, KSrelief, to alleviate the suffering of the needy peoples around the world. Source: Saudi Press Agency

The Ministry of Interior, represented by the General Directorate of Passports, launched a commemorative stamp to mark the 3rd annual GAIN Summit. The stamp, with the theme "For the Good of Humanity," is a collaborative effort with the Saudi Data and Artificial Intelligence Authority (SDAIA), Travelers can obtain the stamp at King Abdulaziz International Airport in Jeddah, King Khalid International Airport in Riyadh, and King Fahd International Airport in Dammam during the September 10-12 summit. Source: Saudi Press Agency

The International Organization for Migration announced on Thursday that the torrential floods and violent storms that hit Yemen in recent weeks affected 562,000 people, launching an urgent appeal to raise $13.3 million to respond to the needs of those affected, amid funding shortages. The UN organization said in a statement that the unprecedented weather conditions have exacerbated the humanitarian crisis in the country, leading to the internal displacement of thousands, and host communities are in dire need of assistance. It added that in response to the severe floods and violent storms that affected about 562,000 people in Yemen, the International Organization for Migration launched an appeal to raise $13.3 million to provide urgent life-saving assistance. 'The scale of the devastation is staggering, and we urgently need additional funding to ensure that the most vulnerable are not left behind,' said Matt Hooper, IOM's acting chief of mission in Yemen. The IOM warned that the adverse weather conditions are expected to continue in the coming weeks. Heavy rains and flooding since late July have killed dozens of Yemenis, destroyed homes, displaced thousands of families and damaged vital infrastructure including health centres, schools and roads, according to the organization. In late August, heavy flooding caused by heavy rains in Al Mahwit Governorate in western Yemen left more than 40 people missing or dead, according to the UN Office for the Coordination of Humanitarian Affairs (OCHA), which noted that dozens of homes were destroyed in the area, forcing 215 families to flee. Source: National Iraqi News Agency