Investment in reskilling will create new jobs as AI takes over, Global AI Summit hears 

CEO of Saudi Telecom Group, Nasser Sulaiman Al-Nasser, discusses the potential of AI at the Global AI Summit in Riyadh. (Screen grab)
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Updated 22 October 2020

Investment in reskilling will create new jobs as AI takes over, Global AI Summit hears 

  • AI is expected to displace 73 million jobs globally by 2022
  • AI could also create 130 million new jobs that require new skills

DUBAI: Investing in reskilling workers will help create new jobs as Artificial Intelligence takes over, The Global AI Summit “AI for the Good of Humanity” in Riyadh heard on Thursday. 
CEO of Saudi Telecom Group, Nasser Sulaiman Al-Nasser, believes that although AI is expected to displace 73 million jobs globally by 2022, with investment of reskilling employees, it could create 130 million jobs. 
“Our government (Saudi Arabia) is prioritizing and investing in education,” Nasser said, explaining that this is an important part of reskilling individuals in preparation for the use of AI in industries. 
Nasser told an audience at the summit that AI will replace tedious jobs but in turn, will create new jobs that require new skills. 
“We have to look at AI from two perspectives; from the enablement part and from the potential (it has),” he said, explaining that it is more than just a technology, but rather an eco-system. 
One of the pillars of the AI ecosystem, Nasser said, is partnerships with tech providers and industries. 
Digital Transformation Adviser, Anett Numa, said during the summit that the public sector and the government need to be leading in the development of AI with the help of academia and the private sector for efficient results.


Saudi Telecom Company announces CEO resignation, share buyback

Updated 18 min 3 sec ago

Saudi Telecom Company announces CEO resignation, share buyback

  • The resignation, which will be effective March 28, 2021

Saudi Telecom Co. (STC) said its board of directors accepted the resignation of chief executive officer Nasser Al-Nasser on Nov. 28, 2020, according to a bourse statement.

The resignation, which will be effective March 28, 2021, was submitted for personal reasons.

The board also delegated the nomination and remuneration committee to identify a new CEO and submit the list of candidates to the board, while taking STC’s succession plan into consideration.

Any new development will be announced in due course, the firm said.

STC completed the buyback of its shares allocated to the employees’ stock incentive plan on Nov. 26, 2020, the firm said in a statement to Tadawul.

A total of 2.98 million shares, with an approximate value of SAR 300 million (SAR 100.58 per share) were bought back in one tranche, and no additional shares will be purchased during the specified purchase period, it added.

On April 20, 2020, STC’s shareholders approved buying back 5.5 million shares at SAR 300 million ($80 million). Shareholders had also authorized the board to buy back the shares within eight months of the extraordinary general assembly date.

The shares purchased for employees’ stock incentive plan will not be entitled to any dividends during the period the company holds them, STC said in its statement on Nov. 29, 2020.

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